Utah Administrative Code
Topic - Administrative Services
Title R25 - Finance
Rule R25-21 - Medical Cannabis Payment Provider Standards
Section R25-21-2 - Definitions

Universal Citation: UT Admin Code R 25-21-2

Current through Bulletin 2024-06, March 15, 2024

Terms used in this rule are defined in Section 26-61a-102. In addition:

(1) "Utah MRB" means any cannabis production establishment, medical cannabis pharmacy, or home delivery medical cannabis pharmacy licensed within the in accordance with the Utah Medical Cannabis Act.

(2) "Bank" means any federal or state chartered and regulated depository financial institution.

(3) "Bank of First Deposit" means the first bank that receives funds from Utah MRB related transactions.

(4) "Payment Provider" means a third-party company that assist a business in accepting funds or goods or services. The method of payment can include credit card, debit card, cash card, bank transfer, ACH, e-wallet, wire transfer, or any other known or unknown method.

(5) "Processor" means the business or mechanism that facilitates the transfer of funds from the consumer's financial institution to the Utah MRB's financial institution.

Disclaimer: These regulations may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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