Effective 5/4/2022
7-27-102. Application.
The provisions of this chapter do not apply to:
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;
- (a)
- (3) a provider that is regulated under the federal Farm Credit Act 12 U.S.C. Sec. 2001 et seq.;
- (4) a provider that is licensed as a money transmitter in accordance with Chapter 25, Money Transmitter Act;
- (5) a provider that consummates five or fewer commercial financing products in the state during any 12 month period;
- (6) a commercial financing transaction secured by real property;
- (7) a commercial financing transaction that is a lease as defined in Section 70A-2a-103;
- (8) a commercial financing transaction that is a purchase-money obligation as defined in Section 70A-9a-103;
- (9) a commercial financing transaction that:
- (a) involves a commercial loan or a commercial open-end credit plan;
- (b) is $50,000 or more; and
- (c) extends the commercial loan or the commercial open-end credit plan to:
- (i) a motor vehicle dealer or the motor vehicle dealer’s affiliate; or
- (ii) a motor vehicle rental company as defined in Section 13-48-103 or the motor vehicle rental company’s affiliate;
- (10) a commercial financing transaction offered by a person in connection with the sale of a product or service that:
- (a) the person manufactures, licenses, or distributes; or
- (b) the person’s parent company or the person’s owned and controlled subsidiary manufactures, licenses, or distributes; or
- (11) a commercial financing transaction of more than $1,000,000.
Enacted by Chapter 449, 2022 General Session