13-42-111. Renewal of registration.

813 words·~4 min read·/ut/title-13/chapter-42/13-42-111

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/6/2026

(1)A provider shall obtain a renewal of the provider's registration annually.

(2)To obtain a renewal of the provider's registration a provider shall:

(a)submit an application for renewal of registration as a provider in a form the division approves;

(b)sign the application for renewal under penalty of perjury;

(c)file the application for renewal no fewer than 30 days and no more than 60 days before the day on which the provider's current registration expires;

(d)accompany the application for renewal with:

(i)the fee the division establishes in accordance with Section 63J-1-504 ; and

(ii)the bond required by Section 13-42-113 ;

(e)include in the application for renewal of registration:

(i)the information required for initial registration as a provider by Subsections 13-42-106(8) and

(9); and

(ii)a financial statement, audited by an accountant licensed to conduct audits, for the applicant's fiscal year immediately preceding the day on which the applicant submits the application for renewal;

(f)disclose in the application for renewal any change in the information contained in the applicant's application for registration or the applicant's immediately previous application for renewal, if applicable; and

(g)in the application for renewal:

(i)supply evidence of insurance in an amount equal to the larger of $250,000 or the highest daily balance in the trust account required by Section 13-42-122 during the six-month period immediately before the day on which the provider submits the application for renewal:

(A)against risks of dishonesty, fraud, theft, and other misconduct on the part of the applicant or a director, employee, or agent of the applicant;

(B)issued by an insurance company authorized to do business in this state and rated at least A- or equivalent by a nationally recognized rating organization approved by the division;

(C)with a deductible not exceeding $5,000;

(D)payable to the applicant and this state for the benefit of the residents of this state, as their interests may appear; and

(E)not subject to cancellation by the applicant or the insurer until 60 days after the day on which written notice has been given to the division;

(ii)disclose the total amount of money received by the applicant in accordance with plans during the preceding 12 months from or on behalf of individuals who reside in this state and the total amount of money distributed to creditors of those individuals during that period;

(iii)disclose, to the best of the applicant's knowledge, the gross amount of money accumulated during the preceding 12 months in accordance with plans by or on behalf of individuals who reside in this state and with whom the applicant has agreements; and

(iv)provide any other information that the division reasonably requires to perform the division's duties under this section.

(3)Except for the information required by Subsections 13-42-106(7) ,

(14), and

(17)and the addresses required by Subsection 13-42-106(4) , the division shall make the information in an application for renewal of registration as a provider available to the public.

(4)If a registered provider files a timely and complete application for renewal of registration, the registration remains effective until the division, in a record, notifies the applicant of a denial and states the reasons for the denial.

(a)If the division denies an application for renewal of registration as a provider, the applicant, no later than 30 days after receiving notice of the denial, may appeal and request a hearing in accordance with Title 63G, Chapter 4, Administrative Procedures Act .

(b)Subject to Section 13-42-134 , while the appeal is pending the applicant shall continue to provide debt-management services to individuals with whom the applicant has agreements.

(c)If the denial is affirmed, subject to the division's order and Section 13-42-134 , the applicant shall continue to provide debt-management services to individuals with whom the applicant has agreements until, with the approval of the division, the applicant transfers the agreements to another registered provider or returns to the individuals all unexpended money that is under the applicant's control.

(a)The division may waive or reduce the insurance requirement in Subsection (2)(g) if the provider does not:

(i)maintain control of a trust account or receive money paid by an individual in accordance with 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 the provider may utilize to collect fees from or expend funds on behalf of an individual.

(b)A waiver or reduction in insurance requirements the division allows under Subsection (6)(a) shall balance the reduction in risk posed by a provider that meets the stated requirements against any continued need for insurance against employee and director dishonesty.

Amended by Chapter 95 , 2026 General Session