(1)  If a credit services organization has obtained a bond, letter of credit, or certificate of deposit as set forth in Subsection 13-21-3(1) a salesperson, agent, or representative who sells the services of that organization is not required to post his own separate bond, letter of credit, or certificate of deposit.

Terms Used In Utah Code 13-21-4

  • Credit services organization: means a person who represents that the person or an employee is a debt professional or credit counselor, or, with respect to the extension of credit by others, sells, provides, or performs, or represents that the person can or will sell, provide, or perform, in return for the payment of money or other valuable consideration any of the following services:
(i) improving a buyer's credit record, history, or rating;
(ii) providing advice, assistance, instruction, or instructional materials to a buyer with regard to Subsection (3)(a)(i); or
(iii) debt reduction or debt management plans. See Utah Code 13-21-2
  • Person: means :Utah Code 68-3-12.5
  • Writing: includes :Utah Code 68-3-12.5
    • (2)  As used in this section, a person is not a salesperson, agent, or representative of a credit services organization unless:

    (a)  the person does business under the same name as the credit services organization; or

    (b)  the credit services organization and the issuer of the bond or letter of credit certify in writing that the bond or letter of credit covers the person.

    Amended by Chapter 186, 1994 General Session

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