Utah Code 7-27-201. Registration requirements — Rulemaking
Current as of: 2024 | Check for updates
|
Other versions
(1)
Terms Used In Utah Code 7-27-201
- Business: means a private enterprise carried on for the purpose of gain or economic profit. See Utah Code 7-27-101
- Commercial financing transaction: means a business purpose transaction:(5)(a) under which a person extends a business a commercial loan or a commercial open-end credit plan; or(5)(b) that is an accounts receivable purchase transaction. See Utah Code 7-27-101
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- Conviction: A judgement of guilt against a criminal defendant.
- Department: means the Department of Financial Institutions. See Utah Code 7-1-103
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fraud: Intentional deception resulting in injury to another.
- Person: means :
(27)(a) an individual;(27)(b) a corporation;(27)(c) a limited liability company;(27)(d) a partnership;(27)(e) a trust;(27)(f) an association;(27)(g) a joint venture;(27)(h) a pool;(27)(i) a syndicate;(27)(j) a sole proprietorship;(27)(k) an unincorporated organization; or(27)(l) any form of business entity. See Utah Code 7-1-103- Provider: includes a person who, under a written agreement with a depository institution, offers one or more commercial financing products provided by the depository institution via an online platform that the person administers. See Utah Code 7-27-101
- Service of process: The service of writs or summonses to the appropriate party.
- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103(1)(a) Beginning January 1, 2023, it is unlawful for a person to engage in a commercial financing transaction as a provider in Utah or with a Utah resident, unless the person:(1)(a)(i) registers with the department in accordance with this chapter; and(1)(a)(ii) maintains a valid registration.(1)(b) An officer or employee of a person required to register under this section is not required to register if the person for whom the individual is an officer or employee is registered.(2)(2)(a) A registration and a renewal of registration expires on December 31 of each year.(2)(b) To register or renew a registration under this section, a person shall:(2)(b)(i) pay an original registration fee established under Subsection 7-1-401(8); and(2)(b)(ii) submit a registration statement containing the information described in Subsection (2)(d).(2)(c) To renew a registration under this section, a person shall:(2)(c)(i) pay the annual fee established under Subsection 7-1-401(5); and(2)(c)(ii) submit a renewal statement containing the information described in Subsection (2)(d).(2)(d) A registration or renewal statement shall state:(2)(d)(i) the name of the person;(2)(d)(ii) the name in which the business will be transacted if different from that required in Subsection (2)(d)(i);(2)(d)(iii) the address of the person’s principal business office, regardless of whether in the state or outside the state;(2)(d)(iv) the address of each office in this state at which the person engages in commercial financing transactions;(2)(d)(v) if the person engages in commercial financing transactions in this state but does not maintain an office in the state, a brief description of the manner in which the business is conducted;(2)(d)(vi) the name and address in this state of a designated agent upon whom service of process may be made;(2)(d)(vii) whether there is a conviction of a crime:(2)(d)(vii)(A) involving an act of fraud, dishonesty, breach of trust, or money laundering; and(2)(d)(vii)(B) with respect to that person, an officer, director, manager, operator, or principal of that person, or an employee of that person engaged in the business described in this chapter;(2)(d)(viii) evidence satisfactory to the department that the person is registered with the Nationwide Multistate Licensing System and Registry; and(2)(d)(ix) any other information required by the rules of the department.(2)(e)(2)(e)(i) The commissioner may impose an administrative fine determined under Subsection (2)(e)(ii) on a person if:(2)(e)(i)(A) the person is required to be registered under this chapter;(2)(e)(i)(B) the person fails to register or renew a registration in accordance with this chapter;(2)(e)(i)(C) the department notifies the person that the person is in violation of this chapter for failure to be registered; and(2)(e)(i)(D) the person fails to register within 30 days after the day on which the person receives the notice described in Subsection (2)(e)(i)(C).(2)(e)(ii) Subject to Subsection (2)(e)(iii), the administrative fine imposed under this Subsection (2)(e) is:(2)(e)(ii)(A) $500 if the person has zero or one office in this state at which the person engages in commercial financing transactions; or(2)(e)(ii)(B) if the person has two or more offices in this state at which the person engages in commercial financing transactions, $500 for each office at which the person engages in commercial financing transactions.(2)(e)(iii) The commissioner may reduce or waive a fine imposed under this Subsection (2)(e) if the person shows good cause.(3) If the information in a registration or renewal statement required under Subsection (2) becomes inaccurate after filing, a person is not required to notify the department until:(3)(a) that person is required to renew the registration; or(3)(b) the department specifically requests earlier notification.(4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department may make rules consistent with this section:(4)(a) providing for the form, content, and filing of a registration and renewal statement; and(4)(b) providing for the transition of persons registering with the nationwide database.