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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-25-303, 2015

A licensee using authorized agents must use an express written contract, and authorized agents must act only within that contract.

Source excerpt

authorized agent contractscommissioner oversightlicensed activitiesmoney transmissionpayment instruments
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 using authorized agents must use an express written contract, and authorized agents must act only within that contract.”

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    Enacted 2015. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Authorized agent contracts.

A licensee using authorized agents must use an express written contract, and authorized agents must act only within that contract.

Section 7-25-303

Subsection 7-25-303(1)

The licensee appoints the person as its agent to sell payment instruments or transmit money, subject to state and federal law.

Section 7-25-303(1)

Subsection 7-25-303(3)

Licensees are subject to supervision and regulation by the commissioner.

Section 7-25-303(3)

Subsection 7-25-303(4)

The authorized agent must consent to the commissioner's inspection of the licensee's records, even if no prior notice is given to the licensee or authorized agent.

Section 7-25-303(4)

Subsection 7-25-303(5)

An authorized agent must act only as authorized under the contract with the licensee.

Section 7-25-303(5)

04

Source and current-law status

In force source record

Source record from le.utah.gov · Enacted 2015

In force

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Source-indexed provision map

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Showing 6 of 6 provisions

Provision 6

Part 7-25-3

part 7-25-3 Operational Requirements

§ 7-25-303Authorized agent contracts.Provision

Source excerpt

A licensee using authorized agents must use an express written contract, and authorized agents must act only within that contract.

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: 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; that neither a licensee nor an authorized agent may authorize a subagent without the written consent of the commissioner; that licensees are subject to supervision and regulation by the commissioner; 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 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.
Section 7-25-303Verify source
§ 7-25-303(1)Subsection 7-25-303(1)Provision

Source excerpt

The licensee appoints the person as its agent to sell payment instruments or transmit money, subject to state and federal law.

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;
Section 7-25-303(1)Verify source
§ 7-25-303(2)Subsection 7-25-303(2)Provision

Source excerpt

A licensee or authorized agent may not authorize a subagent without the commissioner’s written consent.

that neither a licensee nor an authorized agent may authorize a subagent without the written consent of the commissioner;
Section 7-25-303(2)Verify source
§ 7-25-303(3)Subsection 7-25-303(3)Provision

Source excerpt

Licensees are subject to supervision and regulation by the commissioner.

that licensees are subject to supervision and regulation by the commissioner;
Section 7-25-303(3)Verify source
§ 7-25-303(4)Subsection 7-25-303(4)Provision

Source excerpt

The authorized agent must consent to the commissioner's inspection of the licensee's records, even if no prior notice is given to the licensee or authorized agent.

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
Section 7-25-303(4)Verify source
§ 7-25-303(5)Subsection 7-25-303(5)Provision

Source excerpt

An authorized agent must act only as authorized under the contract with the licensee.

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.
Section 7-25-303(5)Verify source

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