Except to the extent prohibited by law other than in this chapter, the administrator or the administrator’s agent shall notify a holder as soon as practicable of:
Terms Used In Utah Code 67-4a-1407
Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
Confidential information: means records, reports, and information that is confidential under Section 67-4a-1402. See Utah Code 67-4a-102
Fraud: Intentional deception resulting in injury to another.
Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner property subject to this chapter. See Utah Code 67-4a-102
Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
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
Security: means :
(a)
a security as defined in Revised Article 8 of the Uniform Commercial Code; or
(b)
a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:
(i)
registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;
(ii)
payable to the order of the person;
(iii)
specifically endorsed to the person; or
(iv)
an equity interest in a business association not included in this Subsection (32). See Utah Code 67-4a-102
(a)
a suspected loss, misuse, unauthorized access, disclosure, modification, or destruction of confidential information obtained from the holder in the possession of the administrator or the administrator’s agent; and
(b)
any interference with operations in any system hosting or housing confidential information that:
(i)
compromises the security, confidentiality, or integrity of the information; or
(ii)
creates a substantial risk of identity fraud or theft.
(2)
Except as necessary to inform an insurer, attorney, investigator, or others as required by law, the administrator and the administrator’s agent may not disclose, without the express consent in a record of the holder, an event described in Subsection (1) to a person whose confidential information was supplied by the holder.
(3)
If an event described in Subsection (1) occurs, the administrator and the administrator’s agent shall:
(a)
take action necessary for the holder to understand and minimize the effect of the event and determine the event’s scope; and
(b)
cooperate with the holder with respect to:
(i)
any notification required by law concerning a data or other security breach; and
(ii)
a regulatory inquiry, litigation, or similar action.
