To apply for a license under this chapter, a person shall:
(a)
submit an application in writing;
(b)
pay the original license fee required by Section 7-1-401; and
(c)
submit a surety bond in accordance with Subsection (3).
(2)
An application shall contain:
(a)
the exact name of the applicant, the applicant's principal address, any fictitious or trade name used by the applicant in the conduct of its business, and the location of the applicant's business records;
(b)
the history of the applicant's material litigation and criminal convictions for the seven-year period before the date the application is submitted;
(c)
a description of the activities conducted by the applicant and a history of operations;
(d)
a description of the business activities in which the applicant seeks to be engaged in the state;
(e)
a list identifying the applicant's authorized agents in the state, if any, at the time of the filing of the license application;
(f)
a sample authorized agent contract, if applicable;
(g)
a sample form of payment instrument, if applicable;
(h)
the one or more locations at which the applicant and its authorized agents, if any, propose to conduct the licensed activities in the state; and
An applicant shall submit with an application filed under this chapter a surety bond satisfactory to the commissioner in the minimum sum of $50,000 to reimburse the state for expenses of any kind or nature that the department may incur in connection with an administrative or judicial proceeding against a licensee, former licensee, or seller relating to the issuance or sale of a payment instrument in the state.
(b)
A licensee shall maintain a surety bond meeting the requirements of Subsection (3)(a) for three years after the licensee ceases money transmission operations in the state. Except that the commissioner may permit the surety bond to be reduced or eliminated before the end of the three-year period to the extent that the amount of the licensee's payment instruments outstanding in this state are reduced.
(c)
A surety bond shall remain in effect until cancellation, which may occur only after 30 days' written notice to the commissioner. Cancellation may not affect liability incurred or accrued during that period.
Section 7-25-204 ("License application -- Bond.") 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 § 7-25-204?
A common citation format is "Utah Code § 7-25-204" (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 § 7-25-204 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.
