Utah Admin. Code R25-25-3 - Participating Agency Requirements

(1) An agency that wishes to be a participating agency and accept payments made through a service provider must comply with the following requirements:

(a) allow virtual currency payments only for customer accounts where a payment delay of two business days to allow for conversion is appropriate;

(b) select a service provider that has a cooperative contract with the state;

(c) be responsible for system enhancements and application programming interfaces to connect customers with the service provider and to accept and properly credit the converted payment;

(d) establish a record series with the Division of Archives and keep records of all virtual currency transactions from the service provider and the customer for at least five years; and

(e) establish adequate internal controls and reconciliation procedures to ensure that the service provider is complying with service provider standards in Section R25-25-4 and is remitting payments properly and timely.

(2) Agencies receiving virtual currency converted to U.S. dollars for payment on account will issue any related customer refund requests in U.S. dollars to the holder of the customer account.

(3) An agency may charge a fee in addition to the service provider conversion fee that meets the requirements of Section 63J-1-504.

(a) The agency must ensure that any fees charged for conversion of virtual currency are transparent and properly approved before accepting virtual currency payments; and

(b) may not reduce the payment amount for agency specific fees.

Notes

Utah Admin. Code R25-25-3

Adopted by Utah State Bulletin Number 2023-01, effective 12/16/2022