United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-23-102

This section defines terms used in the chapter, including check cashing, deferred deposit lending, deferred deposit loans, electronic payment, nationwide database, refinance, and rollover.

Source excerpt

business classificationcheck cashingdeferred deposit lendingdeferred deposit loansdefinitionselectronic transactionspaymentsrefinancing

Jurisdiction: United States — Utah
Status: In force
Dates: Legal dates not recorded

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“This section defines terms used in the chapter, including check cashing, deferred deposit lending, deferred deposit loans, electronic payment, nationwide database, refinance, and rollover.”

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Definitions.

This section defines terms used in the chapter, including check cashing, deferred deposit lending, deferred deposit loans, electronic payment, nationwide database, refinance, and rollover.

Section 7-23-102

Subsection 7-23-102(7)

A deferred deposit loan is a transaction in which a person gives a deferred deposit lender a check or debit authorization, the lender advances money, and the lender agrees not to cash the check or process the debit until a specific date.

Section 7-23-102(7)

Subsection 7-23-102(8)(a)

“Electronic payment” means an electronic method used to accept a payment from another person or make a payment to another person.

Section 7-23-102(8)(a)

Subsection 7-23-102(8)(b)(iv)

an Internet transfer.

Section 7-23-102(8)(b)(iv)

Subsection 7-23-102(11)

“Rollover” means extending or renewing the term of a deferred deposit loan.

Section 7-23-102(11)

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Provision 29Interpretation

Part 7-23-1

part 7-23-1 General Provisions

§ 7-23-102Definitions.Interpretation

Source excerpt

This section defines terms used in the chapter, including check cashing, deferred deposit lending, deferred deposit loans, electronic payment, nationwide database, refinance, and rollover.

Definitions. As used in this chapter: "Annual percentage rate" has the same meaning as in 15 U.S.C. Sec. 1606, as implemented by regulations issued under that section. "Business of cashing checks" means cashing a check for consideration. "Business of deferred deposit lending" means extending a deferred deposit loan. "Check" is as defined in Section 70A-3-104 . "Check casher" means a person that engages in the business of cashing checks. "Deferred deposit lender" means a person that engages in the business of deferred deposit lending. "Deferred deposit loan" means a transaction where: a person: presents to a deferred deposit lender a check written on that person's account; or provides written or electronic authorization to a deferred deposit lender to effect a debit from that person's account using an electronic payment; and the deferred deposit lender: provides the person described in Subsection (7)(a) an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction; and agrees not to cash the check or process the debit until a specific date. "Electronic payment" means an electronic method by which a person: accepts a payment from another person; or makes a payment to another person. "Electronic payment" includes a payment made through: an automated clearing house transaction; an electronic check; a stored value card; or an Internet transfer. "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements for mortgage loan originators. "Refinance" means a new deferred deposit loan transaction whose proceeds are meant to satisfy the term or amount owed on an existing deferred deposit loan. "Refinance" does not mean: an extended payment plan under Section 7-23-403 ; or a rollover. "Rollover" means the extension or renewal of the term of a deferred deposit loan.

Section 7-23-102Verify source

§ 7-23-102(1)Subsection 7-23-102(1)Provision

Source excerpt

"Annual percentage rate" means the same thing as in 15 U.S.C. Sec. 1606, as implemented by regulations issued under that section.

"Annual percentage rate" has the same meaning as in 15 U.S.C. Sec. 1606, as implemented by regulations issued under that section.

Section 7-23-102(1)Verify source

§ 7-23-102(2)Subsection 7-23-102(2)Provision

Source excerpt

“Business of cashing checks” means cashing a check for consideration.

"Business of cashing checks" means cashing a check for consideration.

Section 7-23-102(2)Verify source

§ 7-23-102(3)Subsection 7-23-102(3)Provision

Source excerpt

“Business of deferred deposit lending” means extending a deferred deposit loan.

"Business of deferred deposit lending" means extending a deferred deposit loan.

Section 7-23-102(3)Verify source

§ 7-23-102(4)Subsection 7-23-102(4)Provision

Source excerpt

"Check" is as defined in Section 70A-3-104 .

Section 7-23-102(4)Verify source

§ 7-23-102(5)Subsection 7-23-102(5)Provision

Source excerpt

“Check casher” means a person engaged in the business of cashing checks.

"Check casher" means a person that engages in the business of cashing checks.

Section 7-23-102(5)Verify source

§ 7-23-102(6)Subsection 7-23-102(6)Provision

Source excerpt

“Deferred deposit lender” means a person engaged in the business of deferred deposit lending.

"Deferred deposit lender" means a person that engages in the business of deferred deposit lending.

Section 7-23-102(6)Verify source

§ 7-23-102(7)Subsection 7-23-102(7)Provision

Source excerpt

"Deferred deposit loan" means a transaction where: a person: presents to a deferred deposit lender a check written on that person's account; or provides written or electronic authorization to a deferred deposit lender to effect a debit from that person's account using an electronic payment; and the deferred deposit lender: provides the person described in Subsection (7)(a) an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction; and agrees not to cash the check or process the debit until a specific date.

Section 7-23-102(7)Verify source

§ 7-23-102(7)(a)Subsection 7-23-102(7)(a)Provision

Source excerpt

A person is described as presenting a check to a deferred deposit lender or giving written or electronic authorization for a debit from the person's account.

a person: presents to a deferred deposit lender a check written on that person's account; or provides written or electronic authorization to a deferred deposit lender to effect a debit from that person's account using an electronic payment; and

Section 7-23-102(7)(a)Verify source

§ 7-23-102(7)(a)(i)Subsection 7-23-102(7)(a)(i)Provision

Source excerpt

presents to a deferred deposit lender a check written on that person's account; or

Section 7-23-102(7)(a)(i)Verify source

§ 7-23-102(7)(a)(ii)Subsection 7-23-102(7)(a)(ii)Provision

Source excerpt

provides written or electronic authorization to a deferred deposit lender to effect a debit from that person's account using an electronic payment; and

Section 7-23-102(7)(a)(ii)Verify source

§ 7-23-102(7)(b)Subsection 7-23-102(7)(b)Provision

Source excerpt

A deferred deposit lender gives the person in Subsection (7)(a) money equal to the check or debit amount, minus any fee or interest, and must not cash the check or process the debit until a specific date.

the deferred deposit lender: provides the person described in Subsection (7)(a) an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction; and agrees not to cash the check or process the debit until a specific date.

Section 7-23-102(7)(b)Verify source

§ 7-23-102(7)(b)(i)Subsection 7-23-102(7)(b)(i)Provision

Source excerpt

An amount of money is provided to the person described in Subsection (7)(a), equal to the face value of the check or the debit amount minus any transaction fee or interest.

provides the person described in Subsection (7)(a) an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction; and

Section 7-23-102(7)(b)(i)Verify source

§ 7-23-102(7)(b)(ii)Subsection 7-23-102(7)(b)(ii)Provision

Source excerpt

A party agrees not to cash the check or process the debit until a specific date.

agrees not to cash the check or process the debit until a specific date.

Section 7-23-102(7)(b)(ii)Verify source

§ 7-23-102(8)Subsection 7-23-102(8)Provision

Source excerpt

Defines “electronic payment” as an electronic method for accepting or making a payment, including certain transfer methods.

"Electronic payment" means an electronic method by which a person: accepts a payment from another person; or makes a payment to another person. "Electronic payment" includes a payment made through: an automated clearing house transaction; an electronic check; a stored value card; or an Internet transfer.

Section 7-23-102(8)Verify source

§ 7-23-102(8)(a)Subsection 7-23-102(8)(a)Provision

Source excerpt

“Electronic payment” means an electronic method used to accept a payment from another person or make a payment to another person.

"Electronic payment" means an electronic method by which a person: accepts a payment from another person; or makes a payment to another person.

Section 7-23-102(8)(a)Verify source

§ 7-23-102(8)(a)(i)Subsection 7-23-102(8)(a)(i)Provision

Source excerpt

A person accepts a payment from another person.

accepts a payment from another person; or

Section 7-23-102(8)(a)(i)Verify source

§ 7-23-102(8)(a)(ii)Subsection 7-23-102(8)(a)(ii)Provision

Source excerpt

makes a payment to another person.

Section 7-23-102(8)(a)(ii)Verify source

§ 7-23-102(8)(b)Subsection 7-23-102(8)(b)Provision

Source excerpt

“Electronic payment” includes payments made through an automated clearing house transaction, an electronic check, a stored value card, or an Internet transfer.

"Electronic payment" includes a payment made through: an automated clearing house transaction; an electronic check; a stored value card; or an Internet transfer.

Section 7-23-102(8)(b)Verify source

§ 7-23-102(8)(b)(i)Subsection 7-23-102(8)(b)(i)Provision

Source excerpt

an automated clearing house transaction;

Section 7-23-102(8)(b)(i)Verify source

§ 7-23-102(8)(b)(ii)Subsection 7-23-102(8)(b)(ii)Provision

Source excerpt

an electronic check;

Section 7-23-102(8)(b)(ii)Verify source

§ 7-23-102(8)(b)(iii)Subsection 7-23-102(8)(b)(iii)Provision

Source excerpt

a stored value card; or

Section 7-23-102(8)(b)(iii)Verify source

§ 7-23-102(8)(b)(iv)Subsection 7-23-102(8)(b)(iv)Provision

Source excerpt

an Internet transfer.

Section 7-23-102(8)(b)(iv)Verify source

§ 7-23-102(9)Subsection 7-23-102(9)Provision

Source excerpt

“Nationwide database” means the Nationwide Mortgage Licensing System and Registry.

"Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements for mortgage loan originators.

Section 7-23-102(9)Verify source

§ 7-23-102(10)Subsection 7-23-102(10)Provision

Source excerpt

This subsection defines “refinance” for a deferred deposit loan and excludes an extended payment plan and a rollover from that meaning.

"Refinance" means a new deferred deposit loan transaction whose proceeds are meant to satisfy the term or amount owed on an existing deferred deposit loan. "Refinance" does not mean: an extended payment plan under Section 7-23-403 ; or a rollover.

Section 7-23-102(10)Verify source

§ 7-23-102(10)(a)Subsection 7-23-102(10)(a)Provision

Source excerpt

“Refinance” means a new deferred deposit loan transaction used to satisfy what is owed on an existing deferred deposit loan.

"Refinance" means a new deferred deposit loan transaction whose proceeds are meant to satisfy the term or amount owed on an existing deferred deposit loan.

Section 7-23-102(10)(a)Verify source

§ 7-23-102(10)(b)Subsection 7-23-102(10)(b)Provision

Source excerpt

"Refinance" excludes an extended payment plan under Section 7-23-403 and a rollover.

"Refinance" does not mean: an extended payment plan under Section 7-23-403 ; or a rollover.

Section 7-23-102(10)(b)Verify source

§ 7-23-102(10)(b)(i)Subsection 7-23-102(10)(b)(i)Provision

Source excerpt

an extended payment plan under Section 7-23-403 ; or

Section 7-23-102(10)(b)(i)Verify source

§ 7-23-102(10)(b)(ii)Subsection 7-23-102(10)(b)(ii)Provision

Source excerpt

a rollover.

Section 7-23-102(10)(b)(ii)Verify source

§ 7-23-102(11)Subsection 7-23-102(11)Provision

Source excerpt

“Rollover” means extending or renewing the term of a deferred deposit loan.

"Rollover" means the extension or renewal of the term of a deferred deposit loan.

Section 7-23-102(11)Verify source

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Utah Code § 7-23-102

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