Utah § 7-25-203 - License qualifications.

Full text of Utah Utah Code § 7-25-203 — License qualifications., with citation guidance and answers to common questions.

§ 7-25-203. License qualifications.

Effective 5/12/2015
7-25-203.  License qualifications.
(1) An applicant for a license shall:
(a) 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
(b) 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.
(2) 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.
(3) Subject to the commissioner's discretion, a person may not be licensed under this chapter to do business in the state:
(a) if the person has been convicted of, or pled guilty or no contest to, a felony:
(i) during the seven years preceding the day on which the individual files an application; or
(ii) at any time, if the felony involves an act of:
(A) fraud;
(B) dishonesty;
(C) breach of trust; or
(D) money laundering; or
(b) if an executive officer, key shareholder, or director of the person has been convicted of, or pled guilty or no contest to, a felony:
(i) during the seven years preceding the day on which the individual files an application; or
(ii) at any time, if the felony involves an act of:
(A) fraud;
(B) dishonesty;
(C) breach of trust; or
(D) money laundering.
(4) The applicant shall submit evidence satisfactory to the commissioner that the person is registered with the nationwide database.
(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.


Enacted by Chapter 284, 2015 General Session

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Frequently Asked Questions About Utah § 7-25-203

What does Utah Code § 7-25-203 cover?

Section 7-25-203 ("License qualifications.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Utah § 7-25-203?

A common citation format is "Utah Code § 7-25-203" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 7-25-203 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Utah.