Section 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 required by Subsection (1), the commissioner:
  • (a) shall include in the report for the immediately preceding calendar year aggregate information from the one or more operations statements filed under Subsection 7-23-201(2)(e) by deferred deposit lenders for that calendar year;
  • (b) shall include in the report:
    • (i) the total number of written complaints concerning issues material to deferred deposit loan transactions received by the department in a calendar year from persons who have entered into a deferred deposit loan with a deferred deposit lender;
    • (ii) for deferred deposit lenders who are registered with the department:
      • (A) the number of the complaints described in Subsection (2)(b)(i) that the department considers resolved; and
      • (B) the number of the complaints described in Subsection (2)(b)(i) that the department considers unresolved; and
    • (iii) for deferred deposit lenders who are not registered with the department:
      • (A) the number of the complaints described in Subsection (2)(b)(i) that the department considers resolved; and
      • (B) the number of the complaints described in Subsection (2)(b)(i) that the department considers unresolved;
  • (c) may not include in the report information from an operations statement filed with the department that could identify a specific deferred deposit lender; and
  • (d) may not include in the report information from an operations statement filed under Subsection 7-23-201(2)(f).

Amended by Chapter 121, 2020 General Session