Utah Code 7-25-303. Authorized agent contracts
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A licensee desiring to conduct licensed activities through authorized agents shall authorize each authorized agent to operate pursuant to an express written contract, which shall, at a minimum, provide the following:
(1) that the licensee appoints the person as its agent with authority to sell payment instruments or transmit money on behalf of the licensee in compliance with state and federal law;
Terms Used In Utah Code 7-25-303
- Authorized agent: means a person designated by the licensee under this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. See Utah Code 7-25-102
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- Contract: A legal written agreement that becomes binding when signed.
- Licensee: means a person licensed under this chapter. See Utah Code 7-25-102
- Person: means :(27)(a) an individual;(27)(b) a corporation;(27)(c) a limited liability company;(27)(d) a partnership;(27)(e) a trust;(27)(f) an association;(27)(g) a joint venture;(27)(h) a pool;(27)(i) a syndicate;(27)(j) a sole proprietorship;(27)(k) an unincorporated organization; or(27)(l) any form of business entity. See Utah Code 7-1-103
- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103(2) that neither a licensee nor an authorized agent may authorize a subagent without the written consent of the commissioner;(3) that licensees are subject to supervision and regulation by the commissioner;(4) an acknowledgment that the authorized agent consents to the commissioner’s inspection, with or without prior notice to the licensee or authorized agent, of the records of the authorized agent or agents of the licensee; and(5) that an authorized agent is under a duty to act only as authorized under the contract with the licensee and that an authorized agent who exceeds its authority is subject to cancellation of its contract by the licensee and disciplinary action by the commissioner. - State: means , unless the context demands otherwise: