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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-25-301, 2015

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.

Source excerpt

compliancelicensee compliancelicensingmoney transmissionreporting
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 2015
Dates
Enacted 2015
More statute details
Dates
Enacted 2015
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01

Purpose and legislative effect

“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.”

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02

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Reporting requirements.

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.

Section 7-25-301

Subsection 7-25-301(1)(a)

This provision refers to the licensee filing for bankruptcy or reorganization.

Section 7-25-301(1)(a)

Subsection 7-25-301(1)(c)

a felony indictment of the licensee or any of its officers, directors, or principals related to money transmission activities;

Section 7-25-301(1)(c)

Subsection 7-25-301(1)(d)

a felony conviction of the licensee or any of its officers, directors, or principals related to money transmission activities; and

Section 7-25-301(1)(d)

Subsection 7-25-301(2)

An authorized agent must report certain theft or loss of payment instruments to the licensee within 24 hours, and the licensee must then immediately give the information to the commissioner.

Section 7-25-301(2)

04

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In force source record

Source record from le.utah.gov · Enacted 2015

In force

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Showing 8 of 8 provisions

Provision 8

Part 7-25-3

part 7-25-3 Operational Requirements

§ 7-25-301Reporting requirements.Provision

Source excerpt

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.

Reporting requirements. 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: the filing for bankruptcy or reorganization by the licensee; 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; a felony indictment of the licensee or any of its officers, directors, or principals related to money transmission activities; a felony conviction of the licensee or any of its officers, directors, or principals related to money transmission activities; and any other event that the commissioner may determine by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act . 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.
Section 7-25-301Verify source
§ 7-25-301(1)Subsection 7-25-301(1)Provision

Source excerpt

A licensee must file a written report with the commissioner within 15 days after certain listed events occur.

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: the filing for bankruptcy or reorganization by the licensee; 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; a felony indictment of the licensee or any of its officers, directors, or principals related to money transmission activities; a felony conviction of the licensee or any of its officers, directors, or principals related to money transmission activities; and any other event that the commissioner may determine by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act .
Section 7-25-301(1)Verify source
§ 7-25-301(1)(a)Subsection 7-25-301(1)(a)Provision

Source excerpt

This provision refers to the licensee filing for bankruptcy or reorganization.

the filing for bankruptcy or reorganization by the licensee;
Section 7-25-301(1)(a)Verify source
§ 7-25-301(1)(b)Subsection 7-25-301(1)(b)Provision

Source excerpt

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;

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;
Section 7-25-301(1)(b)Verify source
§ 7-25-301(1)(c)Subsection 7-25-301(1)(c)Provision

Source excerpt

a felony indictment of the licensee or any of its officers, directors, or principals related to money transmission activities;

a felony indictment of the licensee or any of its officers, directors, or principals related to money transmission activities;
Section 7-25-301(1)(c)Verify source
§ 7-25-301(1)(d)Subsection 7-25-301(1)(d)Provision

Source excerpt

a felony conviction of the licensee or any of its officers, directors, or principals related to money transmission activities; and

a felony conviction of the licensee or any of its officers, directors, or principals related to money transmission activities; and
Section 7-25-301(1)(d)Verify source
§ 7-25-301(1)(e)Subsection 7-25-301(1)(e)Provision

Source excerpt

any other event that the commissioner may determine by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act .

any other event that the commissioner may determine by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act .
Section 7-25-301(1)(e)Verify source
§ 7-25-301(2)Subsection 7-25-301(2)Provision

Source excerpt

An authorized agent must report certain theft or loss of payment instruments to the licensee within 24 hours, and the licensee must then immediately give the information to the commissioner.

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.
Section 7-25-301(2)Verify source

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