Section 28-50-102 – DEFINITIONS.
28-50-102. DEFINITIONS. In this chapter: (1) "Agreement" means the bargain of the parties in fact, as found in their language or inferred from other circumstances and from rules, regulations, and procedures given the effect of agreements under laws otherwise applicable to a particular transaction. (2) "Automated transaction" means a transaction conducted or performed, in whole […]
Section 28-46-414 – EXTENDED PAYMENT PLANS.
28-46-414. EXTENDED PAYMENT PLANS. A payday lender shall allow the borrower, upon request, to enter into an extended payment plan that meets the requirements of this section once during any consecutive twelve (12) month period, subject to the following provisions: (1) A payday lender is not required to enter into an extended payment plan with […]
Section 28-50-103 – SCOPE.
28-50-103. SCOPE. (a) Except as otherwise provided in subsection (b) of this section, this chapter applies to electronic records and electronic signatures relating to a transaction. (b) This chapter does not apply to a transaction to the extent it is governed by: (1) A law governing the creation and execution of wills, codicils or testamentary […]
Section 28-46-415 – DISCLOSURES.
28-46-415. DISCLOSURES. Before disbursing funds pursuant to a payday loan, a payday lender shall provide written notice in not less than twelve (12) point bold type and in all capitalized letters to the borrower stating the following: "1. Payday loans are intended to address short-term, not long-term, financial needs. 2. You will be required to […]
Section 28-50-104 – PROSPECTIVE APPLICATION.
28-50-104. PROSPECTIVE APPLICATION. This chapter applies to any electronic record or electronic signature created, generated, sent, communicated, received, or stored on or after the initial effective date of this chapter. History: [28-50-104, added 2000, ch. 286, sec. 1, p. 962.]
Section 28-46-501 – SHORT TITLE.
28-46-501. SHORT TITLE. This part shall be known and may be cited as the "Title Loan Act." History: [28-46-501, added 2006, ch. 323, sec. 1, p. 1023.]
Section 28-46-401 – DEFINITIONS.
28-46-401. DEFINITIONS. (1) As used in this act, unless the context otherwise requires, "payday loan" means a transaction pursuant to a written agreement between a creditor and the maker of a check whereby the creditor: (a) Accepts a check from the maker; (b) Agrees to hold the check for a period of time prior to […]
Section 28-46-402 – LICENSE REQUIRED.
28-46-402. LICENSE REQUIRED. (1) No person shall engage in the business of payday loans, offer or make a payday loan, or arrange a payday loan for a third party lender in a payday loan transaction without having first obtained a license under this chapter. A separate license shall be required for each location from which […]
Section 28-46-403 – QUALIFICATIONS FOR PAYDAY LOAN LICENSE.
28-46-403. QUALIFICATIONS FOR PAYDAY LOAN LICENSE. (1) To qualify for a license, an applicant shall satisfy the following requirements: (a) The applicant shall have liquid assets of at least thirty thousand dollars ($30,000) determined in accordance with generally accepted accounting principles, provided that applicants seeking to engage in the business of payday loans at more […]
Section 28-46-404 – APPLICATION FOR PAYDAY LOAN LICENSE.
28-46-404. APPLICATION FOR PAYDAY LOAN LICENSE. (1) Each application for a license shall be in writing and under oath to the administrator, in a form prescribed by the administrator, and shall include at least the following: (a) The legal name, residence and business address of the applicant and, if the applicant is an entity, of […]