(1) A commercial registered agent may terminate the commercial registered agent's listing as a commercial registered agent by delivering to the division for filing a commercial registered agent termination statement signed by the commercial registered agent that states:
(a) the name of the commercial registered agent described in Section 16-1a-405; and
(b) that the agent no longer conducts the business of serving as a commercial registered agent in this state.
(2) A commercial registered agent termination statement takes effect at 12:01 a.m. 31 days after the day on which the division files the commercial registered agent termination statement.
(3) The commercial registered agent shall promptly furnish to each entity the commercial registered agent represents a notice of the filing of the commercial registered agent termination statement.
(4) When a commercial registered agent termination statement takes effect, the commercial registered agent ceases to be the commercial registered agent for each entity the commercial registered agent formerly represented.
(5) Notwithstanding Subsection (4), a person may deliver service of process to a commercial registered agent after the commercial registered agent termination takes effect, until an entity formerly represented by the commercial registered agent designates a new commercial registered agent.
(6) A commercial registered agent terminating the commercial registered agent's listing under this section does not affect a contractual right that:
(a) a represented entity has against the commercial registered agent; or
(b) a commercial registered agent has against a represented entity.