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 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 101 – Definitions.
Effective 5/4/2022 7-27-101. Definitions. As used in this chapter: (1) “Accounts receivable purchase transaction” means a transaction in which a business forwards or otherwise sells to a person all or a portion of the business’s accounts, as defined in Section 70A-9a-102, or payment intangibles, as defined in Section 70A-9a-102, at a discount to the accounts’ […]