UTAH CODE (Last Updated: January 16, 2015) |
Title 13. Commerce and Trade |
Chapter 42. Uniform Debt-Management Services Act |
§ 13-42-114. Bond required -- Substitute.
Latest version.
-
(1) Instead of the surety bond required by Section 13-42-113, a provider, with the approval of the administrator and in the amount required by Subsection (2), may deliver to the administrator: (a) an irrevocable letter of credit, issued or confirmed by a bank approved by the administrator, payable on presentation of a certificate by the administrator stating that the provider or its agent has not complied with this chapter; or (2) If a provider furnishes a substitute pursuant to Subsection (1), Subsections 13-42-113(1), (3), (4), and (5) apply to the substitute.
Amended by Chapter 152, 2012 General Session