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United States — Utah Act or statute

United States — Utah legislation

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.

Source excerpt

applicant stockapplicationsauthorized agentsblockchain tokensdefinitionselectronic transferlicensee accountslicensingmoney transmissionpayment instrumentspaymentsshare ownershipwire transfer
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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“This section defines key terms used in the chapter, including applicant, authorized agent, blockchain, blockchain token, licensee, money transmission, payment instrument, and remit.”

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Definitions.

This section defines key terms used in the chapter, including applicant, authorized agent, blockchain, blockchain token, licensee, money transmission, payment instrument, and remit.

Section 7-25-102

Subsection 7-25-102(6)

Defines “key shareholder” as a person or acting-in-concert group owning 20% or more of a class of an applicant’s stock.

Section 7-25-102(6)

Subsection 7-25-102(10)

The term “Nationwide database” means the Nationwide Mortgage Licensing System and Registry.

Section 7-25-102(10)

Subsection 7-25-102(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.

Section 7-25-102(13)

04

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Source record from le.utah.gov · Legal dates not recorded

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Showing 23 of 23 provisions

Provision 20Interpretation 3

Part 7-25-1

part 7-25-1 General Provisions

§ 7-25-102Definitions.Interpretation

Source excerpt

This section defines key terms used in the chapter, including applicant, authorized agent, blockchain, blockchain token, licensee, money transmission, payment instrument, and remit.

Definitions. As used in this chapter: "Applicant" means a person filing an application for a license under this chapter. "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. "Blockchain" means an electronic method of storing data that is: maintained by consensus of multiple unaffiliated parties; distributed across multiple locations; and mathematically verified. "Blockchain token" means an electronic record that is: recorded on a blockchain; and capable of being traded between persons without an intermediary. "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. "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. "Licensee" means a person licensed under this chapter. "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. "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. "Money transmission" does not include a blockchain token. "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. "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. "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. "Payment instrument" does not include a credit card voucher, letter of credit, or instrument that is redeemable by the issuer in goods or services. "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.
Section 7-25-102Verify source
§ 7-25-102(1)Subsection 7-25-102(1)Provision

Source excerpt

“Applicant” means a person filing an application for a license under this chapter.

"Applicant" means a person filing an application for a license under this chapter.
Section 7-25-102(1)Verify source
§ 7-25-102(2)Subsection 7-25-102(2)Provision

Source excerpt

“Authorized agent” means a person designated by the licensee under this chapter to sell or issue payment instruments or to transmit money on the licensee’s behalf.

"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.
Section 7-25-102(2)Verify source
§ 7-25-102(3)Subsection 7-25-102(3)Provision

Source excerpt

"Blockchain" means an electronic method of storing data that is: maintained by consensus of multiple unaffiliated parties; distributed across multiple locations; and mathematically verified.

"Blockchain" means an electronic method of storing data that is: maintained by consensus of multiple unaffiliated parties; distributed across multiple locations; and mathematically verified.
Section 7-25-102(3)Verify source
§ 7-25-102(3)(a)Subsection 7-25-102(3)(a)Provision

Source excerpt

maintained by consensus of multiple unaffiliated parties;

maintained by consensus of multiple unaffiliated parties;
Section 7-25-102(3)(a)Verify source
§ 7-25-102(3)(b)Subsection 7-25-102(3)(b)Provision

Source excerpt

distributed across multiple locations; and

distributed across multiple locations; and
Section 7-25-102(3)(b)Verify source
§ 7-25-102(3)(c)Subsection 7-25-102(3)(c)Provision

Source excerpt

mathematically verified.

mathematically verified.
Section 7-25-102(3)(c)Verify source
§ 7-25-102(4)Subsection 7-25-102(4)Provision

Source excerpt

“Blockchain token” means an electronic record recorded on a blockchain and capable of being traded between persons without an intermediary.

"Blockchain token" means an electronic record that is: recorded on a blockchain; and capable of being traded between persons without an intermediary.
Section 7-25-102(4)Verify source
§ 7-25-102(4)(a)Subsection 7-25-102(4)(a)Provision

Source excerpt

recorded on a blockchain; and

recorded on a blockchain; and
Section 7-25-102(4)(a)Verify source
§ 7-25-102(4)(b)Subsection 7-25-102(4)(b)Provision

Source excerpt

capable of being traded between persons without an intermediary.

capable of being traded between persons without an intermediary.
Section 7-25-102(4)(b)Verify source
§ 7-25-102(5)Subsection 7-25-102(5)Provision

Source excerpt

This provision defines “executive officer” for the licensee.

"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.
Section 7-25-102(5)Verify source
§ 7-25-102(6)Subsection 7-25-102(6)Provision

Source excerpt

Defines “key shareholder” as a person or acting-in-concert group owning 20% or more of a class of an applicant’s stock.

"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.
Section 7-25-102(6)Verify source
§ 7-25-102(7)Subsection 7-25-102(7)Provision

Source excerpt

“Licensee” means a person licensed under this chapter.

"Licensee" means a person licensed under this chapter.
Section 7-25-102(7)Verify source
§ 7-25-102(8)Subsection 7-25-102(8)Provision

Source excerpt

"Material litigation" is defined as litigation that is significant to a person's financial health under generally accepted accounting principles and would need to be mentioned in an annual audited financial statement, shareholder report, or similar document.

"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.
Section 7-25-102(8)Verify source
§ 7-25-102(9)Subsection 7-25-102(9)Interpretation

Source excerpt

This subsection defines “money transmission” and excludes blockchain tokens from that definition.

"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. "Money transmission" does not include a blockchain token.
Section 7-25-102(9)Verify source
§ 7-25-102(9)(a)Subsection 7-25-102(9)(a)Provision

Source excerpt

“Money transmission” is defined to include selling or issuing a payment instrument, or receiving money for transmission or transmitting money within the United States or abroad by various means.

"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.
Section 7-25-102(9)(a)Verify source
§ 7-25-102(9)(b)Subsection 7-25-102(9)(b)Provision

Source excerpt

“Money transmission” excludes a blockchain token.

"Money transmission" does not include a blockchain token.
Section 7-25-102(9)(b)Verify source
§ 7-25-102(10)Subsection 7-25-102(10)Provision

Source excerpt

The term “Nationwide database” means the Nationwide Mortgage Licensing System and Registry.

"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.
Section 7-25-102(10)Verify source
§ 7-25-102(11)Subsection 7-25-102(11)Provision

Source excerpt

"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

"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.
Section 7-25-102(11)Verify source
§ 7-25-102(12)Subsection 7-25-102(12)Interpretation

Source excerpt

This subsection defines “payment instrument” and excludes certain items from that definition.

"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. "Payment instrument" does not include a credit card voucher, letter of credit, or instrument that is redeemable by the issuer in goods or services.
Section 7-25-102(12)Verify source
§ 7-25-102(12)(a)Subsection 7-25-102(12)(a)Provision

Source excerpt

"Payment instrument" means a check, draft, money order, travelers check, or similar written order for transmitting or paying money, including instruments sold or issued to one or more persons, whether negotiable or not.

"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.
Section 7-25-102(12)(a)Verify source
§ 7-25-102(12)(b)Subsection 7-25-102(12)(b)Provision

Source excerpt

"Payment instrument" excludes a credit card voucher, a letter of credit, and instruments redeemable by the issuer in goods or services.

"Payment instrument" does not include a credit card voucher, letter of credit, or instrument that is redeemable by the issuer in goods or services.
Section 7-25-102(12)(b)Verify source
§ 7-25-102(13)Subsection 7-25-102(13)Provision

Source excerpt

"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.

"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.
Section 7-25-102(13)Verify source

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