7-27-201. Registration requirements -- Rulemaking.
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Effective 5/4/2022
7-27-201. Registration requirements -- Rulemaking.
(a)Beginning January 1, 2023, it is unlawful for a person to engage in a commercial financing transaction as a provider in Utah or with a Utah resident, unless the person:
(i)registers with the department in accordance with this chapter; and
(ii)maintains a valid registration.
(b)An officer or employee of a person required to register under this section is not required to register if the person for whom the individual is an officer or employee is registered.
(a)A registration and a renewal of registration expires on December 31 of each year.
(b)To register or renew a registration under this section, a person shall:
(i)pay an original registration fee established under Subsection 7-1-401(8) ; and
(ii)submit a registration statement containing the information described in Subsection (2)(d) .
(c)To renew a registration under this section, a person shall:
(i)pay the annual fee established under Subsection 7-1-401(5) ; and
(ii)submit a renewal statement containing the information described in Subsection (2)(d) .
(d)A registration or renewal statement shall state:
(i)the name of the person;
(ii)the name in which the business will be transacted if different from that required in Subsection (2)(d)(i) ;
(iii)the address of the person's principal business office, regardless of whether in the state or outside the state;
(iv)the address of each office in this state at which the person engages in commercial financing transactions;
(v)if the person engages in commercial financing transactions in this state but does not maintain an office in the state, a brief description of the manner in which the business is conducted;
(vi)the name and address in this state of a designated agent upon whom service of process may be made;
(vii)whether there is a conviction of a crime:
(A)involving an act of fraud, dishonesty, breach of trust, or money laundering; and
(B)with respect to that person, an officer, director, manager, operator, or principal of that person, or an employee of that person engaged in the business described in this chapter;
(viii)evidence satisfactory to the department that the person is registered with the Nationwide Multistate Licensing System and Registry; and
(ix)any other information required by the rules of the department.
(i)The commissioner may impose an administrative fine determined under Subsection (2)(e)(ii) on a person if:
(A)the person is required to be registered under this chapter;
(B)the person fails to register or renew a registration in accordance with this chapter;
(C)the department notifies the person that the person is in violation of this chapter for failure to be registered; and
(D)the person fails to register within 30 days after the day on which the person receives the notice described in Subsection (2)(e)(i)(C) .
(ii)Subject to Subsection (2)(e)(iii) , the administrative fine imposed under this Subsection (2)(e) is:
(A)$500 if the person has zero or one office in this state at which the person engages in commercial financing transactions; or
(B)if the person has two or more offices in this state at which the person engages in commercial financing transactions, $500 for each office at which the person engages in commercial financing transactions.
(iii)The commissioner may reduce or waive a fine imposed under this Subsection (2)(e) if the person shows good cause.
(3)If the information in a registration or renewal statement required under Subsection
(2)becomes inaccurate after filing, a person is not required to notify the department until:
(a)that person is required to renew the registration; or
(b)the department specifically requests earlier notification.
(4)In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the department may make rules consistent with this section:
(a)providing for the form, content, and filing of a registration and renewal statement; and
(b)providing for the transition of persons registering with the nationwide database.
Enacted by Chapter 449 , 2022 General Session