1. (1) Any change in entity status by a registrant requires registration with the Fund by the new or surviving entity before that entity is a qualified beneficiary.

2. (2) The following constitute a change of entity status for purposes of Subsection (1):

   1. (a) creation of a new legal entity as a successor or related-party entity of the registrant;
   2. (b) change from one form of legal entity to another by the registrant; or
   3. (c) merger or other similar transaction wherein the existing registrant is acquired by or assumed into another entity and no longer conducts business as its own legal entity.

3. (3) A qualified beneficiary registrant shall notify the Division in writing of a name change within 30 days of the change becoming effective. The notice shall provide the following:

   1. (a) the registrant's prior name;
   2. (b) the registrant's new name;
   3. (c) the registrant's registration number; and
   4. (d) proof of registration with the Division of Corporations and Commercial Code as required by state law.
4. (4) A registration shall not be transferred, lent, borrowed, sold, exchanged for consideration, assigned, or made available for use by any entity other than the registrant for any reason.
5. (5) A claimant shall not be considered a qualified beneficiary registrant merely by virtue of owning or being owned by an entity that is a qualified beneficiary.

KEY: licensing, contractors, liens

Date of Last Change: August 21, 2018

Notice of Continuation: July 25, 2024

Authorizing, and Implemented or Interpreted Law: 38-11-101; 58-1-106(1)(a); 58-1-202(1)(a)