Skip to main content
Find a Lawyer

Utah Code Title 7. Financial Institutions Act § 7-25-203. License qualifications

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-25-203. License qualifications - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-25-203/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard