Section R156-55a-306 - Contractor Financial Responsibility - Division AuditUnder 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.Utah Admin. Code R156-55a-306
Amended by Utah State Bulletin Number 2014-21, effective 10/9/2014Amended by Utah State Bulletin Number 2017-23, effective 11/7/2017Amended by Utah State Bulletin Number 2019-2, effective 1/1/2019Amended by Utah State Bulletin Number 2020-19, effective 9/22/2020Amended by Utah State Bulletin Number 2023-02, effective 1/3/2023