Section 401 – Operational requirements for deferred deposit loans.
Effective 5/12/2020 7-23-401. Operational requirements for deferred deposit loans. (1) If a deferred deposit lender extends a deferred deposit loan, the deferred deposit lender shall: (a) post in a conspicuous location on its premises that can be viewed by a person seeking a deferred deposit loan: (i) a complete schedule of any interest or fees […]
Section 402 – Electronic disbursement and collections.
7-23-402. Electronic disbursement and collections. If a deferred deposit lender collects payment on a deferred deposit loan through an electronic payment, the deferred deposit lender shall, on the day the loan is executed: (1) credit the amount of the deferred deposit loan through an electronic payment to the person receiving the deferred deposit loan; or […]
Section 403 – Extended payment plan.
Effective 7/1/2016 7-23-403. Extended payment plan. (1) (a) If a person who owes money on a deferred deposit loan requests to enter into an extended payment plan, the deferred deposit lender who extended the deferred deposit loan shall allow the person to enter into an extended payment plan that meets the requirements of this section […]
Section 501 – Enforcement by department — Rulemaking.
7-23-501. Enforcement by department — Rulemaking. (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; (c) commence administrative or judicial proceedings on its own initiative to enforce compliance with this chapter; […]
Section 502 – Examination of books, accounts, and records by the department.
Effective 5/9/2017 7-23-502. Examination of books, accounts, and records by the department. (1) At least annually the department shall, for each person registered under this chapter and engaging in the business of cashing checks or the business of deferred deposit lending: (a) examine the books, accounts, and records; and (b) make investigations to determine compliance […]
Section 503 – Reporting by commissioner.
Effective 5/12/2020 7-23-503. Reporting by commissioner. (1) Subject to Subsection (2), as part of the commissioner’s annual report to the governor and Legislature under Section 7-1-211, the commissioner shall report to the governor and Legislature on the operations on an aggregate basis of deferred deposit lenders operating in the state. (2) In preparing the report […]
Section 504 – Penalties.
7-23-504. Penalties. (1) A person who violates this chapter or who files materially false information with a registration or renewal under Section 7-23-201 is: (a) guilty of a class B misdemeanor, except for a violation of: (i) Subsection 7-23-401(1)(f)(i), (ii), or (iii); or (ii) rules made under Subsection 7-23-501(2)(b); and (b) subject to revocation of […]
Section 104.1 – No effect on civil liability.
7-23-104.1. No effect on civil liability. Nothing in this chapter is intended to limit any civil liability that may exist against a check casher or deferred deposit lender for: (1) breach of contract; (2) violation of federal law; or (3) other unlawful act. Renumbered and Amended by Chapter 96, 2008 General Session
Section 201 – Registration — Rulemaking.
Effective 5/12/2020 7-23-201. Registration — Rulemaking. (1) (a) It is unlawful for a person to engage in the business of cashing checks or the business of deferred deposit lending 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 301 – Posting of fee schedules for cashing checks.
7-23-301. Posting of fee schedules for cashing checks. (1) A check casher shall post a complete schedule of all fees for cashing a check in a conspicuous location on its premises that can be viewed by a person cashing a check. (2) The schedule of fees required to be posted under Subsection (1) shall state […]