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Utah Code Title 7. Financial Institutions Act § 7-25-403. Termination or suspension of authorized agent activity

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

(1)(a) The commissioner may issue an order suspending or barring an authorized agent from continuing to be or becoming an authorized agent of a licensee during the period for which the order is in effect, if subject to Title 63G, Chapter 4, Administrative Procedures Act, the commissioner finds that an authorized agent of a licensee or a director, officer, employee, or controlling person of the authorized agent has:

(i) violated this chapter or a rule or order issued under this chapter;

(ii) engaged or participated in an unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or

(iii) made or caused to be made in an application or report filed with the commissioner or a proceeding before the commissioner, a statement that was at the time and in the circumstances under which it was made, false or misleading with respect to a material fact, or has omitted to state in the application or report a material fact that is required to be stated in the application or report.

(b) Upon issuance of the order, the licensee shall terminate its relationship with the authorized agent according to the terms of the order.

(2) An authorized agent to whom an order is issued under this section may apply to the commissioner to modify or rescind the order. The commissioner may not grant the application unless the commissioner finds that it is in the public interest to do so and that it is reasonable to believe that the person will, if and when the person is permitted to resume being an authorized agent of a licensee, comply with all applicable provisions of this chapter and a rule or order issued under this title.

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Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-25-403. Termination or suspension of authorized agent activity - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-25-403/

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