48-4-402.  Availability of annual benefit report.

(1)  Each year, a benefit company shall send the benefit report described in Section 48-4-401 to each member:

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Terms Used In Utah Code 48-4-402

  • Benefit company: means a limited liability company:
(a) that elects to become subject to this chapter; and
(b) the status of which as a benefit company has not been terminated. See Utah Code 48-4-103
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Person: means :Utah Code 68-3-12.5
    • (a)  within 120 days after the day on which the benefit company’s fiscal year ends; or

    (b)  the day on which the benefit company delivers any other annual report to the benefit company’s members.

    (2) 

    (a)  Within five days after the day on which a benefit company sends a benefit report to each member in accordance with Subsection (1), the benefit company shall:

    (i)  subject to Subsection (2)(b), post a copy of the benefit report on a public portion of the benefit company’s website; and

    (ii)  deliver a copy of the benefit report to the division for filing.

    (b)  If a benefit company does not have a website, the benefit company shall provide a copy of the benefit report, without charge, to any person who requests a copy.

    (c)  The benefit company may omit any financial or proprietary information from a copy of a benefit report described in Subsection (2)(a) or (b).

    (d)  The division may charge a fee established by the division in accordance with Section 63J-1-504 for filing an annual benefit report in accordance with this section.

    Enacted by Chapter 201, 2018 General Session

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