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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-25-403, 2015

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…

Source excerpt

administrative enforcementagent authorizationlicensee compliancelicensee-agent relationshipsmoney transmissionorder suspensionpayment instrumentsrelationship termination
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

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“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”

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Termination or suspension of authorized agent activity.

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

Section 7-25-403

Subsection 7-25-403(1)(a)

The commissioner may order an authorized agent suspended or barred from acting for a licensee if specified misconduct is found.

Section 7-25-403(1)(a)

Subsection 7-25-403(1)(a)(ii)

engaged or participated in an unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or

Section 7-25-403(1)(a)(ii)

Subsection 7-25-403(1)(a)(iii)

A person must not make or cause to be made a false or misleading material statement in an application, report, or proceeding before the commissioner, or omit a material fact that is required to be stated in the application or report.

Section 7-25-403(1)(a)(iii)

Subsection 7-25-403(2)

An authorized agent issued an order under this section may apply to the commissioner to modify or rescind it.

Section 7-25-403(2)

04

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In force source record

Source record from le.utah.gov · Enacted 2015

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Showing 8 of 8 provisions

Provision 8

Part 7-25-4

part 7-25-4 Enforcement

§ 7-25-403Termination or suspension of authorized agent activity.Provision

Source excerpt

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

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 is in effect, if subject to Title 63G, Chapter 4, Administrative Procedures Act , the commissioner finds that an authorized agent of a licensee or a director, officer, employee, or controlling person of the authorized agent has: violated this chapter or a rule or order issued under this chapter; engaged or participated in an unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or made or caused to be made in an application or report filed with the commissioner or a proceeding before the commissioner, a statement that was at the time and in the circumstances under which it was made, false or misleading with respect to a material fact, or has omitted to state in the application or report a material fact that is required to be stated in the application or report. Upon issuance of the order, the licensee shall terminate its relationship with the authorized agent according to the terms of the order. An authorized agent to whom an order is issued under this section may apply to the commissioner to modify or rescind the order. The commissioner may not grant the application unless the commissioner finds that it is in the public interest to do so and that it is reasonable to believe that the person will, if and when the person is permitted to resume being an authorized agent of a licensee, comply with all applicable provisions of this chapter and a rule or order issued under this title.
Section 7-25-403Verify source
§ 7-25-403(1)Subsection 7-25-403(1)Provision

Source excerpt

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 is in effect, if subject to Title 63G, Chapter 4,

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 is in effect, if subject to Title 63G, Chapter 4, Administrative Procedures Act , the commissioner finds that an authorized agent of a licensee or a director, officer, employee, or controlling person of the authorized agent has: violated this chapter or a rule or order issued under this chapter; engaged or participated in an unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or made or caused to be made in an application or report filed with the commissioner or a proceeding before the commissioner, a statement that was at the time and in the circumstances under which it was made, false or misleading with respect to a material fact, or has omitted to state in the application or report a material fact that is required to be stated in the application or report. Upon issuance of the order, the licensee shall terminate its relationship with the authorized agent according to the terms of the order.
Section 7-25-403(1)Verify source
§ 7-25-403(1)(a)Subsection 7-25-403(1)(a)Provision

Source excerpt

The commissioner may order an authorized agent suspended or barred from acting for a licensee if specified misconduct is found.

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 is in effect, if subject to Title 63G, Chapter 4, Administrative Procedures Act , the commissioner finds that an authorized agent of a licensee or a director, officer, employee, or controlling person of the authorized agent has: violated this chapter or a rule or order issued under this chapter; engaged or participated in an unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or made or caused to be made in an application or report filed with the commissioner or a proceeding before the commissioner, a statement that was at the time and in the circumstances under which it was made, false or misleading with respect to a material fact, or has omitted to state in the application or report a material fact that is required to be stated in the application or report.
Section 7-25-403(1)(a)Verify source
§ 7-25-403(1)(a)(i)Subsection 7-25-403(1)(a)(i)Provision

Source excerpt

This text refers to a violation of this chapter or a rule or order issued under it.

violated this chapter or a rule or order issued under this chapter;
Section 7-25-403(1)(a)(i)Verify source
§ 7-25-403(1)(a)(ii)Subsection 7-25-403(1)(a)(ii)Provision

Source excerpt

engaged or participated in an unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or

engaged or participated in an unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or
Section 7-25-403(1)(a)(ii)Verify source
§ 7-25-403(1)(a)(iii)Subsection 7-25-403(1)(a)(iii)Provision

Source excerpt

A person must not make or cause to be made a false or misleading material statement in an application, report, or proceeding before the commissioner, or omit a material fact that is required to be stated in the application or report.

made or caused to be made in an application or report filed with the commissioner or a proceeding before the commissioner, a statement that was at the time and in the circumstances under which it was made, false or misleading with respect to a material fact, or has omitted to state in the application or report a material fact that is required to be stated in the application or report.
Section 7-25-403(1)(a)(iii)Verify source
§ 7-25-403(1)(b)Subsection 7-25-403(1)(b)Provision

Source excerpt

When the order is issued, the licensee must end its relationship with the authorized agent in the way the order requires.

Upon issuance of the order, the licensee shall terminate its relationship with the authorized agent according to the terms of the order.
Section 7-25-403(1)(b)Verify source
§ 7-25-403(2)Subsection 7-25-403(2)Provision

Source excerpt

An authorized agent issued an order under this section may apply to the commissioner to modify or rescind it.

An authorized agent to whom an order is issued under this section may apply to the commissioner to modify or rescind the order. The commissioner may not grant the application unless the commissioner finds that it is in the public interest to do so and that it is reasonable to believe that the person will, if and when the person is permitted to resume being an authorized agent of a licensee, comply with all applicable provisions of this chapter and a rule or order issued under this title.
Section 7-25-403(2)Verify source

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