reglab/statecodes huggingface dataset:
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 23 - Check Cashing and Deferred Deposit Lending Registration Act › Part 3 - Check Cashing Operations › Section 301 - Posting of fee schedules for cashing checks.

7-23-301.
Posting of fee schedules for cashing checks.
(1) A check casher shall post a complete schedule of all fees for cashing a check in a conspicuous location on its premises that can be viewed by a person cashing a check.
(2) The schedule of fees required to be posted under Subsection (1) shall state the fees using dollar amounts.
Renumbered and Amended by Chapter 96, 2008 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 23 - Check Cashing and Deferred Deposit Lending Registration Act › Part 4 - Deferred Deposit Lending Operations › Section 402 - Electronic disbursement and collections.

7-23-402.
Electronic disbursement and collections.
If a deferred deposit lender collects payment on a deferred deposit loan through an electronic payment, the deferred deposit lender shall, on the day the loan is executed:
(1) credit the amount of the deferred deposit loan through an electronic payment to the person receiving the deferred deposit loan; or
(2) make the amount of the deferred deposit loan immediately available to the person receiving the deferred deposit loan.
Renumbered and Amended by Chapter 96, 2008 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 23 - Check Cashing and Deferred Deposit Lending Registration Act › Part 5 - Enforcement › Section 501 - Enforcement by department -- Rulemaking.

7-23-501.
Enforcement by department -- Rulemaking.
(1) Subject to the requirements of Title 63G, Chapter 4, Administrative Procedures Act, the department may:
(a) receive and act on complaints;
(b) take action designed to obtain voluntary compliance with this chapter;
(c) commence administrative or judicial proceedings on its own initiative to enforce compliance with this chapter; or
(d) take action against a check casher or deferred deposit lender that fails to:
(i) respond to the department, in writing within 30 business days of the day on which the check casher or deferred deposit lender receives notice from the department of a complaint filed with the department; or
(ii) submit information as requested by the department.
(2) The department may:
(a) counsel persons and groups on their rights and duties under this chapter;
(b) make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to:
(i) restrict or prohibit lending or servicing practices that are misleading, unfair, or abusive;
(ii) promote or assure fair and full disclosure of the terms and conditions of agreements and communications between a customer and:
(A) a check casher; or
(B) a deferred deposit lender; and
(iii) promote or assure uniform application of or to resolve ambiguities in applicable state or federal laws or federal regulations; and
(c) employ hearing examiners, clerks, and other employees and agents as necessary to perform the department's duties under this chapter.
Renumbered and Amended by Chapter 96, 2008 General Session
Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 23 - Check Cashing and Deferred Deposit Lending Registration Act › Part 5 - Enforcement › Section 502 - Examination of books, accounts, and records by the department.

Effective 5/9/2017
7-23-502.
Examination of books, accounts, and records by the department.
(1) At least annually the department shall, for each person registered under this chapter and engaging in the business of cashing checks or the business of deferred deposit lending:
(a) examine the books, accounts, and records; and
(b) make investigations to determine compliance with this chapter.
(2) In accordance with Section 7-1-401, a person examined under Subsection (1) shall pay a fee for the examination conducted under Subsection (1).
Amended by Chapter 37, 2017 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 23 - Check Cashing and Deferred Deposit Lending Registration Act › Part 5 - Enforcement › Section 503 - Reporting by commissioner.

Effective 5/12/2020
7-23-503.
Reporting by commissioner.
(1) Subject to Subsection (2), as part of the commissioner's annual report to the governor and Legislature under Section 7-1-211, the commissioner shall report to the governor and Legislature on the operations on an aggregate basis of deferred deposit lenders operating in the state.
(2) In preparing the report required by Subsection (1), the commissioner:
(a) shall include in the report for the immediately preceding calendar year aggregate information from the one or more operations statements filed under Subsection 7-23-201(2)(e) by deferred deposit lenders for that calendar year;
(b) shall include in the report:
(i) the total number of written complaints concerning issues material to deferred deposit loan transactions received by the department in a calendar year from persons who have entered into a deferred deposit loan with a deferred deposit lender;
(ii) for deferred deposit lenders who are registered with the department:
(A) the number of the complaints described in Subsection (2)(b)(i) that the department considers resolved; and
(B) the number of the complaints described in Subsection (2)(b)(i) that the department considers unresolved; and
(iii) for deferred deposit lenders who are not registered with the department:
(A) the number of the complaints described in Subsection (2)(b)(i) that the department considers resolved; and
(B) the number of the complaints described in Subsection (2)(b)(i) that the department considers unresolved;
(c) may not include in the report information from an operations statement filed with the department that could identify a specific deferred deposit lender; and
(d) may not include in the report information from an operations statement filed under Subsection 7-23-201(2)(f).
Amended by Chapter 121, 2020 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 23 - Check Cashing and Deferred Deposit Lending Registration Act › Part 5 - Enforcement › Section 504 - Penalties.

7-23-504.
Penalties.
(1) A person who violates this chapter or who files materially false information with a registration or renewal under Section 7-23-201 is:
(a) guilty of a class B misdemeanor, except for a violation of:
(i) Subsection 7-23-401(1)(f)(i), (ii), or (iii); or
(ii) rules made under Subsection 7-23-501(2)(b); and
(b) subject to revocation of a person's registration under this chapter.
(2) Subject to Title 63G, Chapter 4, Administrative Procedures Act, if the department determines that a person is engaging in the business of cashing checks or the business of deferred deposit lending in violation of this chapter, the department may:
(a) revoke that person's registration under this chapter;
(b) issue a cease and desist order from committing any further violations;
(c) prohibit the person from continuing to engage in the business of:
(i) cashing checks; or
(ii) deferred deposit lending;
(d) impose an administrative fine not to exceed $1,000 per violation, except that:
(i) a fine imposed under Subsection 7-23-201(4) shall comply with Subsection 7-23-201(4); and
(ii) the aggregate total of fines imposed under this chapter against a person in a calendar year may not exceed $30,000 for that calendar year; or
(e) take any combination of actions listed under this Subsection (2).
Renumbered and Amended by Chapter 96, 2008 General Session
Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 24 - Title Lending Registration Act › Part 1 - General Provisions › Section 102 - Definitions.

Effective 5/12/2015
7-24-102.
Definitions.
As used in this chapter:
(1) "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U.S.C. Sec. 5101 for federal licensing of mortgage loan originators.
(2) "Rollover" means the extension or renewal of the term of a title loan.
(3)
(a) "Title lender" means a person that extends a title loan.
(b) "Title lender" includes a person that:
(i) arranges a title loan on behalf of a title lender;
(ii) acts as an agent for a title lender; or
(iii) assists a title lender in the extension of a title loan.
(4)
(a) "Title loan" means a loan secured by the title to a:
(i) motor vehicle, as defined in Section 41-6a-102;
(ii) mobile home, as defined in Section 41-6a-102; or
(iii) motorboat, as defined in Section 73-18-2.
(b) "Title loan" includes a title loan extended at the same premise on which any of the following are sold:
(i) a motor vehicle, as defined in Section 41-6a-102;
(ii) a mobile home, as defined in Section 41-6a-102; or
(iii) a motorboat, as defined in Section 73-18-2.
(c) "Title loan" does not include:
(i) a purchase money loan;
(ii) a loan made in connection with the sale of a:
(A) motor vehicle, as defined in Section 41-6a-102;
(B) mobile home, as defined in Section 41-6a-102; or
(C) motorboat, as defined in Section 73-18-2; or
(iii) a loan extended by an institution listed in Section 7-24-305.
Amended by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 24 - Title Lending Registration Act › Part 2 - Requirements › Section 203 - Disclosure form for title loans.

7-24-203.
Disclosure form for title loans.
(1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department shall adopt a disclosure form for title loans that complies with this section.
(2) The department shall specify by rule:
(a) the information to be provided in the disclosure form including:
(i) the costs of obtaining a title loan;
(ii) the consequences of defaulting on a title loan;
(iii) generally available alternatives to a title loan; and
(iv) methods of obtaining credit counseling or other financial advice;
(b) the type size of the disclosure form; and
(c) the manner in which a title lender shall conspicuously provide the disclosure form to a person seeking a title loan.
Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 24 - Title Lending Registration Act › Part 2 - Requirements › Section 204 - Remedy for default.

7-24-204.
Remedy for default.
Except in the event of fraud by a borrower, if a borrower defaults on a title loan:
(1) the title lender's sole remedy is to seek repossession and sale of the property securing the title loan;
(2) the title lender may not pursue the borrower personally for:
(a) repayment of the loan; or
(b) any deficiency after repossession and sale of the property securing the loan; and
(3) after repossession and sale of the property securing the title loan, the title lender shall return to the borrower any proceeds from the sale in excess of the amount owed on the title loan.
Enacted by Chapter 236, 2003 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 24 - Title Lending Registration Act › Part 3 - Enforcement › Section 301 - Enforcement by department -- Rulemaking.

7-24-301.
Enforcement by department -- Rulemaking.
(1) Subject to the requirements of Title 63G, Chapter 4, Administrative Procedures Act, the department may:
(a) receive and act on complaints;
(b) take action designed to obtain voluntary compliance with this chapter; or
(c) commence administrative or judicial proceedings on its own initiative to enforce compliance with this chapter.
(2) The department may:
(a) counsel persons and groups on their rights and duties under this chapter;
(b) make rules to:
(i) restrict or prohibit lending or servicing practices that are misleading, unfair, or abusive;
(ii) promote or assure fair and full disclosure of the terms and conditions of agreements and communications between title lenders and customers; or
(iii) promote or assure uniform application of or to resolve ambiguities in applicable state or federal laws or federal regulations; and
(c) employ hearing examiners, clerks, and other employees and agents as necessary to perform the department's duties under this chapter.
Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 24 - Title Lending Registration Act › Part 3 - Enforcement › Section 302 - Examination of books, accounts, and records by the department.

7-24-302.
Examination of books, accounts, and records by the department.
(1) The department may examine the books, accounts, and records of a title lender and may make investigations to determine compliance with this chapter.
(2) In accordance with Section 7-1-401, a title lender shall pay a fee for an examination conducted under Subsection (1).
Enacted by Chapter 236, 2003 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 24 - Title Lending Registration Act › Part 3 - Enforcement › Section 303 - Penalties.

7-24-303.
Penalties.
(1) A person who violates this chapter or who files materially false information with a registration or renewal under Section 7-24-201 is:
(a) guilty of a class B misdemeanor except for a violation of:
(i) Subsection 7-24-202(1)(e)(i), (ii), or (iii); or
(ii) rules made under Subsection 7-24-301(2)(b); and
(b) subject to revocation of a person's registration under this chapter.
(2) Subject to Title 63G, Chapter 4, Administrative Procedures Act, if the department determines that a person is extending title loans in violation of this chapter, the department may:
(a) revoke that person's registration under this chapter;
(b) issue a cease and desist order from committing any further violations;
(c) prohibit the person from continuing to extend title loans;
(d) impose an administrative fine not to exceed $1,000 per violation, except that:
(i) a fine imposed under Subsection 7-24-201(2)(e) shall comply with Subsection 7-24-201(2)(e); and
(ii) the aggregate total of fines imposed under this chapter against a person in a calendar year may not exceed $30,000 for that calendar year; or
(e) take any combination of actions listed under this Subsection (2).
(3) A person is not subject to the penalties under this section for a violation of this chapter that was not willful or intentional, including a violation resulting from a clerical error.
Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 24 - Title Lending Registration Act › Part 3 - Enforcement › Section 304 - Civil liability.

7-24-304.
Civil liability.
Nothing in this chapter is intended to limit any civil liability that may exist against a title lender for:
(1) breach of contract;
(2) violation of federal law; or
(3) other unlawful act.
Enacted by Chapter 236, 2003 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 24 - Title Lending Registration Act › Part 3 - Enforcement › Section 305 - Exemptions.

7-24-305.
Exemptions.
The following are not subject to the requirements of this chapter:
(1) a depository institution;
(2) a depository institution holding company; or
(3) an institution directly or indirectly owned or controlled by one or more:
(a) depository institutions; or
(b) depository institution holding companies.
Enacted by Chapter 236, 2003 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 1 - General Provisions › Section 102 - Definitions.

Effective 5/12/2020
7-25-102.
Definitions.
As used in this chapter:
(1) "Applicant" means a person filing an application for a license under this chapter.
(2) "Authorized agent" means a person designated by the licensee under this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee.
(3) "Blockchain" means an electronic method of storing data that is:
(a) maintained by consensus of multiple unaffiliated parties;
(b) distributed across multiple locations; and
(c) mathematically verified.
(4) "Blockchain token" means an electronic record that is:
(a) recorded on a blockchain; and
(b) capable of being traded between persons without an intermediary.
(5) "Executive officer" means the licensee's president, chair of the executive committee, executive vice president, treasurer, chief financial officer, or any other person who performs similar functions.
(6) "Key shareholder" means a person, or group of persons acting in concert, who is the owner of 20% or more of a class of an applicant's stock.
(7) "Licensee" means a person licensed under this chapter.
(8) "Material litigation" means litigation that, according to generally accepted accounting principles, is considered significant to a person's financial health and would be required to be referenced in an annual audited financial statement, report to shareholders, or similar document.
(9)
(a) "Money transmission" means the sale or issuance of a payment instrument or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including payment instrument, wire, facsimile, or electronic transfer.
(b) "Money transmission" does not include a blockchain token.
(10) "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U.S.C. Sec. 5101 for federal licensing of mortgage loan originators.
(11) "Outstanding payment instrument" means a payment instrument issued by the licensee that has been sold in the United States directly by the licensee or a payment instrument issued by the licensee that has been sold and reported to the licensee as having been sold by an authorized agent of the licensee in the United States, and that has not yet been paid by or for the licensee.
(12)
(a) "Payment instrument" means a check, draft, money order, travelers check, or other instrument or written order for the transmission or payment of money, sold or issued to one or more persons, whether or not the instrument is negotiable.
(b) "Payment instrument" does not include a credit card voucher, letter of credit, or instrument that is redeemable by the issuer in goods or services.
(13) "Remit" means either to make direct payment of the money to the licensee or its representatives authorized to receive the money, or to deposit the money in a depository institution in an account in the name of the licensee.
Amended by Chapter 354, 2020 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 1 - General Provisions › Section 103 - Rules.

Effective 5/12/2015
7-25-103.
Rules.
The commissioner may make a rule authorized by this chapter in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, including to:
(1) restrict or prohibit practices that are misleading, unfair, or abusive;
(2) promote or assure fair and full disclosure of the terms and conditions of agreements and communications between a customer and a money transmitter; and
(3) promote or assure uniform application of or to resolve ambiguities in applicable state or federal laws or federal regulations.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 2 - Licensing › Section 201 - Licensing required.

Effective 5/12/2015
7-25-201.
Licensing required.
(1) Unless exempt under Section 7-25-202, a person may not engage in the business of money transmission without a license.
(2) A licensee may conduct its business in this state at one or more locations, directly or indirectly owned, or through one or more authorized agents, or both, pursuant to the single license granted to the licensee.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 2 - Licensing › Section 202 - Exemptions.

Effective 5/12/2015
7-25-202.
Exemptions.
This chapter does not apply to:
(1) the United States or a department or agency of the United States;
(2) the state or a political subdivision of the state; or
(3) a depository institution or a trust company organized under the laws of a state or the United States.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 2 - Licensing › Section 203 - License qualifications.

Effective 5/12/2015
7-25-203.
License qualifications.
(1) An applicant for a license shall:
(a) demonstrate, and a licensee shall maintain, a net worth of not less than $1,000,000 as demonstrated by a financial statement for the most recent fiscal year that is prepared and certified by an independent auditor and is satisfactory to the commissioner; and
(b) demonstrate experience, character, and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly.
(2) A corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. A noncorporate applicant shall, at the time of the filing of an application for a license under this chapter and at all times after a license is issued, be qualified to do business in the state.
(3) Subject to the commissioner's discretion, a person may not be licensed under this chapter to do business in the state:
(a) if the person has been convicted of, or pled guilty or no contest to, a felony:
(i) during the seven years preceding the day on which the individual files an application; or
(ii) at any time, if the felony involves an act of:
(A) fraud;
(B) dishonesty;
(C) breach of trust; or
(D) money laundering; or
(b) if an executive officer, key shareholder, or director of the person has been convicted of, or pled guilty or no contest to, a felony:
(i) during the seven years preceding the day on which the individual files an application; or
(ii) at any time, if the felony involves an act of:
(A) fraud;
(B) dishonesty;
(C) breach of trust; or
(D) money laundering.
(4) The applicant shall submit evidence satisfactory to the commissioner that the person is registered with the nationwide database.
(5) The commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide for the transition of persons being licensed under this chapter.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 2 - Licensing › Section 204 - License application -- Bond.

Effective 5/12/2015
7-25-204.
License application -- Bond.
(1) To apply for a license under this chapter, a person shall:
(a) submit an application in writing;
(b) pay the original license fee required by Section 7-1-401; and
(c) submit a surety bond in accordance with Subsection (3).
(2) An application shall contain:
(a) the exact name of the applicant, the applicant's principal address, any fictitious or trade name used by the applicant in the conduct of its business, and the location of the applicant's business records;
(b) the history of the applicant's material litigation and criminal convictions for the seven-year period before the date the application is submitted;
(c) a description of the activities conducted by the applicant and a history of operations;
(d) a description of the business activities in which the applicant seeks to be engaged in the state;
(e) a list identifying the applicant's authorized agents in the state, if any, at the time of the filing of the license application;
(f) a sample authorized agent contract, if applicable;
(g) a sample form of payment instrument, if applicable;
(h) the one or more locations at which the applicant and its authorized agents, if any, propose to conduct the licensed activities in the state; and
(i) other information the commissioner requires by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(3)
(a) An applicant shall submit with an application filed under this chapter a surety bond satisfactory to the commissioner in the minimum sum of $50,000 to reimburse the state for expenses of any kind or nature that the department may incur in connection with an administrative or judicial proceeding against a licensee, former licensee, or seller relating to the issuance or sale of a payment instrument in the state.
(b) A licensee shall maintain a surety bond meeting the requirements of Subsection (3)(a) for three years after the licensee ceases money transmission operations in the state. Except that the commissioner may permit the surety bond to be reduced or eliminated before the end of the three-year period to the extent that the amount of the licensee's payment instruments outstanding in this state are reduced.
(c) A surety bond shall remain in effect until cancellation, which may occur only after 30 days' written notice to the commissioner. Cancellation may not affect liability incurred or accrued during that period.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 2 - Licensing › Section 205 - Issuance of license.

Effective 5/14/2019
7-25-205.
Issuance of license.
(1) Upon the filing of a complete application, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which is to be borne by the applicant in accordance with Subsection 7-1-401(6).
(2) The commissioner shall issue a license to the applicant authorizing the applicant to engage in the licensed activities in this state if the commissioner finds that:
(a) the applicant's business will be conducted honestly, fairly, and in a manner commanding the confidence and trust of the community;
(b) the applicant has fulfilled the requirements imposed by this chapter; and
(c) the applicant has paid the required original license fee under Section 7-1-401.
Amended by Chapter 136, 2019 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 2 - Licensing › Section 206 - Renewal of license.

Effective 5/12/2015
7-25-206.
Renewal of license.
(1) A license issued or renewed pursuant to this chapter expires on December 31. A licensee may renew the license through the nationwide database for the ensuing 12-month period upon application by the license holder showing continued compliance with the requirements of Sections 7-25-201, 7-25-203, and 7-25-204, and the payment of the license renewal fee required by Section 7-1-401 to the commissioner.
(2) The licensee shall include in its renewal application:
(a) a copy of the licensee's most recent audited unconsolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder's equity, and statement of changes in financial position, except that a licensee may provide the most recent audited consolidated annual financial statement of the parent corporation if the statement separately includes the balance sheet, statement of income or loss, statement of changes in shareholder's equity, and statement of changes of financial position of the licensee;
(b) material changes to the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this chapter;
(c) a list of the locations within this state at which business regulated by this chapter is conducted by either the licensee or its authorized agent;
(d) notification of material litigation or litigation relating to money transmission; and
(e) other information the commissioner requires by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(3) Failure to pay the renewal fee or to submit a completed renewal application between November 1 and December 31 shall cause the license to expire at the close of business on December 31.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 3 - Operational Requirements › Section 301 - Reporting requirements.

Effective 5/12/2015
7-25-301.
Reporting requirements.
(1) Within 15 days of the occurrence of an event listed in this Subsection (1), a licensee shall file a written report with the commissioner describing the event and its expected impact on the licensee's activities in the state:
(a) the filing for bankruptcy or reorganization by the licensee;
(b) the institution of revocation or suspension proceedings against the licensee by a state or governmental authority with regard to the licensee's money transmission activities;
(c) a felony indictment of the licensee or any of its officers, directors, or principals related to money transmission activities;
(d) a felony conviction of the licensee or any of its officers, directors, or principals related to money transmission activities; and
(e) any other event that the commissioner may determine by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(2) An authorized agent shall report to the licensee the theft or loss of payment instruments valued at $5,000 or more within 24 hours from the time the authorized agent knew or should have known of the theft or loss. Upon the receipt of the report, the licensee shall immediately provide the information to the commissioner.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 3 - Operational Requirements › Section 302 - Changes in control of a licensee.

Effective 5/12/2015
7-25-302.
Changes in control of a licensee.
(1) A change in control of a licensee shall require prior notice to the commissioner. In the case of a publicly traded corporation, notification shall be made in writing within 15 days of a change or acquisition of control of a licensee. Upon notification, the commissioner may require information considered necessary to determine whether an application for a license is required. The commissioner may waive the filing of an application if, in the commissioner's discretion, the change in control does not pose a risk to the interests of the public.
(2) Whenever control of a licensee is acquired or exercised in violation of this section, the license of the licensee shall be considered revoked as of the date of the unlawful acquisition of control. The licensee, or its controlling person, shall surrender the license to the commissioner on demand.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 3 - Operational Requirements › Section 303 - Authorized agent contracts.

Effective 5/12/2015
7-25-303.
Authorized agent contracts.
A licensee desiring to conduct licensed activities through authorized agents shall authorize each authorized agent to operate pursuant to an express written contract, which shall, at a minimum, provide the following:
(1) that the licensee appoints the person as its agent with authority to sell payment instruments or transmit money on behalf of the licensee in compliance with state and federal law;
(2) that neither a licensee nor an authorized agent may authorize a subagent without the written consent of the commissioner;
(3) that licensees are subject to supervision and regulation by the commissioner;
(4) an acknowledgment that the authorized agent consents to the commissioner's inspection, with or without prior notice to the licensee or authorized agent, of the records of the authorized agent or agents of the licensee; and
(5) that an authorized agent is under a duty to act only as authorized under the contract with the licensee and that an authorized agent who exceeds its authority is subject to cancellation of its contract by the licensee and disciplinary action by the commissioner.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 3 - Operational Requirements › Section 304 - Authorized agent conduct.

Effective 5/12/2015
7-25-304.
Authorized agent conduct.
(1) An authorized agent may not make a fraudulent or false statement or misrepresentation to a licensee or to the commissioner.
(2) A money transmission, sale, or issuance of payment instrument activity conducted by an authorized agent shall be strictly in accordance with the licensee's written procedures provided to the authorized agent.
(3) An authorized agent shall remit the money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized agent. The failure of an authorized agent to remit money owing to a licensee within the contractual time period shall result in liability of the authorized agent to the licensee for three times the licensee's actual damages. The commissioner shall have the discretion to set, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the maximum remittance time.
(4) The money, less fees, received by an authorized agent of a licensee from the sale or delivery of a payment instrument issued by a licensee or received by an authorized agent for transmission shall, from the time the money is received by the authorized agent until the time when the money or an equivalent amount is remitted by the authorized agent to the licensee, constitute trust funds owned by and belonging to the licensee. If an authorized agent commingles the money with any other money or property owned or controlled by the authorized agent, the commingled proceeds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the proceeds due the licensee.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 3 - Operational Requirements › Section 305 - Instrument to bear name of licensee.

Effective 5/12/2015
7-25-305.
Instrument to bear name of licensee.
A payment instrument issued by a licensee for sale in Utah, or which is sold in Utah, shall state on its face the name of the licensee issuer.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 4 - Enforcement › Section 401 - Examinations.

Effective 5/12/2015
7-25-401.
Examinations.
(1)
(a) The commissioner may conduct periodic on-site examinations of a licensee. The commissioner may examine a licensee's authorized or apparent agents. At the commissioner's discretion, written notice of the examination may be provided to the licensee or an authorized or apparent agent.
(b) In conducting an examination, the commissioner or the commissioner's staff:
(i) shall have full and free access to all the records of the licensee and its authorized or apparent agents; and
(ii) may summon and qualify as witnesses, under oath, and examine the directors, officers, members, agents, and employees of a licensee or authorized or apparent agent, and any other person concerning the condition and affairs of the licensee.
(c) In accordance with Section 7-1-401, the licensee shall pay the reasonable costs of an examination under this section.
(d) An on-site examination may be conducted in conjunction with examinations to be performed by representatives of agencies of another state or states.
(e) The commissioner, in lieu of an on-site examination, may accept the examination report of an agency of another state, or a report prepared by an independent accounting firm, and a report so accepted is considered for all purposes as an official report of the commissioner.
(2) Upon reasonable cause, the commissioner may conduct an on-site examination of an unlicensed person to determine whether violations of this chapter have occurred or are occurring. In conducting the examination, the commissioner has the applicable powers provided pursuant to Section 7-25-204.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 4 - Enforcement › Section 402 - Confidentiality of information.

Effective 5/12/2015
7-25-402.
Confidentiality of information.
(1) Information obtained by the commissioner under this chapter is confidential in accordance with Section 7-1-802.
(2) Subsection (1) does not prohibit the commissioner from releasing to the public a list of persons licensed under this chapter or from releasing aggregated financial data on the licensees.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 4 - Enforcement › Section 403 - Termination or suspension of authorized agent activity.

Effective 5/12/2015
7-25-403.
Termination or suspension of authorized agent activity.
(1)
(a) The commissioner may issue an order suspending or barring an authorized agent from continuing to be or becoming an authorized agent of a licensee during the period for which the order is in effect, if subject to Title 63G, Chapter 4, Administrative Procedures Act, the commissioner finds that an authorized agent of a licensee or a director, officer, employee, or controlling person of the authorized agent has:
(i) violated this chapter or a rule or order issued under this chapter;
(ii) engaged or participated in an unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or
(iii) made or caused to be made in an application or report filed with the commissioner or a proceeding before the commissioner, a statement that was at the time and in the circumstances under which it was made, false or misleading with respect to a material fact, or has omitted to state in the application or report a material fact that is required to be stated in the application or report.
(b) Upon issuance of the order, the licensee shall terminate its relationship with the authorized agent according to the terms of the order.
(2) An authorized agent to whom an order is issued under this section may apply to the commissioner to modify or rescind the order. The commissioner may not grant the application unless the commissioner finds that it is in the public interest to do so and that it is reasonable to believe that the person will, if and when the person is permitted to resume being an authorized agent of a licensee, comply with all applicable provisions of this chapter and a rule or order issued under this title.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 4 - Enforcement › Section 404 - Licensee liability.

Effective 5/12/2015
7-25-404.
Licensee liability.
A licensee's responsibility to a person who purchases a payment instrument or money transmission transaction from a licensee or a licensee's authorized agent is limited to the face amount of the payment instrument or money transmission transaction purchased.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 4 - Enforcement › Section 405 - Criminal and civil penalties.

Effective 5/12/2015
7-25-405.
Criminal and civil penalties.
(1) A person who violates this chapter or who files materially false information with a license application or renewal under this chapter is:
(a) guilty of a class B misdemeanor; and
(b) subject to revocation of the person's license under this chapter.
(2) Subject to Title 63G, Chapter 4, Administrative Procedures Act, if the commissioner determines that a person is engaging in the business of money transmission in violation of this chapter, the commissioner may:
(a) suspend, revoke, or not renew that person's license under this chapter;
(b) issue a cease and desist order from committing any further violation;
(c) prohibit the person from continuing to engage in the business of money transmission;
(d) impose an administrative fine not to exceed $1,000 per violation, except that the aggregate total of fines imposed under this chapter against a person in a calendar year may not exceed $30,000 for that calendar year; or
(e) take any combination of actions listed under this Subsection (2).
(3) If the commissioner revokes a license, the department is not required to refund any portion of the licensee's filing or renewal fee for the remainder of the period for which the fee is paid.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 4 - Enforcement › Section 406 - Consent orders -- Emergency order.

Effective 5/12/2015
7-25-406.
Consent orders -- Emergency order.
(1) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the terms contained in the consent order. A consent order need not constitute an admission by any person that any provision of this chapter, or any rule or order made or issued under this chapter, has been violated, nor need it constitute a finding by the commissioner that the person has violated any provision of this chapter or any rule or order made or issued under this chapter.
(2) Notwithstanding the issuance of a consent order, the commissioner may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order.
(3) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any enforcement action authorized by this chapter without providing the opportunity for a prior hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken, which is filed with the commissioner within 20 days of the receipt of the notice of the commissioner's emergency action.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 25 - Money Transmitter Act › Part 4 - Enforcement › Section 407 - Required deposits.

Effective 5/12/2015
7-25-407.
Required deposits.
If the commissioner finds any reasonable cause to believe that a licensee is in an unsafe or unsound condition or is unwilling or unable to pay its payment instruments when they come due, it may require the licensee to deposit funds in a financial institution acceptable to the commissioner in such amounts, for such period, and upon such conditions as the commissioner may specify, and may prohibit the licensee from issuing payment instruments for sale in Utah in an aggregate unpaid amount exceeding the amount of any such required deposit or the amount actually deposited pursuant to such a requirement, whichever is less.
Enacted by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 26 - Financial Exploitation Prevention Act › Part 2 - General Prevention of Financial Exploitation › Section 201 - Permitted delay of wire transfers.

Effective 5/12/2020
7-26-201.
Permitted delay of wire transfers.
(1) This section applies to a wire transfer that transfers money from a consumer account at a covered financial institution.
(2) If a qualified individual reasonably believes that executing a requested wire transfer will result in financial exploitation, the covered financial institution may:
(a) delay the wire transfer; and
(b) contact:
(i) a law enforcement agency;
(ii) Adult Protective Services; or
(iii) a joint co-owner on the account.
(3) The delay of a wire transfer described in Subsection (2) expires when the earlier of the following occurs:
(a) the covered financial institution reasonably determines that the wire transfer is not financial exploitation; or
(b) 15 business days pass after the day on which the covered financial institution first initiated the delay of the wire transfer.
Enacted by Chapter 228, 2020 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 26 - Financial Exploitation Prevention Act › Part 2 - General Prevention of Financial Exploitation › Section 202 - Office of the Attorney General website.

Effective 5/12/2020
7-26-202.
Office of the Attorney General website.
The Office of the Attorney General shall post on the Office of the Attorney General's website up-to-date information regarding financial scams, including:
(1) the most prominent and common characteristics of financial scams;
(2) current or trending financial scams;
(3) resources for a vulnerable adult who suspects a financial scam; and
(4) resources for an individual who suspects the financial exploitation of a vulnerable adult.
Enacted by Chapter 228, 2020 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 26 - Financial Exploitation Prevention Act › Part 3 - Permitted Acts to Prevent Financial Exploitation of Vulnerable Adults › Section 301 - Delay of a transaction involving a vulnerable adult.

Effective 5/12/2020
7-26-301.
Delay of a transaction involving a vulnerable adult.
(1) A covered financial institution may delay a transaction involving a vulnerable adult, if:
(a) a qualified individual reasonably believes that executing the requested transaction will result in financial exploitation of the vulnerable adult; or
(b) a law enforcement agency provides the covered financial institution information demonstrating that it is reasonable to believe that financial exploitation of a vulnerable adult is occurring, has or may have occurred, is being attempted, or has been or may have been attempted.
(2)
(a) A covered financial institution that delays a transaction in accordance with Subsection (1):
(i) except as provided in Subsection (2)(b), shall no later than two business days after the day on which the transaction is delayed, send notice of the delay and the reason for the delay to each party:
(A) authorized to transact business on the account; and
(B) for which the covered financial institution has contact information;
(ii) may send notice of the delay, the reason for the delay, or any additional information about the transaction to:
(A) a law enforcement agency; or
(B) Adult Protective Services.
(b) A covered financial institution may:
(i) decide not to provide notice to a party described in Subsection (2)(a)(i) if a qualified individual reasonably believes the party has engaged in attempted financial exploitation of the vulnerable adult; or
(ii) send a notice described in Subsection (2)(a) electronically.
(3)
(a) Except as provided in Subsection (3)(b), the delay of a transaction described in Subsection (1) expires when the earlier of the following occurs:
(i) the covered financial institution reasonably determines that the transaction will not result in financial exploitation of a vulnerable adult; or
(ii) 15 business days pass after the day on which the covered financial institution first initiated the delay of the transaction.
(b)
(i) If a covered financial institution receives a request from a law enforcement agency to extend the delay of a transaction beyond the expiration date established in Subsection (3)(a), the covered financial institution may extend the delay no more than 25 business days after the day on which the covered financial institution first initiated the delay.
(ii) A court of competent jurisdiction may enter an order:
(A) extending or shortening the delay of a transaction; or
(B) providing relief based on the petition of the covered financial institution, law enforcement agency, or an interested party.
Enacted by Chapter 228, 2020 General Session