Utah § 13-42-114 Bond required -- Substitute.

Utah Statutes

§ 13-42-114 — Bond required -- Substitute.

Utah·Title 13 Commerce and Trade·Ch. 13-42 Uniform Debt-Management Services Act

(1)Instead of the surety bond required by Section 13-42-113, a provider, with the approval of the administrator and in the amount required by Subsection (2), may deliver to the administrator:

(1)(a) an irrevocable letter of credit, issued or confirmed by a bank approved by the administrator, payable on presentation of a certificate by the administrator stating that the provider or its agent has not complied with this chapter; or

(1)(b) bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this state or a political subdivision of this state, to be:

(1)(b)(i) deposited and maintained with a bank approved by the administrator for this purpose; and

(1)(b)(ii) delivered by the bank to the administrator on presentation of a certifica

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(1) Instead of the surety bond required by Section 13-42-113, a provider, with the approval of the administrator and in the amount required by Subsection (2), may deliver to the administrator:
(1)(a) an irrevocable letter of credit, issued or confirmed by a bank approved by the administrator, payable on presentation of a certificate by the administrator stating that the provider or its agent has not complied with this chapter; or
(1)(b) bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this state or a political subdivision of this state, to be:
(1)(b)(i) deposited and maintained with a bank approved by the administrator for this purpose; and
(1)(b)(ii) delivered by the bank to the administrator on presentation of a certificate by the administrator stating that the provider or its agent has not complied with this chapter.
(2) If a provider furnishes a substitute pursuant to Subsection (1), Subsections 13-42-113(1), (3), (4), and (5) apply to the substitute.

Utah § 13-42-114 (Bond required -- Substitute.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.