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

Utah Statutes

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

Utah § 13-42-114

Title 13Commerce and Trade

Ch. 13-42Uniform Debt-Management Services Act

This text of Utah § 13-42-114 (Bond required -- Substitute.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 13-42-114 (2026).

Text

(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.