Utah Administrative Code
Topic - Commerce
Title R156 - Professional Licensing
Rule R156-55a - Utah Construction Trades Licensing Act Rule
Section R156-55a-306 - Contractor Financial Responsibility - Division Audit
Current through Bulletin 2024-24, December 15, 2024
Under Subsections 58-55-102(20) and 58-55-302(10)(c) and Section 58-55-306, the Division may consider relevant factors in conducting a financial responsibility audit of an applicant, licensee, qualifier, or any owner, including:
(1) judgments, child support obligations, restitution orders, tax liens, collection actions, bankruptcy schedules, and a history of late payments to creditors, including documentation showing the resolution of any factor under this Subsection (1);
(2) financial statements and tax returns, including the ability to prepare or have prepared competent and current financial statements and tax returns;
(3) a current credit report acceptable to the Division;
(4) an explanation of the reasons for any financial difficulties and how the financial difficulties were resolved;
(5) any of the factors in Section R156-1-302 that relate to failure to maintain financial responsibility;
(6) each of the factors in Subsection (1) regarding the financial history of the owners of the applicant or licensee;
(7) any guaranty agreements provided for the applicant or licensee and any owners; and
(8) any history of prior entities owned or operated by the applicant, licensee, qualifier, or any owner that have failed to maintain financial responsibility.
