13-42-111. Renewal of registration.
(1) A provider must obtain a renewal of its registration annually.
(2) An application for renewal of registration as a provider must be in a form prescribed
by the administrator, signed under penalty of perjury, and:
(a) be filed no fewer than 30 and no more than 60 days before the registration expires;
(b) be accompanied by the fee established by the administrator in accordance with
Section 63J-1-303 and the bond required by Section 13-42-113;
(c) contain the matter required for initial registration as a provider by Subsections
13-42-106(8) and (9) and a financial statement, audited by an accountant licensed to conduct
audits, for the applicant's fiscal year immediately preceding the application;
(d) disclose any changes in the information contained in the applicant's application for
registration or its immediately previous application for renewal, as applicable;
(e) supply evidence of insurance in an amount equal to the larger of $250,000 or the
highest daily balance in the trust account required by Section 13-42-122 during the six-month
period immediately preceding the application:
(i) against risks of dishonesty, fraud, theft, and other misconduct on the part of the
applicant or a director, employee, or agent of the applicant;
(ii) issued by an insurance company authorized to do business in this state and rated at
least A by a nationally recognized rating organization;
(iii) with no deductible;
(iv) payable to the applicant, the individuals who have agreements with the applicant,
and this state, as their interests may appear; and
(v) not subject to cancellation by the applicant without the approval of the administrator;
(f) disclose the total amount of money received by the applicant pursuant to plans during
the preceding 12 months from or on behalf of individuals who reside in this state and the total
amount of money distributed to creditors of those individuals during that period;
(g) disclose, to the best of the applicant's knowledge, the gross amount of money
accumulated during the preceding 12 months pursuant to plans by or on behalf of individuals
who reside in this state and with whom the applicant has agreements; and
(h) provide any other information that the administrator reasonably requires to perform
the administrator's duties under this section.
(3) Except for the information required by Subsections 13-42-106(7), (14), and (17) and
the addresses required by Subsection 13-42-106(4), the administrator shall make the information
in an application for renewal of registration as a provider available to the public.
(4) If a registered provider files a timely and complete application for renewal of
registration, the registration remains effective until the administrator, in a record, notifies the
applicant of a denial and states the reasons for the denial.
(5) If the administrator denies an application for renewal of registration as a provider, the
applicant, within 30 days after receiving notice of the denial, may appeal and request a hearing
pursuant to Title 63G, Chapter 4, Administrative Procedures Act. Subject to Section 13-42-134,
while the appeal is pending the applicant shall continue to provide debt-management services to
individuals with whom it has agreements. If the denial is affirmed, subject to the administrator's
order and Section 13-42-134, the applicant shall continue to provide debt-management services
to individuals with whom it has agreements until, with the approval of the administrator, it
transfers the agreements to another registered provider or returns to the individuals all
unexpended money that is under the applicant's control.
Amended by Chapter 382, 2008 General Session
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Last revised: Wednesday, July 23, 2008