United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-24-202, 2003

Source excerpt

borrower acknowledgmentconsumer complaintsconsumer disclosurecontract documentationdisclosureelectronic disclosureemploymentfeesinterest ratesinternet lendinglender compliancelender restrictionsloan disclosurespricing disclosurerepayment abilitytitle loan disclosuretitle loans

Jurisdiction: United States — Utah
Status: In force
Official identity: Year 2003
Dates: Enacted 2003

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Dates: Enacted 2003

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“Operational requirements for title loans. A title lender shall: post in a conspicuous location on its premises that can be viewed by a person seeking a title loan: a complete schedule of any interest or fees charged for a title loan that”

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Operational requirements for title loans.

Section 7-24-202

Subsection 7-24-202(1)(b)(iv)

a statement of the total amount of any interest or fees that may be charged for the title loan, expressed as: a dollar amount; and an annual percentage rate; and

Section 7-24-202(1)(b)(iv)

Subsection 7-24-202(1)(d)(i)(B)

This text identifies the date when the full title-loan amount becomes due.

Section 7-24-202(1)(d)(i)(B)

Subsection 7-24-202(2)(b)

A title lender must provide a list of states where it is registered or authorized to offer title loans online or by other electronic means, in connection with the disclosure required under Subsection (2)(a).

Section 7-24-202(2)(b)

Subsection 7-24-202(4)(b)

The text states that the person has the ability to repay the title loan.

Section 7-24-202(4)(b)

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Source record from le.utah.gov · Enacted 2003

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Showing 46 of 46 provisions

Provision 46

Part 7-24-2

part 7-24-2 Requirements

§ 7-24-202Operational requirements for title loans.Provision

Source excerpt

Operational requirements for title loans. A title lender shall: post in a conspicuous location on its premises that can be viewed by a person seeking a title loan: a complete schedule of any interest or fees charged for a title loan that states the interest and fees: as dollar amounts; and as annual percentage rates; and a telephone number a person may call to make a complaint to the department regarding a title loan; enter into a written contract for the title loan containing: the name of the person receiving the title loan; the transaction date; the amount of the title loan; a statement of the total amount of any interest or fees that may be charged for the title loan, expressed as: a dollar amount; and an annual percentage rate; and the name and address of the designated agent required to be provided the department under Subsection 7-24-201(2)(d)(vi) ; and a statement that service of process may be made to the designated agent; provide the person seeking the title loan a copy of the written contract described in Subsection (1)(b) ; prior to the execution of the title loan: orally review with the person seeking the title loan the terms of the title loan including: the amount of any interest rate or fee, expressed as: a dollar amount; and an annual percentage rate; and the date on which the full amount of the title loan is due; and provide the person seeking the title loan a copy of the disclosure form adopted by the department under Section 7-24-203 ; and comply with the following as in effect on the date the title 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 . If a title lender extends a title loan through the Internet or other electronic means, the title lender shall: provide the information described in Subsection (1)(a) to the person receiving the title loan: in a conspicuous manner; and prior to the person entering into the title loan; and in connection with the disclosure required under Subsection (2)(a) , provide a list of states where the title lender is registered or authorized to offer title loans through the Internet or other electronic means. A title lender may not: rollover a title loan unless the person receiving the title loan requests a rollover of the title loan; extend more than one title loan on any vehicle at one time; extend a title loan that exceeds the fair market value of the vehicle securing the title loan; or extend a title loan without regard to the ability of the person seeking the title loan to repay the title loan, including the person's: current and expected income; current obligations; and employment. A title lender has met the requirements of Subsection (3)(d) if the person seeking a title loan provides the title lender with a signed acknowledgment that: the person has provided the title lender with true and correct information concerning the person's income, obligations, and employment; and the person has the ability to repay the title loan.

Section 7-24-202Verify source

§ 7-24-202(1)Subsection 7-24-202(1)Provision

Source excerpt

A title lender must post fee and interest information, use a written contract, give the borrower copies of the contract and disclosure form, orally review key loan terms before execution, and comply with listed federal and Utah consumer credit laws.

A title lender shall: post in a conspicuous location on its premises that can be viewed by a person seeking a title loan: a complete schedule of any interest or fees charged for a title loan that states the interest and fees: as dollar amounts; and as annual percentage rates; and a telephone number a person may call to make a complaint to the department regarding a title loan; enter into a written contract for the title loan containing: the name of the person receiving the title loan; the transaction date; the amount of the title loan; a statement of the total amount of any interest or fees that may be charged for the title loan, expressed as: a dollar amount; and an annual percentage rate; and the name and address of the designated agent required to be provided the department under Subsection 7-24-201(2)(d)(vi) ; and a statement that service of process may be made to the designated agent; provide the person seeking the title loan a copy of the written contract described in Subsection (1)(b) ; prior to the execution of the title loan: orally review with the person seeking the title loan the terms of the title loan including: the amount of any interest rate or fee, expressed as: a dollar amount; and an annual percentage rate; and the date on which the full amount of the title loan is due; and provide the person seeking the title loan a copy of the disclosure form adopted by the department under Section 7-24-203 ; and comply with the following as in effect on the date the title 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 7-24-202(1)Verify source

§ 7-24-202(1)(a)Subsection 7-24-202(1)(a)Provision

Source excerpt

A person posting title-loan information must place it in a conspicuous, visible location and include a complete schedule of interest and fees, shown as dollar amounts and annual percentage rates, plus a department complaint phone number.

post in a conspicuous location on its premises that can be viewed by a person seeking a title loan: a complete schedule of any interest or fees charged for a title loan that states the interest and fees: as dollar amounts; and as annual percentage rates; and a telephone number a person may call to make a complaint to the department regarding a title loan;

Section 7-24-202(1)(a)Verify source

§ 7-24-202(1)(a)(i)Subsection 7-24-202(1)(a)(i)Provision

Source excerpt

a complete schedule of any interest or fees charged for a title loan that states the interest and fees: as dollar amounts; and as annual percentage rates; and

Section 7-24-202(1)(a)(i)Verify source

§ 7-24-202(1)(a)(i)(A)Subsection 7-24-202(1)(a)(i)(A)Provision

Source excerpt

Refers to dollar amounts.

as dollar amounts; and

Section 7-24-202(1)(a)(i)(A)Verify source

§ 7-24-202(1)(a)(i)(B)Subsection 7-24-202(1)(a)(i)(B)Provision

Source excerpt

as annual percentage rates; and

Section 7-24-202(1)(a)(i)(B)Verify source

§ 7-24-202(1)(a)(ii)Subsection 7-24-202(1)(a)(ii)Provision

Source excerpt

A person may call a telephone number to make a complaint to the department about a title loan.

a telephone number a person may call to make a complaint to the department regarding a title loan;

Section 7-24-202(1)(a)(ii)Verify source

§ 7-24-202(1)(b)Subsection 7-24-202(1)(b)Provision

Source excerpt

The title-loan recipient must enter into a written contract that includes specified borrower, loan, fee, and agent disclosure information.

enter into a written contract for the title loan containing: the name of the person receiving the title loan; the transaction date; the amount of the title loan; a statement of the total amount of any interest or fees that may be charged for the title loan, expressed as: a dollar amount; and an annual percentage rate; and the name and address of the designated agent required to be provided the department under Subsection 7-24-201(2)(d)(vi) ; and a statement that service of process may be made to the designated agent;

Section 7-24-202(1)(b)Verify source

§ 7-24-202(1)(b)(i)Subsection 7-24-202(1)(b)(i)Provision

Source excerpt

the name of the person receiving the title loan;

Section 7-24-202(1)(b)(i)Verify source

§ 7-24-202(1)(b)(ii)Subsection 7-24-202(1)(b)(ii)Provision

Source excerpt

the transaction date;

Section 7-24-202(1)(b)(ii)Verify source

§ 7-24-202(1)(b)(iii)Subsection 7-24-202(1)(b)(iii)Provision

Source excerpt

the amount of the title loan;

Section 7-24-202(1)(b)(iii)Verify source

§ 7-24-202(1)(b)(iv)Subsection 7-24-202(1)(b)(iv)Provision

Source excerpt

a statement of the total amount of any interest or fees that may be charged for the title loan, expressed as: a dollar amount; and an annual percentage rate; and

Section 7-24-202(1)(b)(iv)Verify source

§ 7-24-202(1)(b)(iv)(A)Subsection 7-24-202(1)(b)(iv)(A)Provision

Source excerpt

a dollar amount; and

Section 7-24-202(1)(b)(iv)(A)Verify source

§ 7-24-202(1)(b)(iv)(B)Subsection 7-24-202(1)(b)(iv)(B)Provision

Source excerpt

an annual percentage rate; and

Section 7-24-202(1)(b)(iv)(B)Verify source

§ 7-24-202(1)(b)(v)Subsection 7-24-202(1)(b)(v)Provision

Source excerpt

the name and address of the designated agent required to be provided the department under Subsection 7-24-201(2)(d)(vi) ; and a statement that service of process may be made to the designated agent;

Section 7-24-202(1)(b)(v)Verify source

§ 7-24-202(1)(b)(v)(A)Subsection 7-24-202(1)(b)(v)(A)Provision

Source excerpt

the name and address of the designated agent required to be provided the department under Subsection 7-24-201(2)(d)(vi) ; and

Section 7-24-202(1)(b)(v)(A)Verify source

§ 7-24-202(1)(b)(v)(B)Subsection 7-24-202(1)(b)(v)(B)Provision

Source excerpt

Service of process may be made to the designated agent.

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

Section 7-24-202(1)(b)(v)(B)Verify source

§ 7-24-202(1)(c)Subsection 7-24-202(1)(c)Provision

Source excerpt

The loan provider must give the person seeking the title loan a copy of the written contract.

provide the person seeking the title loan a copy of the written contract described in Subsection (1)(b) ;

Section 7-24-202(1)(c)Verify source

§ 7-24-202(1)(d)Subsection 7-24-202(1)(d)Provision

Source excerpt

Before a title loan is executed, the relevant person must orally review the loan terms and give the borrower a copy of the department’s disclosure form.

prior to the execution of the title loan: orally review with the person seeking the title loan the terms of the title loan including: the amount of any interest rate or fee, expressed as: a dollar amount; and an annual percentage rate; and the date on which the full amount of the title loan is due; and provide the person seeking the title loan a copy of the disclosure form adopted by the department under Section 7-24-203 ; and

Section 7-24-202(1)(d)Verify source

§ 7-24-202(1)(d)(i)Subsection 7-24-202(1)(d)(i)Provision

Source excerpt

orally review with the person seeking the title loan the terms of the title loan including: the amount of any interest rate or fee, expressed as: a dollar amount; and an annual percentage rate; and the date on which the full amount of the

Section 7-24-202(1)(d)(i)Verify source

§ 7-24-202(1)(d)(i)(A)Subsection 7-24-202(1)(d)(i)(A)Provision

Source excerpt

the amount of any interest rate or fee, expressed as: a dollar amount; and an annual percentage rate; and

Section 7-24-202(1)(d)(i)(A)Verify source

§ 7-24-202(1)(d)(i)(A)(I)Subsection 7-24-202(1)(d)(i)(A)(I)Provision

Source excerpt

a dollar amount; and

Section 7-24-202(1)(d)(i)(A)(I)Verify source

§ 7-24-202(1)(d)(i)(A)(II)Subsection 7-24-202(1)(d)(i)(A)(II)Provision

Source excerpt

an annual percentage rate; and

Section 7-24-202(1)(d)(i)(A)(II)Verify source

§ 7-24-202(1)(d)(i)(B)Subsection 7-24-202(1)(d)(i)(B)Provision

Source excerpt

This text identifies the date when the full title-loan amount becomes due.

the date on which the full amount of the title loan is due; and

Section 7-24-202(1)(d)(i)(B)Verify source

§ 7-24-202(1)(d)(ii)Subsection 7-24-202(1)(d)(ii)Provision

Source excerpt

provide the person seeking the title loan a copy of the disclosure form adopted by the department under Section 7-24-203 ; and

Section 7-24-202(1)(d)(ii)Verify source

§ 7-24-202(1)(e)Subsection 7-24-202(1)(e)Provision

Source excerpt

The person extending a title loan must comply with listed federal and Utah credit laws, as they exist on the date the loan is extended.

comply with the following as in effect on the date the title 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 7-24-202(1)(e)Verify source

§ 7-24-202(1)(e)(i)Subsection 7-24-202(1)(e)(i)Provision

Source excerpt

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

Section 7-24-202(1)(e)(i)Verify source

§ 7-24-202(1)(e)(ii)Subsection 7-24-202(1)(e)(ii)Provision

Source excerpt

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

Section 7-24-202(1)(e)(ii)Verify source

§ 7-24-202(1)(e)(iii)Subsection 7-24-202(1)(e)(iii)Provision

Source excerpt

This text cites the Bank Secrecy Act and listed federal provisions, along with their implementing 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

Section 7-24-202(1)(e)(iii)Verify source

§ 7-24-202(1)(e)(iv)Subsection 7-24-202(1)(e)(iv)Provision

Source excerpt

Title 70C, Utah Consumer Credit Code .

Section 7-24-202(1)(e)(iv)Verify source

§ 7-24-202(2)Subsection 7-24-202(2)Provision

Source excerpt

If a title lender makes a title loan over the Internet or by other electronic means, it must give the borrower specified information conspicuously and before the borrower enters the loan, and it must provide a list of states where it is registered or authorized to offer those loans online or electronically.

If a title lender extends a title loan through the Internet or other electronic means, the title lender shall: provide the information described in Subsection (1)(a) to the person receiving the title loan: in a conspicuous manner; and prior to the person entering into the title loan; and in connection with the disclosure required under Subsection (2)(a) , provide a list of states where the title lender is registered or authorized to offer title loans through the Internet or other electronic means.

Section 7-24-202(2)Verify source

§ 7-24-202(2)(a)Subsection 7-24-202(2)(a)Provision

Source excerpt

The information described in Subsection (1)(a) must be provided conspicuously before the person enters into the title loan.

provide the information described in Subsection (1)(a) to the person receiving the title loan: in a conspicuous manner; and prior to the person entering into the title loan; and

Section 7-24-202(2)(a)Verify source

§ 7-24-202(2)(a)(i)Subsection 7-24-202(2)(a)(i)Provision

Source excerpt

in a conspicuous manner; and

Section 7-24-202(2)(a)(i)Verify source

§ 7-24-202(2)(a)(ii)Subsection 7-24-202(2)(a)(ii)Provision

Source excerpt

prior to the person entering into the title loan; and

Section 7-24-202(2)(a)(ii)Verify source

§ 7-24-202(2)(b)Subsection 7-24-202(2)(b)Provision

Source excerpt

in connection with the disclosure required under Subsection (2)(a) , provide a list of states where the title lender is registered or authorized to offer title loans through the Internet or other electronic means.

Section 7-24-202(2)(b)Verify source

§ 7-24-202(3)Subsection 7-24-202(3)Provision

Source excerpt

A title lender may not rollover, overextend, or make a title loan without the borrower-requested rollover or repayment-ability factors described here.

A title lender may not: rollover a title loan unless the person receiving the title loan requests a rollover of the title loan; extend more than one title loan on any vehicle at one time; extend a title loan that exceeds the fair market value of the vehicle securing the title loan; or extend a title loan without regard to the ability of the person seeking the title loan to repay the title loan, including the person's: current and expected income; current obligations; and employment.

Section 7-24-202(3)Verify source

§ 7-24-202(3)(a)Subsection 7-24-202(3)(a)Provision

Source excerpt

rollover a title loan unless the person receiving the title loan requests a rollover of the title loan;

Section 7-24-202(3)(a)Verify source

§ 7-24-202(3)(b)Subsection 7-24-202(3)(b)Provision

Source excerpt

extend more than one title loan on any vehicle at one time;

Section 7-24-202(3)(b)Verify source

§ 7-24-202(3)(c)Subsection 7-24-202(3)(c)Provision

Source excerpt

A person may not extend a title loan that is greater than the vehicle’s fair market value.

extend a title loan that exceeds the fair market value of the vehicle securing the title loan; or

Section 7-24-202(3)(c)Verify source

§ 7-24-202(3)(d)Subsection 7-24-202(3)(d)Provision

Source excerpt

extend a title loan without regard to the ability of the person seeking the title loan to repay the title loan, including the person's: current and expected income; current obligations; and employment.

Section 7-24-202(3)(d)Verify source

§ 7-24-202(3)(d)(i)Subsection 7-24-202(3)(d)(i)Provision

Source excerpt

current and expected income;

Section 7-24-202(3)(d)(i)Verify source

§ 7-24-202(3)(d)(ii)Subsection 7-24-202(3)(d)(ii)Provision

Source excerpt

current obligations; and

Section 7-24-202(3)(d)(ii)Verify source

§ 7-24-202(3)(d)(iii)Subsection 7-24-202(3)(d)(iii)Provision

Source excerpt

employment.

Section 7-24-202(3)(d)(iii)Verify source

§ 7-24-202(4)Subsection 7-24-202(4)Provision

Source excerpt

A person seeking a title loan must give the title lender a signed acknowledgment stating that the person provided true and correct information about income, obligations, and employment, and can repay the title loan.

A title lender has met the requirements of Subsection (3)(d) if the person seeking a title loan provides the title lender with a signed acknowledgment that: the person has provided the title lender with true and correct information concerning the person's income, obligations, and employment; and the person has the ability to repay the title loan.

Section 7-24-202(4)Verify source

§ 7-24-202(4)(a)Subsection 7-24-202(4)(a)Provision

Source excerpt

the person has provided the title lender with true and correct information concerning the person's income, obligations, and employment; and

Section 7-24-202(4)(a)Verify source

§ 7-24-202(4)(b)Subsection 7-24-202(4)(b)Provision

Source excerpt

The text states that the person has the ability to repay the title loan.

the person has the ability to repay the title loan.

Section 7-24-202(4)(b)Verify source

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Utah Code § 7-24-202, 2003

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