United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-27-201, 2022

A person may not, from January 1, 2023, act as a provider in a commercial financing transaction in Utah or with a Utah resident unless registered and keeping the registration valid.

Source excerpt

administrative finesbusiness registrationcommercial financingcommercial financing registrationcompliancefeeslicensing disclosureregistrationregistration complianceregistration renewalrenewalreportingrulemaking

Jurisdiction: United States — Utah
Status: In force
Official identity: Year 2022
Dates: Enacted 2022

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Dates: Enacted 2022

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“A person may not, from January 1, 2023, act as a provider in a commercial financing transaction in Utah or with a Utah resident unless registered and keeping the registration valid.”

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Registration requirements -- Rulemaking.

A person may not, from January 1, 2023, act as a provider in a commercial financing transaction in Utah or with a Utah resident unless registered and keeping the registration valid.

Section 7-27-201

Subsection 7-27-201(2)(b)(ii)

A person must submit a registration statement that includes the information listed in Subsection (2)(d).

Section 7-27-201(2)(b)(ii)

Subsection 7-27-201(2)(d)(vii)

The provision refers to whether a person has a conviction for a crime involving fraud, dishonesty, breach of trust, or money laundering, and to certain related officers, managers, principals, or employees.

Section 7-27-201(2)(d)(vii)

Subsection 7-27-201(2)(e)(i)(D)

A person must register within 30 days after receiving the notice described in Subsection (2)(e)(i)(C).

Section 7-27-201(2)(e)(i)(D)

Subsection 7-27-201(4)(b)

providing for the transition of persons registering with the nationwide database.

Section 7-27-201(4)(b)

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Source record from le.utah.gov · Enacted 2022

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Showing 42 of 42 provisions

Provision 42

Part 7-27-2

part 7-27-2 Registration

§ 7-27-201Registration requirements -- Rulemaking.Provision

Source excerpt

A person may not, from January 1, 2023, act as a provider in a commercial financing transaction in Utah or with a Utah resident unless registered and keeping the registration valid.

Registration requirements -- Rulemaking. Beginning January 1, 2023, it is unlawful for a person to engage in a commercial financing transaction as a provider in Utah or with a Utah resident, unless the person: registers with the department in accordance with this chapter; and maintains a valid registration. An officer or employee of a person required to register under this section is not required to register if the person for whom the individual is an officer or employee is registered. A registration and a renewal of registration expires on December 31 of each year. To register or renew a registration under this section, a person shall: pay an original registration fee established under Subsection 7-1-401(8) ; and submit a registration statement containing the information described in Subsection (2)(d) . To renew a registration under this section, a person shall: pay the annual fee established under Subsection 7-1-401(5) ; and submit a renewal statement containing the information described in Subsection (2)(d) . A registration or renewal statement shall state: the name of the person; the name in which the business will be transacted if different from that required in Subsection (2)(d)(i) ; the address of the person's principal business office, regardless of whether in the state or outside the state; the address of each office in this state at which the person engages in commercial financing transactions; if the person engages in commercial financing transactions in this state but does not maintain an office in the state, a brief description of the manner in which the business is conducted; the name and address in this state of a designated agent upon whom service of process may be made; whether there is a conviction of a crime: involving an act of fraud, dishonesty, breach of trust, or money laundering; and with respect to that person, an officer, director, manager, operator, or principal of that person, or an employee of that person engaged in the business described in this chapter; evidence satisfactory to the department that the person is registered with the Nationwide Multistate Licensing System and Registry; and any other information required by the rules of the department. The commissioner may impose an administrative fine determined under Subsection (2)(e)(ii) on a person if: the person is required to be registered under this chapter; the person fails to register or renew a registration in accordance with this chapter; the department notifies the person that the person is in violation of this chapter for failure to be registered; and the person fails to register within 30 days after the day on which the person receives the notice described in Subsection (2)(e)(i)(C) . Subject to Subsection (2)(e)(iii) , the administrative fine imposed under this Subsection (2)(e) is: $500 if the person has zero or one office in this state at which the person engages in commercial financing transactions; or if the person has two or more offices in this state at which the person engages in commercial financing transactions, $500 for each office at which the person engages in commercial financing transactions. The commissioner may reduce or waive a fine imposed under this Subsection (2)(e) if the person shows good cause. If the information in a registration or renewal statement required under Subsection (2) becomes inaccurate after filing, a person is not required to notify the department until: that person is required to renew the registration; or the department specifically requests earlier notification. In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the department may make rules consistent with this section: providing for the form, content, and filing of a registration and renewal statement; and providing for the transition of persons registering with the nationwide database.

Section 7-27-201Verify source

§ 7-27-201(1)Subsection 7-27-201(1)Provision

Source excerpt

Beginning January 1, 2023, it is unlawful for a person to engage in a commercial financing transaction as a provider in Utah or with a Utah resident, unless the person: registers with the department in accordance with this chapter; and maintains a valid registration. An officer or employee of a person required to register under this section is not required to register if the person for whom the individual is an officer or employee is registered.

Section 7-27-201(1)Verify source

§ 7-27-201(1)(a)Subsection 7-27-201(1)(a)Provision

Source excerpt

Starting January 1, 2023, a person may not act as a provider in a commercial financing transaction in Utah or with a Utah resident unless the person registers with the department and keeps the registration valid.

Section 7-27-201(1)(a)Verify source

§ 7-27-201(1)(a)(i)Subsection 7-27-201(1)(a)(i)Provision

Source excerpt

A person must register with the department under this chapter.

registers with the department in accordance with this chapter; and

Section 7-27-201(1)(a)(i)Verify source

§ 7-27-201(1)(a)(ii)Subsection 7-27-201(1)(a)(ii)Provision

Source excerpt

maintains a valid registration.

Section 7-27-201(1)(a)(ii)Verify source

§ 7-27-201(1)(b)Subsection 7-27-201(1)(b)Provision

Source excerpt

An officer or employee of a person required to register under this section does not have to register if the person they work for is registered.

An officer or employee of a person required to register under this section is not required to register if the person for whom the individual is an officer or employee is registered.

Section 7-27-201(1)(b)Verify source

§ 7-27-201(2)Subsection 7-27-201(2)Provision

Source excerpt

A person registering or renewing under this section must pay the required fee and file the required statement; registrations expire on December 31 each year.

A registration and a renewal of registration expires on December 31 of each year. To register or renew a registration under this section, a person shall: pay an original registration fee established under Subsection 7-1-401(8) ; and submit a registration statement containing the information described in Subsection (2)(d) . To renew a registration under this section, a person shall: pay the annual fee established under Subsection 7-1-401(5) ; and submit a renewal statement containing the information described in Subsection (2)(d) . A registration or renewal statement shall state: the name of the person; the name in which the business will be transacted if different from that required in Subsection (2)(d)(i) ; the address of the person's principal business office, regardless of whether in the state or outside the state; the address of each office in this state at which the person engages in commercial financing transactions; if the person engages in commercial financing transactions in this state but does not maintain an office in the state, a brief description of the manner in which the business is conducted; the name and address in this state of a designated agent upon whom service of process may be made; whether there is a conviction of a crime: involving an act of fraud, dishonesty, breach of trust, or money laundering; and with respect to that person, an officer, director, manager, operator, or principal of that person, or an employee of that person engaged in the business described in this chapter; evidence satisfactory to the department that the person is registered with the Nationwide Multistate Licensing System and Registry; and any other information required by the rules of the department. The commissioner may impose an administrative fine determined under Subsection (2)(e)(ii) on a person if: the person is required to be registered under this chapter; the person fails to register or renew a registration in accordance with this chapter; the department notifies the person that the person is in violation of this chapter for failure to be registered; and the person fails to register within 30 days after the day on which the person receives the notice described in Subsection (2)(e)(i)(C) . Subject to Subsection (2)(e)(iii) , the administrative fine imposed under this Subsection (2)(e) is: $500 if the person has zero or one office in this state at which the person engages in commercial financing transactions; or if the person has two or more offices in this state at which the person engages in commercial financing transactions, $500 for each office at which the person engages in commercial financing transactions. The commissioner may reduce or waive a fine imposed under this Subsection (2)(e) if the person shows good cause.

Section 7-27-201(2)Verify source

§ 7-27-201(2)(a)Subsection 7-27-201(2)(a)Provision

Source excerpt

A registration and a renewal of registration expire on December 31 each year.

A registration and a renewal of registration expires on December 31 of each year.

Section 7-27-201(2)(a)Verify source

§ 7-27-201(2)(b)Subsection 7-27-201(2)(b)Provision

Source excerpt

To register or renew a registration under this section, a person shall: pay an original registration fee established under Subsection 7-1-401(8) ; and submit a registration statement containing the information described in Subsection

Section 7-27-201(2)(b)Verify source

§ 7-27-201(2)(b)(i)Subsection 7-27-201(2)(b)(i)Provision

Source excerpt

Pay an original registration fee established under Subsection 7-1-401(8).

pay an original registration fee established under Subsection 7-1-401(8) ; and

Section 7-27-201(2)(b)(i)Verify source

§ 7-27-201(2)(b)(ii)Subsection 7-27-201(2)(b)(ii)Provision

Source excerpt

A person must submit a registration statement that includes the information listed in Subsection (2)(d).

submit a registration statement containing the information described in Subsection (2)(d) .

Section 7-27-201(2)(b)(ii)Verify source

§ 7-27-201(2)(c)Subsection 7-27-201(2)(c)Provision

Source excerpt

To renew a registration under this section, a person must pay the annual fee and submit a renewal statement with the information described in Subsection (2)(d).

To renew a registration under this section, a person shall: pay the annual fee established under Subsection 7-1-401(5) ; and submit a renewal statement containing the information described in Subsection (2)(d) .

Section 7-27-201(2)(c)Verify source

§ 7-27-201(2)(c)(i)Subsection 7-27-201(2)(c)(i)Provision

Source excerpt

Pay the annual fee established under Subsection 7-1-401(5).

pay the annual fee established under Subsection 7-1-401(5) ; and

Section 7-27-201(2)(c)(i)Verify source

§ 7-27-201(2)(c)(ii)Subsection 7-27-201(2)(c)(ii)Provision

Source excerpt

A renewal statement must be submitted with the information described in Subsection (2)(d).

submit a renewal statement containing the information described in Subsection (2)(d) .

Section 7-27-201(2)(c)(ii)Verify source

§ 7-27-201(2)(d)Subsection 7-27-201(2)(d)Provision

Source excerpt

A registration or renewal statement must include specified business, office, agent, conviction, and registration information.

A registration or renewal statement shall state: the name of the person; the name in which the business will be transacted if different from that required in Subsection (2)(d)(i) ; the address of the person's principal business office, regardless of whether in the state or outside the state; the address of each office in this state at which the person engages in commercial financing transactions; if the person engages in commercial financing transactions in this state but does not maintain an office in the state, a brief description of the manner in which the business is conducted; the name and address in this state of a designated agent upon whom service of process may be made; whether there is a conviction of a crime: involving an act of fraud, dishonesty, breach of trust, or money laundering; and with respect to that person, an officer, director, manager, operator, or principal of that person, or an employee of that person engaged in the business described in this chapter; evidence satisfactory to the department that the person is registered with the Nationwide Multistate Licensing System and Registry; and any other information required by the rules of the department.

Section 7-27-201(2)(d)Verify source

§ 7-27-201(2)(d)(i)Subsection 7-27-201(2)(d)(i)Provision

Source excerpt

Refers to the person's name.

the name of the person;

Section 7-27-201(2)(d)(i)Verify source

§ 7-27-201(2)(d)(ii)Subsection 7-27-201(2)(d)(ii)Provision

Source excerpt

the name in which the business will be transacted if different from that required in Subsection (2)(d)(i) ;

Section 7-27-201(2)(d)(ii)Verify source

§ 7-27-201(2)(d)(iii)Subsection 7-27-201(2)(d)(iii)Provision

Source excerpt

the address of the person's principal business office, regardless of whether in the state or outside the state;

Section 7-27-201(2)(d)(iii)Verify source

§ 7-27-201(2)(d)(iv)Subsection 7-27-201(2)(d)(iv)Provision

Source excerpt

The text refers to the address of each in-state office where the person engages in commercial financing transactions.

the address of each office in this state at which the person engages in commercial financing transactions;

Section 7-27-201(2)(d)(iv)Verify source

§ 7-27-201(2)(d)(v)Subsection 7-27-201(2)(d)(v)Provision

Source excerpt

if the person engages in commercial financing transactions in this state but does not maintain an office in the state, a brief description of the manner in which the business is conducted;

Section 7-27-201(2)(d)(v)Verify source

§ 7-27-201(2)(d)(vi)Subsection 7-27-201(2)(d)(vi)Provision

Source excerpt

the name and address in this state of a designated agent upon whom service of process may be made;

Section 7-27-201(2)(d)(vi)Verify source

§ 7-27-201(2)(d)(vii)Subsection 7-27-201(2)(d)(vii)Provision

Source excerpt

whether there is a conviction of a crime: involving an act of fraud, dishonesty, breach of trust, or money laundering; and with respect to that person, an officer, director, manager, operator, or principal of that person, or an employee of that person engaged in the business described in this chapter;

Section 7-27-201(2)(d)(vii)Verify source

§ 7-27-201(2)(d)(vii)(A)Subsection 7-27-201(2)(d)(vii)(A)Provision

Source excerpt

involving an act of fraud, dishonesty, breach of trust, or money laundering; and

Section 7-27-201(2)(d)(vii)(A)Verify source

§ 7-27-201(2)(d)(vii)(B)Subsection 7-27-201(2)(d)(vii)(B)Provision

Source excerpt

This text identifies covered persons: officers, directors, managers, operators, principals, and certain employees engaged in the business described in the chapter.

with respect to that person, an officer, director, manager, operator, or principal of that person, or an employee of that person engaged in the business described in this chapter;

Section 7-27-201(2)(d)(vii)(B)Verify source

§ 7-27-201(2)(d)(viii)Subsection 7-27-201(2)(d)(viii)Provision

Source excerpt

evidence satisfactory to the department that the person is registered with the Nationwide Multistate Licensing System and Registry; and

Section 7-27-201(2)(d)(viii)Verify source

§ 7-27-201(2)(d)(ix)Subsection 7-27-201(2)(d)(ix)Provision

Source excerpt

any other information required by the rules of the department.

Section 7-27-201(2)(d)(ix)Verify source

§ 7-27-201(2)(e)Subsection 7-27-201(2)(e)Provision

Source excerpt

If a required registrant does not register or renew after notice, the commissioner may impose a fine.

The commissioner may impose an administrative fine determined under Subsection (2)(e)(ii) on a person if: the person is required to be registered under this chapter; the person fails to register or renew a registration in accordance with this chapter; the department notifies the person that the person is in violation of this chapter for failure to be registered; and the person fails to register within 30 days after the day on which the person receives the notice described in Subsection (2)(e)(i)(C) . Subject to Subsection (2)(e)(iii) , the administrative fine imposed under this Subsection (2)(e) is: $500 if the person has zero or one office in this state at which the person engages in commercial financing transactions; or if the person has two or more offices in this state at which the person engages in commercial financing transactions, $500 for each office at which the person engages in commercial financing transactions. The commissioner may reduce or waive a fine imposed under this Subsection (2)(e) if the person shows good cause.

Section 7-27-201(2)(e)Verify source

§ 7-27-201(2)(e)(i)Subsection 7-27-201(2)(e)(i)Provision

Source excerpt

If a person must register under this chapter and does not register or renew after notice, the commissioner may impose an administrative fine.

Section 7-27-201(2)(e)(i)Verify source

§ 7-27-201(2)(e)(i)(A)Subsection 7-27-201(2)(e)(i)(A)Provision

Source excerpt

The person must be registered under this chapter.

the person is required to be registered under this chapter;

Section 7-27-201(2)(e)(i)(A)Verify source

§ 7-27-201(2)(e)(i)(B)Subsection 7-27-201(2)(e)(i)(B)Provision

Source excerpt

the person fails to register or renew a registration in accordance with this chapter;

Section 7-27-201(2)(e)(i)(B)Verify source

§ 7-27-201(2)(e)(i)(C)Subsection 7-27-201(2)(e)(i)(C)Provision

Source excerpt

the department notifies the person that the person is in violation of this chapter for failure to be registered; and

Section 7-27-201(2)(e)(i)(C)Verify source

§ 7-27-201(2)(e)(i)(D)Subsection 7-27-201(2)(e)(i)(D)Provision

Source excerpt

A person must register within 30 days after receiving the notice described in Subsection (2)(e)(i)(C).

the person fails to register within 30 days after the day on which the person receives the notice described in Subsection (2)(e)(i)(C) .

Section 7-27-201(2)(e)(i)(D)Verify source

§ 7-27-201(2)(e)(ii)Subsection 7-27-201(2)(e)(ii)Provision

Source excerpt

This subsection sets an administrative fine of $500, subject to Subsection (2)(e)(iii).

Subject to Subsection (2)(e)(iii) , the administrative fine imposed under this Subsection (2)(e) is: $500 if the person has zero or one office in this state at which the person engages in commercial financing transactions; or if the person has two or more offices in this state at which the person engages in commercial financing transactions, $500 for each office at which the person engages in commercial financing transactions.

Section 7-27-201(2)(e)(ii)Verify source

§ 7-27-201(2)(e)(ii)(A)Subsection 7-27-201(2)(e)(ii)(A)Provision

Source excerpt

The amount is $500 if the person has zero or one office in this state where the person engages in commercial financing transactions.

$500 if the person has zero or one office in this state at which the person engages in commercial financing transactions; or

Section 7-27-201(2)(e)(ii)(A)Verify source

§ 7-27-201(2)(e)(ii)(B)Subsection 7-27-201(2)(e)(ii)(B)Provision

Source excerpt

If a person has two or more offices in this state where it engages in commercial financing transactions, the amount is $500 for each such office.

if the person has two or more offices in this state at which the person engages in commercial financing transactions, $500 for each office at which the person engages in commercial financing transactions.

Section 7-27-201(2)(e)(ii)(B)Verify source

§ 7-27-201(2)(e)(iii)Subsection 7-27-201(2)(e)(iii)Provision

Source excerpt

The commissioner may reduce or waive a fine if the person shows good cause.

The commissioner may reduce or waive a fine imposed under this Subsection (2)(e) if the person shows good cause.

Section 7-27-201(2)(e)(iii)Verify source

§ 7-27-201(3)Subsection 7-27-201(3)Provision

Source excerpt

If filed registration or renewal information later becomes inaccurate, the person does not have to notify the department until renewal is due or the department asks earlier.

If the information in a registration or renewal statement required under Subsection (2) becomes inaccurate after filing, a person is not required to notify the department until: that person is required to renew the registration; or the department specifically requests earlier notification.

Section 7-27-201(3)Verify source

§ 7-27-201(3)(a)Subsection 7-27-201(3)(a)Provision

Source excerpt

That person must renew the registration.

that person is required to renew the registration; or

Section 7-27-201(3)(a)Verify source

§ 7-27-201(3)(b)Subsection 7-27-201(3)(b)Provision

Source excerpt

the department specifically requests earlier notification.

Section 7-27-201(3)(b)Verify source

§ 7-27-201(4)Subsection 7-27-201(4)Provision

Source excerpt

The department may make rules about registration and renewal statements, including their form, content, filing, and how persons registering with the nationwide database transition.

In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the department may make rules consistent with this section: providing for the form, content, and filing of a registration and renewal statement; and providing for the transition of persons registering with the nationwide database.

Section 7-27-201(4)Verify source

§ 7-27-201(4)(a)Subsection 7-27-201(4)(a)Provision

Source excerpt

providing for the form, content, and filing of a registration and renewal statement; and

Section 7-27-201(4)(a)Verify source

§ 7-27-201(4)(b)Subsection 7-27-201(4)(b)Provision

Source excerpt

providing for the transition of persons registering with the nationwide database.

Section 7-27-201(4)(b)Verify source

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Utah Code § 7-27-201, 2022

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