a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
Location: means a physical location in the state or a website, call center site, or similar location directed to residents of the state. See Utah Code 31A-22-1802
Portable electronics: means :
(a)
an electronic device that is portable in nature; and
(b)
an accessory or service related to the use of the portable electronic device. See Utah Code 31A-22-1802
Vendor: means a person in the business of engaging in portable electronics transactions directly or indirectly. See Utah Code 31A-22-1802
(a)
(i)
$2,500 per violation by a licensed individual; or
(ii)
$5,000 per violation by an entity; or
(b)
$40,000 in the aggregate for the conduct; or
(2)
impose other penalties that the commissioner considers necessary and reasonable to carry out the purpose of this part, including:
(a)
suspending or revoking the privilege of transacting portable electronicsinsurance pursuant to this part at a specific location where violations have occurred; and
(b)
suspending or revoking the ability of individual employees or authorized representatives to act under the vendor’s limited lines license.
