United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-25-203, 2015

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.

Source excerpt

business licensingcorporate standingcriminal disqualificationcriminal history screeningdatabase registrationfinancial qualifications

Jurisdiction: United States — Utah
Status: In force
Official identity: Year 2015
Dates: Enacted 2015

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Dates: Enacted 2015

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Purpose and legislative effect

“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.”

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License qualifications.

Section 7-25-203

Subsection 7-25-203(3)

Section 7-25-203(3)

Subsection 7-25-203(3)(a)(ii)(C)

Mentions “breach of trust.”

Section 7-25-203(3)(a)(ii)(C)

Subsection 7-25-203(3)(b)(ii)(A)

fraud;

Section 7-25-203(3)(b)(ii)(A)

Subsection 7-25-203(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.

Section 7-25-203(5)

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In force source record

Source record from le.utah.gov · Enacted 2015

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Showing 22 of 22 provisions

Provision 22

Part 7-25-2

part 7-25-2 Licensing

§ 7-25-203License qualifications.Provision

Source excerpt

License qualifications. An applicant for a license shall: 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 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. 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. Subject to the commissioner's discretion, a person may not be licensed under this chapter to do business in the state: if the person has been convicted of, or pled guilty or no contest to, a felony: during the seven years preceding the day on which the individual files an application; or at any time, if the felony involves an act of: fraud; dishonesty; breach of trust; or money laundering; or if an executive officer, key shareholder, or director of the person has been convicted of, or pled guilty or no contest to, a felony: during the seven years preceding the day on which the individual files an application; or at any time, if the felony involves an act of: fraud; dishonesty; breach of trust; or money laundering. The applicant shall submit evidence satisfactory to the commissioner that the person is registered with the nationwide database. 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.

Section 7-25-203Verify source

§ 7-25-203(1)Subsection 7-25-203(1)Provision

Source excerpt

An applicant must show at least $1,000,000 net worth and experience, character, and general fitness; a licensee must maintain that net worth.

An applicant for a license shall: 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 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.

Section 7-25-203(1)Verify source

§ 7-25-203(1)(a)Subsection 7-25-203(1)(a)Provision

Source excerpt

A licensee must maintain net worth of at least $1,000,000.

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

Section 7-25-203(1)(a)Verify source

§ 7-25-203(1)(b)Subsection 7-25-203(1)(b)Provision

Source excerpt

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.

Section 7-25-203(1)(b)Verify source

§ 7-25-203(2)Subsection 7-25-203(2)Provision

Source excerpt

Corporate applicants must be in good standing in their state of incorporation, and noncorporate applicants must be qualified to do business in the state, when applying for a license and after the license is issued.

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.

Section 7-25-203(2)Verify source

§ 7-25-203(3)Subsection 7-25-203(3)Provision

Source excerpt

Subject to the commissioner's discretion, a person may not be licensed under this chapter to do business in the state: if the person has been convicted of, or pled guilty or no contest to, a felony: during the seven years preceding the day on which the individual files an application; or at any time, if the felony involves an act of: fraud; dishonesty; breach of trust; or money laundering; or if an executive officer, key shareholder, or director of the person has been convicted of, or pled guilty or no contest to, a felony: during the seven years preceding the day on which the individual files an application; or at any time, if the felony involves an act of: fraud; dishonesty; breach of trust; or money laundering.

Section 7-25-203(3)Verify source

§ 7-25-203(3)(a)Subsection 7-25-203(3)(a)Provision

Source excerpt

A prior felony conviction or guilty/no contest plea within seven years before filing an application is relevant, except that felonies involving fraud, dishonesty, breach of trust, or money laundering are covered at any time.

if the person has been convicted of, or pled guilty or no contest to, a felony: during the seven years preceding the day on which the individual files an application; or at any time, if the felony involves an act of: fraud; dishonesty; breach of trust; or money laundering; or

Section 7-25-203(3)(a)Verify source

§ 7-25-203(3)(a)(i)Subsection 7-25-203(3)(a)(i)Provision

Source excerpt

during the seven years preceding the day on which the individual files an application; or

Section 7-25-203(3)(a)(i)Verify source

§ 7-25-203(3)(a)(ii)Subsection 7-25-203(3)(a)(ii)Provision

Source excerpt

at any time, if the felony involves an act of: fraud; dishonesty; breach of trust; or money laundering; or

Section 7-25-203(3)(a)(ii)Verify source

§ 7-25-203(3)(a)(ii)(A)Subsection 7-25-203(3)(a)(ii)(A)Provision

Source excerpt

fraud;

Section 7-25-203(3)(a)(ii)(A)Verify source

§ 7-25-203(3)(a)(ii)(B)Subsection 7-25-203(3)(a)(ii)(B)Provision

Source excerpt

dishonesty;

Section 7-25-203(3)(a)(ii)(B)Verify source

§ 7-25-203(3)(a)(ii)(C)Subsection 7-25-203(3)(a)(ii)(C)Provision

Source excerpt

Mentions “breach of trust.”

breach of trust; or

Section 7-25-203(3)(a)(ii)(C)Verify source

§ 7-25-203(3)(a)(ii)(D)Subsection 7-25-203(3)(a)(ii)(D)Provision

Source excerpt

money laundering; or

Section 7-25-203(3)(a)(ii)(D)Verify source

§ 7-25-203(3)(b)Subsection 7-25-203(3)(b)Provision

Source excerpt

if an executive officer, key shareholder, or director of the person has been convicted of, or pled guilty or no contest to, a felony: during the seven years preceding the day on which the individual files an application; or at any time, if

Section 7-25-203(3)(b)Verify source

§ 7-25-203(3)(b)(i)Subsection 7-25-203(3)(b)(i)Provision

Source excerpt

A period of seven years before the day the individual files an application.

during the seven years preceding the day on which the individual files an application; or

Section 7-25-203(3)(b)(i)Verify source

§ 7-25-203(3)(b)(ii)Subsection 7-25-203(3)(b)(ii)Provision

Source excerpt

at any time, if the felony involves an act of: fraud; dishonesty; breach of trust; or money laundering.

Section 7-25-203(3)(b)(ii)Verify source

§ 7-25-203(3)(b)(ii)(A)Subsection 7-25-203(3)(b)(ii)(A)Provision

Source excerpt

fraud;

Section 7-25-203(3)(b)(ii)(A)Verify source

§ 7-25-203(3)(b)(ii)(B)Subsection 7-25-203(3)(b)(ii)(B)Provision

Source excerpt

dishonesty;

Section 7-25-203(3)(b)(ii)(B)Verify source

§ 7-25-203(3)(b)(ii)(C)Subsection 7-25-203(3)(b)(ii)(C)Provision

Source excerpt

breach of trust; or

Section 7-25-203(3)(b)(ii)(C)Verify source

§ 7-25-203(3)(b)(ii)(D)Subsection 7-25-203(3)(b)(ii)(D)Provision

Source excerpt

money laundering.

Section 7-25-203(3)(b)(ii)(D)Verify source

§ 7-25-203(4)Subsection 7-25-203(4)Provision

Source excerpt

The applicant must submit evidence to the commissioner showing that the person is registered with the nationwide database.

The applicant shall submit evidence satisfactory to the commissioner that the person is registered with the nationwide database.

Section 7-25-203(4)Verify source

§ 7-25-203(5)Subsection 7-25-203(5)Provision

Source excerpt

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.

Section 7-25-203(5)Verify source

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Utah Code § 7-25-203, 2015

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