Utah Admin. Code R156-55a-306 - Contractor Financial Responsibility - Division Audit

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.

Notes

Utah Admin. Code R156-55a-306

Amended by Utah State Bulletin Number 2014-21, effective 10/9/2014 Amended by Utah State Bulletin Number 2017-23, effective 11/7/2017 Amended by Utah State Bulletin Number 2019-2, effective 1/1/2019 Amended by Utah State Bulletin Number 2020-19, effective 9/22/2020 Amended by Utah State Bulletin Number 2023-02, effective 1/3/2023