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.