Utah Regulatory Announcements
Meta negotiates process with State of Utah to register Meta-sponsored terminals deployed in Utah
4/11/16: The State of Utah has a terminal registration requirement (no fees) that requires involvement of a depository institution, operator and owner. Meta has negotiated a process with the State Department of Financial Institutions that covers registration for every terminal deployed in the State of Utah under Meta sponsorship.
Effective 1Q 2016, Meta will submit Form 7-16a-204 and a list of the terminals under Meta-sponsorship deployed in Utah. Meta's agreement with the State for terminal registrations relieves owners from having to file individual registration forms with the State. This is an important victory for ISOs and owners in Utah.
A sample of the template Meta will submit to the State of Utah is attached. You'll note Meta is the "operator," the ISO is the stand-in for "owner" and the terminal processor is the "servicer/processor."
At the Department's request, Meta has provided the Department of Financial Institutions with a list of Meta-approved processors and a contact name, phone number and email address at each. Meta also advised the Department if there is an actual terminal owner that needs to be contacted by the State, Meta will provide the Department with contact info for the ISO. Meta requests each ISO to be responsive to any Utah Department of Financial Institutions inquiries for terminal owners.
Meta has a similar process set up with the State of Illinois for their registration requirement.