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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-27-202

A provider must disclose specified terms and cost information before a commercial financing transaction is completed, and the transaction agreement must explain how variable payments are calculated.

Source excerpt

agreement disclosurecommercial financingdiscountspayment termsprepayment coststransaction disclosuresvariable payment calculation
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“A provider must disclose specified terms and cost information before a commercial financing transaction is completed, and the transaction agreement must explain how variable payments are calculated.”

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Disclosures for commercial financing transactions.

A provider must disclose specified terms and cost information before a commercial financing transaction is completed, and the transaction agreement must explain how variable payments are calculated.

Section 7-27-202

Subsection 7-27-202(2)(b)

Refers to the total amount of funds disbursed to the business under a commercial financing transaction, when that amount is less than the amount in Subsection (2)(a).

Section 7-27-202(2)(b)

Subsection 7-27-202(2)(e)(ii)

if the amount of each payment may vary, the manner, frequency, and estimated amount of the initial payment; and

Section 7-27-202(2)(e)(ii)

Subsection 7-27-202(4)

The provisions of this section apply to a commercial financing transaction consummated on or after January 1, 2023.

Section 7-27-202(4)

04

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 15 of 15 provisions

Provision 15

Part 7-27-2

part 7-27-2 Registration

§ 7-27-202Disclosures for commercial financing transactions.Provision

Source excerpt

A provider must disclose specified terms and cost information before a commercial financing transaction is completed, and the transaction agreement must explain how variable payments are calculated.

Disclosures for commercial financing transactions. Before consummating a commercial financing transaction, a provider shall disclose the terms of the commercial financing transaction in accordance with this section and rules made by the commissioner. A provider shall disclose the following information in connection with each commercial financing transaction: the total amount of funds provided to the business under the terms of the commercial financing transaction; the total amount of funds disbursed to the business under the terms of the commercial financing transaction, if less than the amount described in Subsection (2)(a); the total amount to be paid to the provider under the terms of the commercial financing transaction; the total dollar cost of the commercial financing transaction, calculated by finding the difference between: the amount described in Subsection (2)(a); and the amount described in Subsection (2)(c); the manner, frequency, and amount of each payment; or if the amount of each payment may vary, the manner, frequency, and estimated amount of the initial payment; and a statement of whether there are any costs or discounts associated with prepayment under the commercial financing transaction, including a reference to the paragraph in the commercial financing transaction agreement that creates each cost or discount. The commercial financing transaction agreement shall include a description of the methodology for calculating any variable payment amount and the circumstances that may cause a payment amount to vary. The provisions of this section apply to a commercial financing transaction consummated on or after January 1, 2023.
Section 7-27-202Verify source
§ 7-27-202(1)Subsection 7-27-202(1)Provision

Source excerpt

Before a commercial financing transaction is consummated, the provider must disclose its terms under this section and any commissioner rules.

Before consummating a commercial financing transaction, a provider shall disclose the terms of the commercial financing transaction in accordance with this section and rules made by the commissioner.
Section 7-27-202(1)Verify source
§ 7-27-202(2)Subsection 7-27-202(2)Provision

Source excerpt

A provider must disclose specified pricing and payment information for each commercial financing transaction.

A provider shall disclose the following information in connection with each commercial financing transaction: the total amount of funds provided to the business under the terms of the commercial financing transaction; the total amount of funds disbursed to the business under the terms of the commercial financing transaction, if less than the amount described in Subsection (2)(a); the total amount to be paid to the provider under the terms of the commercial financing transaction; the total dollar cost of the commercial financing transaction, calculated by finding the difference between: the amount described in Subsection (2)(a); and the amount described in Subsection (2)(c); the manner, frequency, and amount of each payment; or if the amount of each payment may vary, the manner, frequency, and estimated amount of the initial payment; and a statement of whether there are any costs or discounts associated with prepayment under the commercial financing transaction, including a reference to the paragraph in the commercial financing transaction agreement that creates each cost or discount.
Section 7-27-202(2)Verify source
§ 7-27-202(2)(a)Subsection 7-27-202(2)(a)Provision

Source excerpt

This refers to the total amount of funds provided to a business under a commercial financing transaction.

the total amount of funds provided to the business under the terms of the commercial financing transaction;
Section 7-27-202(2)(a)Verify source
§ 7-27-202(2)(b)Subsection 7-27-202(2)(b)Provision

Source excerpt

Refers to the total amount of funds disbursed to the business under a commercial financing transaction, when that amount is less than the amount in Subsection (2)(a).

the total amount of funds disbursed to the business under the terms of the commercial financing transaction, if less than the amount described in Subsection (2)(a);
Section 7-27-202(2)(b)Verify source
§ 7-27-202(2)(c)Subsection 7-27-202(2)(c)Provision

Source excerpt

This phrase refers to the total amount paid to the provider under a commercial financing transaction.

the total amount to be paid to the provider under the terms of the commercial financing transaction;
Section 7-27-202(2)(c)Verify source
§ 7-27-202(2)(d)Subsection 7-27-202(2)(d)Provision

Source excerpt

This provision defines the total dollar cost of the commercial financing transaction as the difference between the amount in Subsection (2)(a) and the amount in Subsection (2)(c).

the total dollar cost of the commercial financing transaction, calculated by finding the difference between: the amount described in Subsection (2)(a); and the amount described in Subsection (2)(c);
Section 7-27-202(2)(d)Verify source
§ 7-27-202(2)(d)(i)Subsection 7-27-202(2)(d)(i)Provision

Source excerpt

the amount described in Subsection (2)(a); and

the amount described in Subsection (2)(a); and
Section 7-27-202(2)(d)(i)Verify source
§ 7-27-202(2)(d)(ii)Subsection 7-27-202(2)(d)(ii)Provision

Source excerpt

the amount described in Subsection (2)(c);

the amount described in Subsection (2)(c);
Section 7-27-202(2)(d)(ii)Verify source
§ 7-27-202(2)(e)Subsection 7-27-202(2)(e)Provision

Source excerpt

the manner, frequency, and amount of each payment; or if the amount of each payment may vary, the manner, frequency, and estimated amount of the initial payment; and

the manner, frequency, and amount of each payment; or if the amount of each payment may vary, the manner, frequency, and estimated amount of the initial payment; and
Section 7-27-202(2)(e)Verify source
§ 7-27-202(2)(e)(i)Subsection 7-27-202(2)(e)(i)Provision

Source excerpt

the manner, frequency, and amount of each payment; or

the manner, frequency, and amount of each payment; or
Section 7-27-202(2)(e)(i)Verify source
§ 7-27-202(2)(e)(ii)Subsection 7-27-202(2)(e)(ii)Provision

Source excerpt

if the amount of each payment may vary, the manner, frequency, and estimated amount of the initial payment; and

if the amount of each payment may vary, the manner, frequency, and estimated amount of the initial payment; and
Section 7-27-202(2)(e)(ii)Verify source
§ 7-27-202(2)(f)Subsection 7-27-202(2)(f)Provision

Source excerpt

a statement of whether there are any costs or discounts associated with prepayment under the commercial financing transaction, including a reference to the paragraph in the commercial financing transaction agreement that creates each cost

a statement of whether there are any costs or discounts associated with prepayment under the commercial financing transaction, including a reference to the paragraph in the commercial financing transaction agreement that creates each cost or discount.
Section 7-27-202(2)(f)Verify source
§ 7-27-202(3)Subsection 7-27-202(3)Provision

Source excerpt

A commercial financing transaction agreement must include how any variable payment amount is calculated and what circumstances may change it.

The commercial financing transaction agreement shall include a description of the methodology for calculating any variable payment amount and the circumstances that may cause a payment amount to vary.
Section 7-27-202(3)Verify source
§ 7-27-202(4)Subsection 7-27-202(4)Provision

Source excerpt

The provisions of this section apply to a commercial financing transaction consummated on or after January 1, 2023.

The provisions of this section apply to a commercial financing transaction consummated on or after January 1, 2023.
Section 7-27-202(4)Verify source

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