UTAH CODE (Last Updated: January 16, 2015) |
Title 13. Commerce and Trade |
Chapter 42. Uniform Debt-Management Services Act |
§ 13-42-105. Application for registration -- Form, fee, and accompanying documents.
Latest version.
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(1) An application for registration as a provider shall be in a form prescribed by the administrator. (2) Subject to adjustment of dollar amounts pursuant to Subsection 13-42-132(6), an application for registration as a provider shall be accompanied by: (a) the fee established by the administrator in accordance with Section 63J-1-504; (b) the bond required by Section 13-42-113; (c) identification of all trust accounts subject to Section 13-42-122 and an irrevocable consent authorizing the administrator to review and examine the trust accounts; (e) a record consenting to the jurisdiction of this state containing: (i) the name, business address, and other contact information of its registered agent in this state for purposes of service of process; or (ii) the appointment of the administrator as agent of the provider for purposes of service of process; and (f) if the applicant is organized as a not-for-profit entity or has obtained tax exempt status under the Internal Revenue Code, 26 U.S.C. Sec. 501, evidence of not-for-profit or tax-exempt status, or both. (3) (a) The administrator may waive or reduce the insurance requirement in Subsection (2)(d) if the provider does not: (i) maintain control of a trust account or receive money paid by an individual pursuant to a plan for distribution to creditors; (ii) make payments to creditors on behalf of individuals; (iii) collect fees by means of automatic payment from individuals; and (iv) execute any powers of attorney that may be utilized by the provider to collect fees from or expend funds on behalf of an individual. (b) A waiver or reduction in insurance requirements allowed by the administrator under Subsection (3)(a) shall balance the reduction in risk posed by a provider meeting the stated requirements against any continued need for insurance against employee and director dishonesty.
Amended by Chapter 152, 2012 General Session