Section 201 – Registration requirements — Rulemaking.
Effective 5/4/2022 7-27-201. Registration requirements — Rulemaking. (1) (a) Beginning January 1, 2023, it is unlawful for a person to engage in a commercial financing transaction as a provider in Utah or with a Utah resident, unless the person: (i) registers with the department in accordance with this chapter; and (ii) maintains a valid registration. […]
Section 202 – Disclosures for commercial financing transactions.
Effective 5/4/2022 7-27-202. Disclosures for commercial financing transactions. (1) (a) Before consummating a commercial financing transaction, a provider shall disclose the terms of the commercial financing transaction in accordance with this section and rules made by the commissioner. (b) In addition to the requirements of Subsection (1)(a), for a commercial open-end credit plan, the provider […]
Section 301 – Penalties.
Effective 5/4/2022 7-27-301. Penalties. (1) Subject to the requirements of Title 63G, Chapter 4, Administrative Procedures Act, the department may: (a) receive and act on complaints; (b) take action designed to obtain voluntary compliance with this chapter; or (c) commence administrative or judicial proceedings on the department’s own initiative to enforce compliance with this chapter. […]
Section 102 – Application.
Effective 5/4/2022 7-27-102. Application. The provisions of this chapter do not apply to: (1) a provider that is a depository institution; (2) a provider that is: (a) (i) a subsidiary of a depository institution; or (ii) a service corporation for a depository institution; and (b) regulated by a federal banking agency; (3) a provider that […]
Section 406 – Consent orders — Emergency order.
Effective 5/12/2015 7-25-406. Consent orders — Emergency order. (1) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the […]
Section 407 – Required deposits.
Effective 5/12/2015 7-25-407. Required deposits. If the commissioner finds any reasonable cause to believe that a licensee is in an unsafe or unsound condition or is unwilling or unable to pay its payment instruments when they come due, it may require the licensee to deposit funds in a financial institution acceptable to the commissioner in […]
Section 201 – Permitted delay of wire transfers.
Effective 5/12/2020 7-26-201. Permitted delay of wire transfers. (1) This section applies to a wire transfer that transfers money from a consumer account at a covered financial institution. (2) If a qualified individual reasonably believes that executing a requested wire transfer will result in financial exploitation, the covered financial institution may: (a) delay the wire […]
Section 202 – Office of the Attorney General website.
Effective 5/12/2020 7-26-202. Office of the Attorney General website. The Office of the Attorney General shall post on the Office of the Attorney General’s website up-to-date information regarding financial scams, including: (1) the most prominent and common characteristics of financial scams; (2) current or trending financial scams; (3) resources for a vulnerable adult who suspects […]
Section 301 – Delay of a transaction involving a vulnerable adult.
Effective 5/12/2020 7-26-301. Delay of a transaction involving a vulnerable adult. (1) A covered financial institution may delay a transaction involving a vulnerable adult, if: (a) a qualified individual reasonably believes that executing the requested transaction will result in financial exploitation of the vulnerable adult; or (b) a law enforcement agency provides the covered financial […]
Section 302 – Permitted notifications.
Effective 5/12/2020 7-26-302. Permitted notifications. (1) A covered financial institution may notify a law enforcement agency or Adult Protective Services if a qualified individual believes that the financial exploitation of a vulnerable adult is occurring, has or may have occurred, is being attempted, or has been or may have been attempted. (2) A covered financial […]