67-4a-1009.  Administrator’s contract with another to conduct examination.

(1)  The administrator may contract with a person to conduct an examination under this chapter.

Terms Used In Utah Code 67-4a-1009

  • Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Person: means :
(a) an individual;
(b) an estate;
(c) a business association;
(d) a public corporation;
(e) a government entity;
(f) an agency;
(g) a trust;
(h) an instrumentality; or
(i) any other legal or commercial entity. See Utah Code 67-4a-102
  • Property: includes :
    (i) all income from or increments to the property;
    (ii) property referred to as or evidenced by:
    (A) money, virtual currency, interest, or a dividend, check, draft, or deposit;
    (B) a credit balance, customer's overpayment, stored-value card, payroll card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; and
    (C) a security except for:
    (I) a worthless security; or
    (II) a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;
    (iii) a bond, debenture, note, or other evidence of indebtedness;
    (iv) money deposited to redeem a security, make a distribution, or pay a dividend;
    (v) an amount due and payable under an annuity contract or insurance policy;
    (vi) an amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit; and
    (vii) an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary. See Utah Code 67-4a-102
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 67-4a-102
  • (2)  If the administrator contracts with a person under Subsection (1):

    (a)  the contract may provide for compensation of the person based on a fixed fee, hourly fee, or contingent fee; and

    (b)  a contingent fee arrangement may not provide for a payment that exceeds 15% of the amount or value of property paid or delivered as a result of the examination.

    (3)  A contract under Subsection (1) is a public record under Section 63G-2-301.

    Enacted by Chapter 371, 2017 General Session