13-42-114. Bond required -- Substitute.
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/ut/title-13/chapter-42/13-42-114A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/6/2026
13-42-114. Bond required -- Substitute.
(1)Instead of the surety bond required by Section 13-42-113 , a provider, with the approval of the division and in the amount required by Subsection
(2), may deliver to the division:
(a)an irrevocable letter of credit, issued or confirmed by a bank the division approves, payable on presentation of a certificate by the division stating that the provider or the provider's agent has not complied with this chapter; or
(b)bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this state or a political subdivision of this state, to be:
(i)deposited and maintained with a bank the division approves for this purpose; and
(ii)delivered by the bank to the division on presentation of a certificate by the division stating that the provider or provider's agent has not complied with this chapter.
(2)If a provider furnishes a substitute in accordance with Subsection
(1), Subsections 13-42-113(1) ,
(3),
(4), and
(5)apply to the substitute.
Amended by Chapter 95 , 2026 General Session