Utah Code § 7-25-101
Title. This chapter is known as the "Money Transmitter Act."
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Utah Code § 7-25-102
This section defines key terms used in the chapter, including applicant, authorized agent, blockchain, blockchain token, licensee, money transmission, payment instrument, and remit.
- Applicant stock
- Applications
- Authorized agents
- Blockchain tokens
- Definitions
Utah Code § 7-25-103
The commissioner may make rules under this chapter and the Utah Administrative Rulemaking Act to address misleading, unfair, or abusive practices, disclosure of agreement and communication terms with customers and money transmitters, and uniform application or clarification of state or federal law.
- Consumer disclosure
- Money transmission
- Rulemaking
Utah Code § 7-25-201
A person generally may not conduct money transmission without a license, unless exempt under Section 7-25-202.
- Authorized agents
- Business licensing
- Licensing
- Multi-location operations
- Regulated business entry
Utah Code § 7-25-202
Exemptions. This chapter does not apply to: the United States or a department or agency of the United States; the state or a political subdivision of the state; or a depository institution or a trust company organized under the laws of a
Utah Code § 7-25-203
Applicants and licensees must meet financial, character, corporate-status, and registration requirements; certain persons with specified felony histories may not be licensed, subject to the commissioner’s discretion.
- Business licensing
- Corporate standing
- Criminal disqualification
- Criminal history screening
- Database registration
Utah Code § 7-25-204
A person applying for a license under this chapter must file a written application, pay the required original license fee, and submit a surety bond.
- Application contents
- Application requirements
- Bond cancellation
- Bond maintenance
- Bond requirement
Utah Code § 7-25-205
The commissioner must investigate a complete application and may conduct an on-site investigation; if specified findings are made, the commissioner must issue the license.
- Administrative investigation
- Applications
- Investigations
- Licensing
Utah Code § 7-25-206
A licensee may renew a license for the next 12 months if it applies, shows continued compliance, pays the renewal fee, and includes required renewal documents and information.
- Annual compliance
- Fee payment
- Financial reporting
- Financial statement reporting
- License renewal
Utah Code § 7-25-301
A licensee must file a written report with the commissioner within 15 days after certain events, and an authorized agent must report major theft or loss of payment instruments to the licensee within 24 hours.
- Compliance
- Licensee compliance
- Licensing
- Money transmission
- Reporting
Utah Code § 7-25-302
Changes in control of a licensee. 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
- Change in control
- License compliance
- Regulatory notice
Utah Code § 7-25-303
A licensee using authorized agents must use an express written contract, and authorized agents must act only within that contract.
- Authorized agent contracts
- Commissioner oversight
- Licensed activities
- Money transmission
- Payment instruments
Utah Code § 7-25-304
Authorized agent conduct. An authorized agent may not make a fraudulent or false statement or misrepresentation to a licensee or to the commissioner. A money transmission, sale, or issuance of payment instrument activity conducted by an
- Authorized agent conduct
- False statements
- Liability
- Licensing procedures
- Money transmission
Utah Code § 7-25-305
A payment instrument issued or sold in Utah by a licensee must show the licensee issuer’s name on its face.
Utah Code § 7-25-401
The commissioner may conduct on-site examinations of licensees and, on reasonable cause, unlicensed persons; licensees must pay the reasonable costs of an examination.
- Accounting
- Examination costs
- Examinations
- Inspection
- Inspection/examination
Utah Code § 7-25-402
Information the commissioner obtains under this chapter is confidential, but the commissioner may release a public list of licensed persons or aggregated financial data on licensees.
- Financial data
- Government reporting
- Information handling
- Licensee data
- Public records
Utah Code § 7-25-403
Termination or suspension of authorized agent activity. 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
- Administrative enforcement
- Agent authorization
- Licensee compliance
- Licensee-agent relationships
- Money transmission
Utah Code § 7-25-404
A licensee’s liability to a purchaser is capped at the face amount of the payment instrument or money transmission transaction purchased.
Utah Code § 7-25-405
Violating this chapter, or filing materially false license information, can trigger a class B misdemeanor and license revocation.
- Administrative fines
- License compliance
- License enforcement
- Licensing
- Money transmission
Utah Code § 7-25-406
The commissioner may enter into consent orders, and in emergency circumstances may take enforcement action without a prior hearing, with a later hearing available if a rescission application is filed within 20 days.
- Administrative hearings
- Consent orders
- Emergency enforcement
- Penalties
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