United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-23-401, 1999

Source excerpt

collectionscomplaint contactconsumer complaint reportingconsumer disclosureconsumer financeconsumer lendingconsumer reportconsumer reporting agencycontractdebt collectiondeferred deposit lendingdeferred deposit loandeferred deposit loansdisclosureextended payment planfederal regulationsfeesincome verificationinterestloan amountsloan disclosuresloan rolloverloan servicingnoticepartial paymentpayment plansrepayment abilityrepayment ability verificationrepayment assessmentrescissionrolloverservice methodtruth in lendingwritten notice

Jurisdiction: United States — Utah
Status: In force
Official identity: Year 1999
Dates: Enacted 1999

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Dates: Enacted 1999

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“Deferred deposit lenders must make disclosures, give the borrower a contract copy and extended-payment-plan notice, check ability to repay, report certain loan outcomes, allow small principal prepayments and next-business-day rescission, and follow limits on rollovers, collections, and default notice before suing.”

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Operational requirements for deferred deposit loans.

Deferred deposit lenders must make disclosures, give the borrower a contract copy and extended-payment-plan notice, check ability to repay, report certain loan outcomes, allow small principal prepayments and next-business-day rescission, and follow limits on…

Section 7-23-401

Subsection 7-23-401(1)(e)(iv)

A person who receives a deferred deposit loan may rescind it by 5 p.m. on the next business day without charges.

Section 7-23-401(1)(e)(iv)

Subsection 7-23-401(4)(d)(i)

the payment results in the principal of that deferred deposit loan being paid in full; and

Section 7-23-401(4)(d)(i)

Subsection 7-23-401(7)(c)

received a disclosure explaining the extended payment plan options; and

Section 7-23-401(7)(c)

Subsection 7-23-401(8)(c)(vi)(D)

Refers to the total amount due when a person enters an extended payment plan.

Section 7-23-401(8)(c)(vi)(D)

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Source record from le.utah.gov · Enacted 1999

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Showing 88 of 88 provisions

Provision 88

Part 7-23-4

part 7-23-4 Deferred Deposit Lending Operations

§ 7-23-401Operational requirements for deferred deposit loans.Provision

Source excerpt

Operational requirements for deferred deposit loans. If a deferred deposit lender extends a deferred deposit loan, the deferred deposit lender shall: post in a conspicuous location on its premises that can be viewed by a person seeking a deferred deposit loan: a complete schedule of any interest or fees charged for a deferred deposit loan that states the interest and fees using dollar amounts; a number the person can call to make a complaint to the department regarding the deferred deposit loan; and a list of states where the deferred deposit lender is registered or authorized to offer deferred deposit loans through the Internet or other electronic means; enter into a written contract for the deferred deposit loan; conspicuously disclose in the written contract: that under Subsection (3)(a) , a person receiving a deferred deposit loan may make a partial payment in increments of at least $5 on the principal owed on the deferred deposit loan without incurring additional charges above the charges provided in the written contract; that under Subsection (3)(b) , a person receiving a deferred deposit loan may rescind the deferred deposit loan on or before 5 p.m. of the next business day without incurring any charges; that under Subsection (4)(b) , the deferred deposit loan may not be rolled over without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; that under Subsection (4)(c) , the deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is executed; and the name and address of a designated agent required to be provided the department under Subsection 7-23-201(2)(d)(vi) ; and a statement that service of process may be made to the designated agent; provide the person seeking the deferred deposit loan: a copy of the written contract described in Subsection (1)(c) ; and written notice that the person seeking the deferred deposit loan is eligible to enter into an extended payment plan described in Section 7-23-403 ; orally review with the person seeking the deferred deposit loan the terms of the deferred deposit loan including: the amount of any interest rate or fee; the date on which the full amount of the deferred deposit loan is due; that under Subsection (3)(a) , a person receiving a deferred deposit loan may make a partial payment in increments of at least $5 on the principal owed on the deferred deposit loan without incurring additional charges above the charges provided in the written contract; that under Subsection (3)(b) , a person receiving a deferred deposit loan may rescind the deferred deposit loan on or before 5 p.m. of the next business day without incurring any charges; that under Subsection (4)(b) , the deferred deposit loan may not be rolled over without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; and that under Subsection (4)(c) , the deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is executed; comply with the following as in effect on the date the deferred deposit loan is extended: Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., and its implementing federal regulations; Equal Credit Opportunity Act, 15 U.S.C. Sec. 1691, and its implementing federal regulations; Bank Secrecy Act, 12 U.S.C. Sec. 1829b, 12 U.S.C. Sec. 1951 through 1959, and 31 U.S.C. Sec. 5311 through 5332, and its implementing regulations; and Title 70C, Utah Consumer Credit Code ; in accordance with Subsection (6) , make an inquiry to determine whether a person attempting to receive a deferred deposit loan has the ability to repay the deferred deposit loan in the ordinary course, which may include rollovers or extended payment plans as allowed under this chapter; in accordance with Subsection (7) , receive a signed acknowledgment from a person attempting to receive a deferred deposit loan that the person has the ability to repay the deferred deposit loan, which may include rollovers or extended payment plans as allowed by this chapter; and report the original loan amount, payment in full, or default of a deferred deposit loan to a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a, in accordance with procedures established by the consumer reporting agency. If a deferred deposit lender extends a deferred deposit loan through the Internet or other electronic means, the deferred deposit lender shall provide the information described in Subsection (1)(a) to the person receiving the deferred deposit loan: in a conspicuous manner; and prior to the person entering into the deferred deposit loan. A deferred deposit lender that engages in a deferred deposit loan shall permit a person receiving a deferred deposit loan to: make partial payments in increments of at least $5 on the principal owed on the deferred deposit loan at any time prior to maturity without incurring additional charges above the charges provided in the written contract; and rescind the deferred deposit loan without incurring any charges by returning the deferred deposit loan amount to the deferred deposit lender on or before 5 p.m. the next business day following the deferred deposit loan transaction. A deferred deposit lender that engages in a deferred deposit loan may not: collect additional interest on a deferred deposit loan with an outstanding principal balance 10 weeks after the day on which the deferred deposit loan is executed; roll over a deferred deposit loan without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; roll over a deferred deposit loan if the rollover requires a person to pay the amount owed by the person under a deferred deposit loan in whole or in part more than 10 weeks from the day on which the deferred deposit loan is first executed; extend a new deferred deposit loan to a person on the same business day that the person makes a payment on another deferred deposit loan if: the payment results in the principal of that deferred deposit loan being paid in full; and the combined terms of the original deferred deposit loan and the new deferred deposit loan total more than 10 weeks of consecutive interest; avoid the limitations of Subsections (4)(a) and (4)(c) by extending a new deferred deposit loan whose proceeds are used to satisfy or refinance any portion of an existing deferred deposit loan; threaten to use or use the criminal process in any state to collect on the deferred deposit loan; in connection with the collection of money owed on a deferred deposit loan, communicate with a person who owes money on a deferred deposit loan at the person's place of employment if the person or the person's employer communicates, orally or in writing, to the deferred deposit lender that the person's employer prohibits the person from receiving these communications; modify by contract the venue provisions in Title 78B, Chapter 3a, Venue for Civil Actions ; or avoid the requirements of Subsection 7-23-403(1)(c) by extending an interest-bearing loan within seven calendar days before the day on which the 10-week period ends. Notwithstanding Subsections (4)(a) and (f) , a deferred deposit lender that is the holder of a check used to obtain a deferred deposit loan that is dishonored may use the remedies and notice procedures provided in Chapter 15, Dishonored Instruments , except that the issuer, as defined in Section 7-15-1 , of the check may not be: asked by the holder to pay the amount described in Subsection 7-15-1(6)(a)(iii) as a condition of the holder not filing a civil action; or held liable for the damages described in Subsection 7-15-1(7)(b)(vi) . The inquiry required by Subsection (1)(g) applies solely to the initial period of a deferred deposit loan transaction with a person and does not apply to any rollover or extended payment plan of a deferred deposit loan. Subject to Subsection (6)(c) , a deferred deposit lender is in compliance with Subsection (1)(g) if the deferred deposit lender, at the time of the initial period of the deferred deposit loan transaction: obtains one of the following regarding the person seeking the deferred deposit loan: a consumer report, as defined in 15 U.S.C. Sec. 1681a, from a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a; or written proof or verification of income from the person seeking the deferred deposit loan; or relies on the prior repayment history with the deferred deposit lender from the records of the deferred deposit lender. If a person seeking a deferred deposit loan has not previously received a deferred deposit loan from that deferred deposit lender, to be in compliance with Subsection (1)(g) , the deferred deposit lender, at the time of the initial period of the deferred deposit loan transaction, shall obtain a consumer report, as defined in 15 U.S.C. Sec. 1681a, from a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a. A deferred deposit lender is in compliance with Subsection (1)(h) if the deferred deposit lender obtains from the person seeking the deferred deposit loan a signed acknowledgment that is in 14-point bold font, that the person seeking the deferred deposit loan has: reviewed the payment terms of the deferred deposit loan agreement; received a disclosure that a deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is first executed; received a disclosure explaining the extended payment plan options; and acknowledged the ability to repay the deferred deposit loan in the ordinary course, which may include rollovers, or extended payment plans as allowed under this chapter. Before initiating a civil action against a person who owes money on a deferred deposit loan, a deferred deposit lender shall provide the person at least 30 days notice of default, describing that: the person must remedy the default; and the deferred deposit lender may initiate a civil action against the person if the person fails to cure the default within the 30-day period or through an extended payment plan meeting the requirements of Section 7-23-403 . A deferred deposit lender may provide the notice required under this Subsection (8) : by sending written notice to the address provided by the person to the deferred deposit lender; by sending an electronic transmission to a person if electronic contact information is provided to the deferred deposit lender; or pursuant to the Utah Rules of Civil Procedure. A notice under this Subsection (8) , in addition to complying with Subsection (8)(a) , shall: be in English, if the initial transaction is conducted in English; state the date by which the person must act to enter into an extended payment plan; explain the procedures the person must follow to enter into an extended payment plan; subject to Subsection 7-23-403(7) , if the deferred deposit lender requires the person to make an initial payment to enter into an extended payment plan: explain the requirement; and state the amount of the initial payment and the date the initial payment shall be made; state that the person has the opportunity to enter into an extended payment plan for a time period meeting the requirements of Subsection 7-23-403(2)(b) ; and include the following amounts: the remaining balance on the original deferred deposit loan; the total payments made on the deferred deposit loan; any charges added to the deferred deposit loan amount allowed pursuant to this chapter; and the total amount due if the person enters into an extended payment plan.

Section 7-23-401Verify source

§ 7-23-401(1)Subsection 7-23-401(1)Provision

Source excerpt

If a deferred deposit lender extends a deferred deposit loan, the deferred deposit lender shall: post in a conspicuous location on its premises that can be viewed by a person seeking a deferred deposit loan: a complete schedule of any interest or fees charged for a deferred deposit loan that states the interest and fees using dollar amounts; a number the person can call to make a complaint to the department regarding the deferred deposit loan; and a list of states where the deferred deposit lender is registered or authorized to offer deferred deposit loans through the Internet or other electronic means; enter into a written contract for the deferred deposit loan; conspicuously disclose in the written contract: that under Subsection (3)(a) , a person receiving a deferred deposit loan may make a partial payment in increments of at least $5 on the principal owed on the deferred deposit loan without incurring additional charges above the charges provided in the written contract; that under Subsection (3)(b) , a person receiving a deferred deposit loan may rescind the deferred deposit loan on or before 5 p.m. of the next business day without incurring any charges; that under Subsection (4)(b) , the deferred deposit loan may not be rolled over without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; that under Subsection (4)(c) , the deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is executed; and the name and address of a designated agent required to be provided the department under Subsection 7-23-201(2)(d)(vi) ; and a statement that service of process may be made to the designated agent; provide the person seeking the deferred deposit loan: a copy of the written contract described in Subsection (1)(c) ; and written notice that the person seeking the deferred deposit loan is eligible to enter into an extended payment plan described in Section 7-23-403 ; orally review with the person seeking the deferred deposit loan the terms of the deferred deposit loan including: the amount of any interest rate or fee; the date on which the full amount of the deferred deposit loan is due; that under Subsection (3)(a) , a person receiving a deferred deposit loan may make a partial payment in increments of at least $5 on the principal owed on the deferred deposit loan without incurring additional charges above the charges provided in the written contract; that under Subsection (3)(b) , a person receiving a deferred deposit loan may rescind the deferred deposit loan on or before 5 p.m. of the next business day without incurring any charges; that under Subsection (4)(b) , the deferred deposit loan may not be rolled over without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; and that under Subsection (4)(c) , the deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is executed; comply with the following as in effect on the date the deferred deposit loan is extended: Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., and its implementing federal regulations; Equal Credit Opportunity Act, 15 U.S.C. Sec. 1691, and its implementing federal regulations; Bank Secrecy Act, 12 U.S.C. Sec. 1829b, 12 U.S.C. Sec. 1951 through 1959, and 31 U.S.C. Sec. 5311 through 5332, and its implementing regulations; and Title 70C, Utah Consumer Credit Code ; in accordance with Subsection (6) , make an inquiry to determine whether a person attempting to receive a deferred deposit loan has the ability to repay the deferred deposit loan in the ordinary course, which may include rollovers or extended payment plans as allowed under this chapter; in accordance with Subsection (7) , receive a signed acknowledgment from a person attempting to receive a deferred deposit loan that the person has the ability to repay the deferred deposit loan, which may include rollovers or extended payment plans as allowed by this chapter; and report the original loan amount, payment in full, or default of a deferred deposit loan to a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a, in accordance with procedures established by the consumer reporting agency.

Section 7-23-401(1)Verify source

§ 7-23-401(1)(a)Subsection 7-23-401(1)(a)Provision

Source excerpt

A deferred deposit lender must post specific loan information in a conspicuous place on its premises that customers can see.

post in a conspicuous location on its premises that can be viewed by a person seeking a deferred deposit loan: a complete schedule of any interest or fees charged for a deferred deposit loan that states the interest and fees using dollar amounts; a number the person can call to make a complaint to the department regarding the deferred deposit loan; and a list of states where the deferred deposit lender is registered or authorized to offer deferred deposit loans through the Internet or other electronic means;

Section 7-23-401(1)(a)Verify source

§ 7-23-401(1)(a)(i)Subsection 7-23-401(1)(a)(i)Provision

Source excerpt

A deferred deposit loan must include a complete schedule listing any interest or fees in dollar amounts.

a complete schedule of any interest or fees charged for a deferred deposit loan that states the interest and fees using dollar amounts;

Section 7-23-401(1)(a)(i)Verify source

§ 7-23-401(1)(a)(ii)Subsection 7-23-401(1)(a)(ii)Provision

Source excerpt

a number the person can call to make a complaint to the department regarding the deferred deposit loan; and

Section 7-23-401(1)(a)(ii)Verify source

§ 7-23-401(1)(a)(iii)Subsection 7-23-401(1)(a)(iii)Provision

Source excerpt

a list of states where the deferred deposit lender is registered or authorized to offer deferred deposit loans through the Internet or other electronic means;

Section 7-23-401(1)(a)(iii)Verify source

§ 7-23-401(1)(b)Subsection 7-23-401(1)(b)Provision

Source excerpt

enter into a written contract for the deferred deposit loan;

Section 7-23-401(1)(b)Verify source

§ 7-23-401(1)(c)Subsection 7-23-401(1)(c)Provision

Source excerpt

A person receiving a deferred deposit loan may make a partial payment of at least $5 on principal, and may rescind the loan by 5 p.m. on the next business day without charges. The loan may not be rolled over unless the borrower requests it, and it may not be rolled over if repayment would extend beyond 10 weeks after execution.

conspicuously disclose in the written contract: that under Subsection (3)(a) , a person receiving a deferred deposit loan may make a partial payment in increments of at least $5 on the principal owed on the deferred deposit loan without incurring additional charges above the charges provided in the written contract; that under Subsection (3)(b) , a person receiving a deferred deposit loan may rescind the deferred deposit loan on or before 5 p.m. of the next business day without incurring any charges; that under Subsection (4)(b) , the deferred deposit loan may not be rolled over without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; that under Subsection (4)(c) , the deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is executed; and the name and address of a designated agent required to be provided the department under Subsection 7-23-201(2)(d)(vi) ; and a statement that service of process may be made to the designated agent;

Section 7-23-401(1)(c)Verify source

§ 7-23-401(1)(c)(i)Subsection 7-23-401(1)(c)(i)Provision

Source excerpt

A borrower on a deferred deposit loan may make partial principal payments of at least $5.

that under Subsection (3)(a) , a person receiving a deferred deposit loan may make a partial payment in increments of at least $5 on the principal owed on the deferred deposit loan without incurring additional charges above the charges provided in the written contract;

Section 7-23-401(1)(c)(i)Verify source

§ 7-23-401(1)(c)(ii)Subsection 7-23-401(1)(c)(ii)Provision

Source excerpt

that under Subsection (3)(b) , a person receiving a deferred deposit loan may rescind the deferred deposit loan on or before 5 p.m. of the next business day without incurring any charges;

Section 7-23-401(1)(c)(ii)Verify source

§ 7-23-401(1)(c)(iii)Subsection 7-23-401(1)(c)(iii)Provision

Source excerpt

A deferred deposit loan may not be rolled over unless the borrower requests the rollover.

that under Subsection (4)(b) , the deferred deposit loan may not be rolled over without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan;

Section 7-23-401(1)(c)(iii)Verify source

§ 7-23-401(1)(c)(iv)Subsection 7-23-401(1)(c)(iv)Provision

Source excerpt

A deferred deposit loan may not be rolled over if the rollover would require payment of the amount owed more than 10 weeks after the loan is executed.

that under Subsection (4)(c) , the deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is executed; and

Section 7-23-401(1)(c)(iv)Verify source

§ 7-23-401(1)(c)(v)Subsection 7-23-401(1)(c)(v)Provision

Source excerpt

the name and address of a designated agent required to be provided the department under Subsection 7-23-201(2)(d)(vi) ; and a statement that service of process may be made to the designated agent;

Section 7-23-401(1)(c)(v)Verify source

§ 7-23-401(1)(c)(v)(A)Subsection 7-23-401(1)(c)(v)(A)Provision

Source excerpt

the name and address of a designated agent required to be provided the department under Subsection 7-23-201(2)(d)(vi) ; and

Section 7-23-401(1)(c)(v)(A)Verify source

§ 7-23-401(1)(c)(v)(B)Subsection 7-23-401(1)(c)(v)(B)Provision

Source excerpt

a statement that service of process may be made to the designated agent;

Section 7-23-401(1)(c)(v)(B)Verify source

§ 7-23-401(1)(d)Subsection 7-23-401(1)(d)Provision

Source excerpt

A person must provide the person seeking the deferred deposit loan a copy of the written contract and written notice of eligibility for an extended payment plan.

provide the person seeking the deferred deposit loan: a copy of the written contract described in Subsection (1)(c) ; and written notice that the person seeking the deferred deposit loan is eligible to enter into an extended payment plan described in Section 7-23-403 ;

Section 7-23-401(1)(d)Verify source

§ 7-23-401(1)(d)(i)Subsection 7-23-401(1)(d)(i)Provision

Source excerpt

a copy of the written contract described in Subsection (1)(c) ; and

Section 7-23-401(1)(d)(i)Verify source

§ 7-23-401(1)(d)(ii)Subsection 7-23-401(1)(d)(ii)Provision

Source excerpt

written notice that the person seeking the deferred deposit loan is eligible to enter into an extended payment plan described in Section 7-23-403 ;

Section 7-23-401(1)(d)(ii)Verify source

§ 7-23-401(1)(e)Subsection 7-23-401(1)(e)Provision

Source excerpt

The person seeking a deferred deposit loan must be orally told key loan terms and certain borrower options and rollover limits.

orally review with the person seeking the deferred deposit loan the terms of the deferred deposit loan including: the amount of any interest rate or fee; the date on which the full amount of the deferred deposit loan is due; that under Subsection (3)(a) , a person receiving a deferred deposit loan may make a partial payment in increments of at least $5 on the principal owed on the deferred deposit loan without incurring additional charges above the charges provided in the written contract; that under Subsection (3)(b) , a person receiving a deferred deposit loan may rescind the deferred deposit loan on or before 5 p.m. of the next business day without incurring any charges; that under Subsection (4)(b) , the deferred deposit loan may not be rolled over without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; and that under Subsection (4)(c) , the deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is executed;

Section 7-23-401(1)(e)Verify source

§ 7-23-401(1)(e)(i)Subsection 7-23-401(1)(e)(i)Provision

Source excerpt

This phrase refers to the amount of an interest rate or fee.

the amount of any interest rate or fee;

Section 7-23-401(1)(e)(i)Verify source

§ 7-23-401(1)(e)(ii)Subsection 7-23-401(1)(e)(ii)Provision

Source excerpt

This phrase identifies the date when the full amount of the deferred deposit loan becomes due.

the date on which the full amount of the deferred deposit loan is due;

Section 7-23-401(1)(e)(ii)Verify source

§ 7-23-401(1)(e)(iii)Subsection 7-23-401(1)(e)(iii)Provision

Source excerpt

A borrower on a deferred deposit loan may make partial principal payments of at least $5 each.

Section 7-23-401(1)(e)(iii)Verify source

§ 7-23-401(1)(e)(iv)Subsection 7-23-401(1)(e)(iv)Provision

Source excerpt

A person who receives a deferred deposit loan may rescind it by 5 p.m. on the next business day without charges.

that under Subsection (3)(b) , a person receiving a deferred deposit loan may rescind the deferred deposit loan on or before 5 p.m. of the next business day without incurring any charges;

Section 7-23-401(1)(e)(iv)Verify source

§ 7-23-401(1)(e)(v)Subsection 7-23-401(1)(e)(v)Provision

Source excerpt

A deferred deposit loan may not be rolled over unless the borrower requests the rollover.

that under Subsection (4)(b) , the deferred deposit loan may not be rolled over without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; and

Section 7-23-401(1)(e)(v)Verify source

§ 7-23-401(1)(e)(vi)Subsection 7-23-401(1)(e)(vi)Provision

Source excerpt

A deferred deposit loan may not be rolled over if the rollover would require payment of the amount owed more than 10 weeks after the loan is executed.

Section 7-23-401(1)(e)(vi)Verify source

§ 7-23-401(1)(f)Subsection 7-23-401(1)(f)Provision

Source excerpt

The deferred deposit loan recipient must comply with the listed federal laws, regulations, and Title 70C Utah Consumer Credit Code as they are in effect when the loan is extended.

comply with the following as in effect on the date the deferred deposit loan is extended: Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., and its implementing federal regulations; Equal Credit Opportunity Act, 15 U.S.C. Sec. 1691, and its implementing federal regulations; Bank Secrecy Act, 12 U.S.C. Sec. 1829b, 12 U.S.C. Sec. 1951 through 1959, and 31 U.S.C. Sec. 5311 through 5332, and its implementing regulations; and Title 70C, Utah Consumer Credit Code ;

Section 7-23-401(1)(f)Verify source

§ 7-23-401(1)(f)(i)Subsection 7-23-401(1)(f)(i)Provision

Source excerpt

Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., and its implementing federal regulations;

Section 7-23-401(1)(f)(i)Verify source

§ 7-23-401(1)(f)(ii)Subsection 7-23-401(1)(f)(ii)Provision

Source excerpt

Equal Credit Opportunity Act, 15 U.S.C. Sec. 1691, and its implementing federal regulations;

Section 7-23-401(1)(f)(ii)Verify source

§ 7-23-401(1)(f)(iii)Subsection 7-23-401(1)(f)(iii)Provision

Source excerpt

Bank Secrecy Act, 12 U.S.C. Sec. 1829b, 12 U.S.C. Sec. 1951 through 1959, and 31 U.S.C. Sec. 5311 through 5332, and its implementing regulations; and

Section 7-23-401(1)(f)(iii)Verify source

§ 7-23-401(1)(f)(iv)Subsection 7-23-401(1)(f)(iv)Provision

Source excerpt

Title 70C, Utah Consumer Credit Code ;

Section 7-23-401(1)(f)(iv)Verify source

§ 7-23-401(1)(g)Subsection 7-23-401(1)(g)Provision

Source excerpt

A person must make an inquiry to determine whether a person seeking a deferred deposit loan can repay it in the ordinary course.

in accordance with Subsection (6) , make an inquiry to determine whether a person attempting to receive a deferred deposit loan has the ability to repay the deferred deposit loan in the ordinary course, which may include rollovers or extended payment plans as allowed under this chapter;

Section 7-23-401(1)(g)Verify source

§ 7-23-401(1)(h)Subsection 7-23-401(1)(h)Provision

Source excerpt

A person must receive a signed acknowledgment that the borrower says they can repay the deferred deposit loan.

in accordance with Subsection (7) , receive a signed acknowledgment from a person attempting to receive a deferred deposit loan that the person has the ability to repay the deferred deposit loan, which may include rollovers or extended payment plans as allowed by this chapter; and

Section 7-23-401(1)(h)Verify source

§ 7-23-401(1)(i)Subsection 7-23-401(1)(i)Provision

Source excerpt

A person must report the original loan amount, payment in full, or default of a deferred deposit loan to a consumer reporting agency, following that agency’s procedures.

report the original loan amount, payment in full, or default of a deferred deposit loan to a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a, in accordance with procedures established by the consumer reporting agency.

Section 7-23-401(1)(i)Verify source

§ 7-23-401(2)Subsection 7-23-401(2)Provision

Source excerpt

If a deferred deposit lender makes a loan through the Internet or other electronic means, it must give the borrower the information listed in Subsection (1)(a) in a conspicuous way before the borrower enters the loan.

If a deferred deposit lender extends a deferred deposit loan through the Internet or other electronic means, the deferred deposit lender shall provide the information described in Subsection (1)(a) to the person receiving the deferred deposit loan: in a conspicuous manner; and prior to the person entering into the deferred deposit loan.

Section 7-23-401(2)Verify source

§ 7-23-401(2)(a)Subsection 7-23-401(2)(a)Provision

Source excerpt

in a conspicuous manner; and

Section 7-23-401(2)(a)Verify source

§ 7-23-401(2)(b)Subsection 7-23-401(2)(b)Provision

Source excerpt

prior to the person entering into the deferred deposit loan.

Section 7-23-401(2)(b)Verify source

§ 7-23-401(3)Subsection 7-23-401(3)Provision

Source excerpt

A deferred deposit lender must let the borrower make partial principal payments of at least $5 before maturity and must let the borrower rescind the loan by returning the loan amount by 5 p.m. the next business day.

A deferred deposit lender that engages in a deferred deposit loan shall permit a person receiving a deferred deposit loan to: make partial payments in increments of at least $5 on the principal owed on the deferred deposit loan at any time prior to maturity without incurring additional charges above the charges provided in the written contract; and rescind the deferred deposit loan without incurring any charges by returning the deferred deposit loan amount to the deferred deposit lender on or before 5 p.m. the next business day following the deferred deposit loan transaction.

Section 7-23-401(3)Verify source

§ 7-23-401(3)(a)Subsection 7-23-401(3)(a)Provision

Source excerpt

A person may make partial payments of at least $5 toward the principal on a deferred deposit loan before maturity without extra charges above those in the written contract.

make partial payments in increments of at least $5 on the principal owed on the deferred deposit loan at any time prior to maturity without incurring additional charges above the charges provided in the written contract; and

Section 7-23-401(3)(a)Verify source

§ 7-23-401(3)(b)Subsection 7-23-401(3)(b)Provision

Source excerpt

rescind the deferred deposit loan without incurring any charges by returning the deferred deposit loan amount to the deferred deposit lender on or before 5 p.m. the next business day following the deferred deposit loan transaction.

Section 7-23-401(3)(b)Verify source

§ 7-23-401(4)Subsection 7-23-401(4)Provision

Source excerpt

A deferred deposit lender that engages in a deferred deposit loan may not: collect additional interest on a deferred deposit loan with an outstanding principal balance 10 weeks after the day on which the deferred deposit loan is executed; roll over a deferred deposit loan without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; roll over a deferred deposit loan if the rollover requires a person to pay the amount owed by the person under a deferred deposit loan in whole or in part more than 10 weeks from the day on which the deferred deposit loan is first executed; extend a new deferred deposit loan to a person on the same business day that the person makes a payment on another deferred deposit loan if: the payment results in the principal of that deferred deposit loan being paid in full; and the combined terms of the original deferred deposit loan and the new deferred deposit loan total more than 10 weeks of consecutive interest; avoid the limitations of Subsections (4)(a) and (4)(c) by extending a new deferred deposit loan whose proceeds are used to satisfy or refinance any portion of an existing deferred deposit loan; threaten to use or use the criminal process in any state to collect on the deferred deposit loan; in connection with the collection of money owed on a deferred deposit loan, communicate with a person who owes money on a deferred deposit loan at the person's place of employment if the person or the person's employer communicates, orally or in writing, to the deferred deposit lender that the person's employer prohibits the person from receiving these communications; modify by contract the venue provisions in Title 78B, Chapter 3a, Venue for Civil Actions ; or avoid the requirements of Subsection 7-23-403(1)(c) by extending an interest-bearing loan within seven calendar days before the day on which the 10-week period ends.

Section 7-23-401(4)Verify source

§ 7-23-401(4)(a)Subsection 7-23-401(4)(a)Provision

Source excerpt

collect additional interest on a deferred deposit loan with an outstanding principal balance 10 weeks after the day on which the deferred deposit loan is executed;

Section 7-23-401(4)(a)Verify source

§ 7-23-401(4)(b)Subsection 7-23-401(4)(b)Provision

Source excerpt

A person must not roll over a deferred deposit loan unless the borrower has requested the rollover.

roll over a deferred deposit loan without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan;

Section 7-23-401(4)(b)Verify source

§ 7-23-401(4)(c)Subsection 7-23-401(4)(c)Provision

Source excerpt

A deferred deposit loan rollover is described as requiring payment of the amount owed, in whole or in part, more than 10 weeks after the loan is first executed.

roll over a deferred deposit loan if the rollover requires a person to pay the amount owed by the person under a deferred deposit loan in whole or in part more than 10 weeks from the day on which the deferred deposit loan is first executed;

Section 7-23-401(4)(c)Verify source

§ 7-23-401(4)(d)Subsection 7-23-401(4)(d)Provision

Source excerpt

A person may not extend a new deferred deposit loan to someone on the same business day that the person pays another deferred deposit loan if the first loan’s principal is paid in full and the combined terms exceed 10 weeks of consecutive interest.

extend a new deferred deposit loan to a person on the same business day that the person makes a payment on another deferred deposit loan if: the payment results in the principal of that deferred deposit loan being paid in full; and the combined terms of the original deferred deposit loan and the new deferred deposit loan total more than 10 weeks of consecutive interest;

Section 7-23-401(4)(d)Verify source

§ 7-23-401(4)(d)(i)Subsection 7-23-401(4)(d)(i)Provision

Source excerpt

the payment results in the principal of that deferred deposit loan being paid in full; and

Section 7-23-401(4)(d)(i)Verify source

§ 7-23-401(4)(d)(ii)Subsection 7-23-401(4)(d)(ii)Provision

Source excerpt

the combined terms of the original deferred deposit loan and the new deferred deposit loan total more than 10 weeks of consecutive interest;

Section 7-23-401(4)(d)(ii)Verify source

§ 7-23-401(4)(e)Subsection 7-23-401(4)(e)Provision

Source excerpt

avoid the limitations of Subsections (4)(a) and (4)(c) by extending a new deferred deposit loan whose proceeds are used to satisfy or refinance any portion of an existing deferred deposit loan;

Section 7-23-401(4)(e)Verify source

§ 7-23-401(4)(f)Subsection 7-23-401(4)(f)Provision

Source excerpt

threaten to use or use the criminal process in any state to collect on the deferred deposit loan;

Section 7-23-401(4)(f)Verify source

§ 7-23-401(4)(g)Subsection 7-23-401(4)(g)Provision

Source excerpt

A deferred deposit lender must not communicate with a borrower at the borrower’s workplace when the borrower or the borrower’s employer has told the lender that the employer prohibits those communications.

in connection with the collection of money owed on a deferred deposit loan, communicate with a person who owes money on a deferred deposit loan at the person's place of employment if the person or the person's employer communicates, orally or in writing, to the deferred deposit lender that the person's employer prohibits the person from receiving these communications;

Section 7-23-401(4)(g)Verify source

§ 7-23-401(4)(h)Subsection 7-23-401(4)(h)Provision

Source excerpt

Allows a contract to modify the venue provisions in Title 78B, Chapter 3a, Venue for Civil Actions.

modify by contract the venue provisions in Title 78B, Chapter 3a, Venue for Civil Actions ; or

Section 7-23-401(4)(h)Verify source

§ 7-23-401(4)(i)Subsection 7-23-401(4)(i)Provision

Source excerpt

avoid the requirements of Subsection 7-23-403(1)(c) by extending an interest-bearing loan within seven calendar days before the day on which the 10-week period ends.

Section 7-23-401(4)(i)Verify source

§ 7-23-401(5)Subsection 7-23-401(5)Provision

Source excerpt

A deferred deposit lender holding a dishonored check may use Chapter 15 remedies and notice procedures, but the check issuer may not be required to pay a specified amount as a condition of avoiding a civil action or be held liable for certain damages.

Notwithstanding Subsections (4)(a) and (f) , a deferred deposit lender that is the holder of a check used to obtain a deferred deposit loan that is dishonored may use the remedies and notice procedures provided in Chapter 15, Dishonored Instruments , except that the issuer, as defined in Section 7-15-1 , of the check may not be: asked by the holder to pay the amount described in Subsection 7-15-1(6)(a)(iii) as a condition of the holder not filing a civil action; or held liable for the damages described in Subsection 7-15-1(7)(b)(vi) .

Section 7-23-401(5)Verify source

§ 7-23-401(5)(a)Subsection 7-23-401(5)(a)Provision

Source excerpt

asked by the holder to pay the amount described in Subsection 7-15-1(6)(a)(iii) as a condition of the holder not filing a civil action; or

Section 7-23-401(5)(a)Verify source

§ 7-23-401(5)(b)Subsection 7-23-401(5)(b)Provision

Source excerpt

held liable for the damages described in Subsection 7-15-1(7)(b)(vi) .

Section 7-23-401(5)(b)Verify source

§ 7-23-401(6)Subsection 7-23-401(6)Provision

Source excerpt

A deferred deposit lender must, during the initial period of the loan transaction, obtain specified information to comply with Subsection (1)(g). If the borrower has not previously received a deferred deposit loan from that lender, the lender must obtain a consumer report from a consumer reporting agency.

The inquiry required by Subsection (1)(g) applies solely to the initial period of a deferred deposit loan transaction with a person and does not apply to any rollover or extended payment plan of a deferred deposit loan. Subject to Subsection (6)(c) , a deferred deposit lender is in compliance with Subsection (1)(g) if the deferred deposit lender, at the time of the initial period of the deferred deposit loan transaction: obtains one of the following regarding the person seeking the deferred deposit loan: a consumer report, as defined in 15 U.S.C. Sec. 1681a, from a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a; or written proof or verification of income from the person seeking the deferred deposit loan; or relies on the prior repayment history with the deferred deposit lender from the records of the deferred deposit lender. If a person seeking a deferred deposit loan has not previously received a deferred deposit loan from that deferred deposit lender, to be in compliance with Subsection (1)(g) , the deferred deposit lender, at the time of the initial period of the deferred deposit loan transaction, shall obtain a consumer report, as defined in 15 U.S.C. Sec. 1681a, from a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a.

Section 7-23-401(6)Verify source

§ 7-23-401(6)(a)Subsection 7-23-401(6)(a)Provision

Source excerpt

Section 7-23-401(6)(a)Verify source

§ 7-23-401(6)(b)Subsection 7-23-401(6)(b)Provision

Source excerpt

A deferred deposit lender complies with Subsection (1)(g) if, at the start of the initial period of the loan transaction and subject to Subsection (6)(c), it obtains one of three forms of information about the borrower.

Subject to Subsection (6)(c) , a deferred deposit lender is in compliance with Subsection (1)(g) if the deferred deposit lender, at the time of the initial period of the deferred deposit loan transaction: obtains one of the following regarding the person seeking the deferred deposit loan: a consumer report, as defined in 15 U.S.C. Sec. 1681a, from a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a; or written proof or verification of income from the person seeking the deferred deposit loan; or relies on the prior repayment history with the deferred deposit lender from the records of the deferred deposit lender.

Section 7-23-401(6)(b)Verify source

§ 7-23-401(6)(b)(i)Subsection 7-23-401(6)(b)(i)Provision

Source excerpt

obtains one of the following regarding the person seeking the deferred deposit loan: a consumer report, as defined in 15 U.S.C. Sec. 1681a, from a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a; or written proof or

Section 7-23-401(6)(b)(i)Verify source

§ 7-23-401(6)(b)(i)(A)Subsection 7-23-401(6)(b)(i)(A)Provision

Source excerpt

This text identifies one item: a consumer report from a consumer reporting agency, both as defined in 15 U.S.C. Sec. 1681a.

a consumer report, as defined in 15 U.S.C. Sec. 1681a, from a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a; or

Section 7-23-401(6)(b)(i)(A)Verify source

§ 7-23-401(6)(b)(i)(B)Subsection 7-23-401(6)(b)(i)(B)Provision

Source excerpt

written proof or verification of income from the person seeking the deferred deposit loan; or

Section 7-23-401(6)(b)(i)(B)Verify source

§ 7-23-401(6)(b)(ii)Subsection 7-23-401(6)(b)(ii)Provision

Source excerpt

relies on the prior repayment history with the deferred deposit lender from the records of the deferred deposit lender.

Section 7-23-401(6)(b)(ii)Verify source

§ 7-23-401(6)(c)Subsection 7-23-401(6)(c)Provision

Source excerpt

If a deferred deposit loan applicant has not previously received a loan from that lender, the lender must obtain a consumer report at the start of the initial loan transaction to comply with Subsection (1)(g).

If a person seeking a deferred deposit loan has not previously received a deferred deposit loan from that deferred deposit lender, to be in compliance with Subsection (1)(g) , the deferred deposit lender, at the time of the initial period of the deferred deposit loan transaction, shall obtain a consumer report, as defined in 15 U.S.C. Sec. 1681a, from a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a.

Section 7-23-401(6)(c)Verify source

§ 7-23-401(7)Subsection 7-23-401(7)Provision

Source excerpt

A deferred deposit lender complies with Subsection (1)(h) only if it gets a signed, 14-point bold acknowledgment from the borrower covering review of the loan terms, required disclosures, and the borrower’s ability to repay.

A deferred deposit lender is in compliance with Subsection (1)(h) if the deferred deposit lender obtains from the person seeking the deferred deposit loan a signed acknowledgment that is in 14-point bold font, that the person seeking the deferred deposit loan has: reviewed the payment terms of the deferred deposit loan agreement; received a disclosure that a deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is first executed; received a disclosure explaining the extended payment plan options; and acknowledged the ability to repay the deferred deposit loan in the ordinary course, which may include rollovers, or extended payment plans as allowed under this chapter.

Section 7-23-401(7)Verify source

§ 7-23-401(7)(a)Subsection 7-23-401(7)(a)Provision

Source excerpt

reviewed the payment terms of the deferred deposit loan agreement;

Section 7-23-401(7)(a)Verify source

§ 7-23-401(7)(b)Subsection 7-23-401(7)(b)Provision

Source excerpt

A person may not roll over a deferred deposit loan if the rollover would require repayment more than 10 weeks after the loan was first executed.

received a disclosure that a deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is first executed;

Section 7-23-401(7)(b)Verify source

§ 7-23-401(7)(c)Subsection 7-23-401(7)(c)Provision

Source excerpt

received a disclosure explaining the extended payment plan options; and

Section 7-23-401(7)(c)Verify source

§ 7-23-401(7)(d)Subsection 7-23-401(7)(d)Provision

Source excerpt

acknowledged the ability to repay the deferred deposit loan in the ordinary course, which may include rollovers, or extended payment plans as allowed under this chapter.

Section 7-23-401(7)(d)Verify source

§ 7-23-401(8)Subsection 7-23-401(8)Provision

Source excerpt

A deferred deposit lender must give at least 30 days’ notice of default before filing a civil action, and the notice must explain repayment and extended payment plan details.

Before initiating a civil action against a person who owes money on a deferred deposit loan, a deferred deposit lender shall provide the person at least 30 days notice of default, describing that: the person must remedy the default; and the deferred deposit lender may initiate a civil action against the person if the person fails to cure the default within the 30-day period or through an extended payment plan meeting the requirements of Section 7-23-403 . A deferred deposit lender may provide the notice required under this Subsection (8) : by sending written notice to the address provided by the person to the deferred deposit lender; by sending an electronic transmission to a person if electronic contact information is provided to the deferred deposit lender; or pursuant to the Utah Rules of Civil Procedure. A notice under this Subsection (8) , in addition to complying with Subsection (8)(a) , shall: be in English, if the initial transaction is conducted in English; state the date by which the person must act to enter into an extended payment plan; explain the procedures the person must follow to enter into an extended payment plan; subject to Subsection 7-23-403(7) , if the deferred deposit lender requires the person to make an initial payment to enter into an extended payment plan: explain the requirement; and state the amount of the initial payment and the date the initial payment shall be made; state that the person has the opportunity to enter into an extended payment plan for a time period meeting the requirements of Subsection 7-23-403(2)(b) ; and include the following amounts: the remaining balance on the original deferred deposit loan; the total payments made on the deferred deposit loan; any charges added to the deferred deposit loan amount allowed pursuant to this chapter; and the total amount due if the person enters into an extended payment plan.

Section 7-23-401(8)Verify source

§ 7-23-401(8)(a)Subsection 7-23-401(8)(a)Provision

Source excerpt

A deferred deposit lender must give the borrower at least 30 days’ notice of default before starting a civil action.

Section 7-23-401(8)(a)Verify source

§ 7-23-401(8)(a)(i)Subsection 7-23-401(8)(a)(i)Provision

Source excerpt

The person must remedy the default.

the person must remedy the default; and

Section 7-23-401(8)(a)(i)Verify source

§ 7-23-401(8)(a)(ii)Subsection 7-23-401(8)(a)(ii)Provision

Source excerpt

A deferred deposit lender may start a civil action against the person if the default is not cured within 30 days or through an extended payment plan under Section 7-23-403.

the deferred deposit lender may initiate a civil action against the person if the person fails to cure the default within the 30-day period or through an extended payment plan meeting the requirements of Section 7-23-403 .

Section 7-23-401(8)(a)(ii)Verify source

§ 7-23-401(8)(b)Subsection 7-23-401(8)(b)Provision

Source excerpt

A deferred deposit lender may provide the notice required under this Subsection (8) : by sending written notice to the address provided by the person to the deferred deposit lender; by sending an electronic transmission to a person if electronic contact information is provided to the deferred deposit lender; or pursuant to the Utah Rules of Civil Procedure.

Section 7-23-401(8)(b)Verify source

§ 7-23-401(8)(b)(i)Subsection 7-23-401(8)(b)(i)Provision

Source excerpt

by sending written notice to the address provided by the person to the deferred deposit lender;

Section 7-23-401(8)(b)(i)Verify source

§ 7-23-401(8)(b)(ii)Subsection 7-23-401(8)(b)(ii)Provision

Source excerpt

by sending an electronic transmission to a person if electronic contact information is provided to the deferred deposit lender; or

Section 7-23-401(8)(b)(ii)Verify source

§ 7-23-401(8)(b)(iii)Subsection 7-23-401(8)(b)(iii)Provision

Source excerpt

pursuant to the Utah Rules of Civil Procedure.

Section 7-23-401(8)(b)(iii)Verify source

§ 7-23-401(8)(c)Subsection 7-23-401(8)(c)Provision

Source excerpt

A notice under this subsection must comply with Subsection (8)(a) and include specified information about an extended payment plan, including timing, procedures, any initial payment requirement, and listed loan amounts.

A notice under this Subsection (8) , in addition to complying with Subsection (8)(a) , shall: be in English, if the initial transaction is conducted in English; state the date by which the person must act to enter into an extended payment plan; explain the procedures the person must follow to enter into an extended payment plan; subject to Subsection 7-23-403(7) , if the deferred deposit lender requires the person to make an initial payment to enter into an extended payment plan: explain the requirement; and state the amount of the initial payment and the date the initial payment shall be made; state that the person has the opportunity to enter into an extended payment plan for a time period meeting the requirements of Subsection 7-23-403(2)(b) ; and include the following amounts: the remaining balance on the original deferred deposit loan; the total payments made on the deferred deposit loan; any charges added to the deferred deposit loan amount allowed pursuant to this chapter; and the total amount due if the person enters into an extended payment plan.

Section 7-23-401(8)(c)Verify source

§ 7-23-401(8)(c)(i)Subsection 7-23-401(8)(c)(i)Provision

Source excerpt

be in English, if the initial transaction is conducted in English;

Section 7-23-401(8)(c)(i)Verify source

§ 7-23-401(8)(c)(ii)Subsection 7-23-401(8)(c)(ii)Provision

Source excerpt

state the date by which the person must act to enter into an extended payment plan;

Section 7-23-401(8)(c)(ii)Verify source

§ 7-23-401(8)(c)(iii)Subsection 7-23-401(8)(c)(iii)Provision

Source excerpt

explain the procedures the person must follow to enter into an extended payment plan;

Section 7-23-401(8)(c)(iii)Verify source

§ 7-23-401(8)(c)(iv)Subsection 7-23-401(8)(c)(iv)Provision

Source excerpt

If a deferred deposit lender requires an initial payment for an extended payment plan, it must explain the requirement and state the initial payment amount and due date.

subject to Subsection 7-23-403(7) , if the deferred deposit lender requires the person to make an initial payment to enter into an extended payment plan: explain the requirement; and state the amount of the initial payment and the date the initial payment shall be made;

Section 7-23-401(8)(c)(iv)Verify source

§ 7-23-401(8)(c)(iv)(A)Subsection 7-23-401(8)(c)(iv)(A)Provision

Source excerpt

explain the requirement; and

Section 7-23-401(8)(c)(iv)(A)Verify source

§ 7-23-401(8)(c)(iv)(B)Subsection 7-23-401(8)(c)(iv)(B)Provision

Source excerpt

state the amount of the initial payment and the date the initial payment shall be made;

Section 7-23-401(8)(c)(iv)(B)Verify source

§ 7-23-401(8)(c)(v)Subsection 7-23-401(8)(c)(v)Provision

Source excerpt

state that the person has the opportunity to enter into an extended payment plan for a time period meeting the requirements of Subsection 7-23-403(2)(b) ; and

Section 7-23-401(8)(c)(v)Verify source

§ 7-23-401(8)(c)(vi)Subsection 7-23-401(8)(c)(vi)Provision

Source excerpt

The provision lists amounts that must be included: the remaining balance, total payments made, allowed charges, and the total amount due under an extended payment plan.

include the following amounts: the remaining balance on the original deferred deposit loan; the total payments made on the deferred deposit loan; any charges added to the deferred deposit loan amount allowed pursuant to this chapter; and the total amount due if the person enters into an extended payment plan.

Section 7-23-401(8)(c)(vi)Verify source

§ 7-23-401(8)(c)(vi)(A)Subsection 7-23-401(8)(c)(vi)(A)Provision

Source excerpt

the remaining balance on the original deferred deposit loan;

Section 7-23-401(8)(c)(vi)(A)Verify source

§ 7-23-401(8)(c)(vi)(B)Subsection 7-23-401(8)(c)(vi)(B)Provision

Source excerpt

the total payments made on the deferred deposit loan;

Section 7-23-401(8)(c)(vi)(B)Verify source

§ 7-23-401(8)(c)(vi)(C)Subsection 7-23-401(8)(c)(vi)(C)Provision

Source excerpt

any charges added to the deferred deposit loan amount allowed pursuant to this chapter; and

Section 7-23-401(8)(c)(vi)(C)Verify source

§ 7-23-401(8)(c)(vi)(D)Subsection 7-23-401(8)(c)(vi)(D)Provision

Source excerpt

Refers to the total amount due when a person enters an extended payment plan.

the total amount due if the person enters into an extended payment plan.

Section 7-23-401(8)(c)(vi)(D)Verify source

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Utah Code § 7-23-401, 1999

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