R156-55a-306. Contractor Financial Responsibility - Division Audit

  In accordance with Subsections 58-55-302(10)(c), 58-55-306, and 58-55-102(20), the Division may consider various relevant factors in conducting a financial responsibility audit of an applicant, licensee, qualifier, or any owner, including:

  (1)(a) judgments, tax liens, collection actions, bankruptcy schedules and a history of late payments to creditors, including documentation showing the resolution of each of the above actions;

  (b) financial statements and tax returns, including the ability to prepare or have prepared competent and current financial statements and tax returns;

  (c) an acceptable current credit report that meets the following requirements:

  (i) for individuals:

  (A) a credit report from each of the three national reporting agencies, Trans Union, Experian, and Equifax; or

  (B) a tri-merged credit report of the agencies identified in Subsection (A); or

  (ii) for entities, a business credit report such as an Experian Business Credit Report or a Dun and Bradstreet Report;

  (d) an explanation of the reasons for any financial difficulties and how the financial difficulties were resolved;

  (e) any of the factors listed in Subsection R156-1-302 that may relate to failure to maintain financial responsibility;

  (f) each of the factors listed in this Subsection regarding the financial history of the owners of the applicant or licensee;

  (g) any guaranty agreements provided for the applicant or licensee and any owners; and

  (h) any history of prior entities owned or operated by the applicant, licensee, qualifier, or any owner that have failed to maintain financial responsibility.