Utah Code Title 7. Banking Institutions Act В§ 7-24-202. Operational demands for name loans

Re Search Utah Code

Re Re Search by Keyword or Citation

(1) a name lender shall:

(a) post in a conspicuous location on its premises which can be seen by an individual searching for a name loan:

(i) a schedule that is complete of interest or charges charged for a name loan that states the attention and charges:

(A) as buck quantities; and

(B) as yearly portion prices; and

(ii) a phone number a individual may phone in order to make a problem into the division regarding a name loan;

(b) get into a written agreement for the name loan containing:

(i) the title of the individual getting the title loan;

(ii) the deal date;

(iii) the amount of the name loan;

(iv) a statement of this total quantity of any interest or costs which may be charged for the name loan, expressed as:

(A) a buck quantity; and

(B) a percentage that is annual; and

(v)(A) the title and target regarding the designated agent needed to be supplied the division under Subsection 7-24-201(2 d that is)(; and

(B) a declaration that solution of procedure could be built to the designated representative;

(c) give you the individual searching for the title loan a copy regarding the written agreement described in Subsection (1)(b);

(d) ahead of the execution of this name loan:

(i) orally review because of the individual searching for the title loan the terms regarding the name loan including:

(A) the actual quantity of any rate of interest or fee, expressed as:

(we) a buck quantity; and

(II) a apr; and

(B) the date by that the amount that is full of name loan flow from; and

(ii) give you the individual searching for the title loan a copy regarding the disclosure type used by the division under area 7-24-203 ; and

( ag e) conform to the next like in impact on the date the name loan is extended:

(i) Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., as well as its implementing federal laws;

(ii) Equal Credit Chance Act, 15 U.S.C. Sec. 1691 , as well as its implementing regulations that are federal

(iii) 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 , as well as its implementing laws; and

(iv) Title 70C, Utah Credit Rating Code.

(2) If a name loan provider expands a name loan through the online world or any other electronic means, the name lender shall:

(a) give you the information described in Subsection (1)(a) in to the individual getting the name loan:

(i) in a conspicuous way; and

(ii) before the person stepping into the name loan; and

(b) relating to the disclosure needed under Subsection (2)(a), offer a range of states where in actuality the name loan provider is registered or authorized to provide name loans over the internet or other electronic means.

(3) a name loan provider might not:

(a) rollover a name loan unless anyone getting the name loan needs a rollover of this name loan;

(b) stretch one or more name loan on any car at once;

(c) increase a name loan that surpasses the reasonable market value of this car securing the name loan; or

(d) stretch a name loan without respect to the power of the individual looking for the name loan to settle the name loan, like the man or woman’s:

(i) current and expected earnings;

(ii) present responsibilities; and

(4) a title loan provider has met certain requirements of Subsection (3 d that is)( in the event that individual looking for a title loan supplies the name loan provider with a finalized acknowledgment that:

(a) the individual has supplied the name loan provider with real and proper information concerning the individuals online payday WI earnings, responsibilities, and work; and

(b) the individual has the capacity to repay the name loan.

FindLaw Codes are offered due to Thomson Reuters Westlaw, the industry-leading online research system that is legal.

To get more step-by-step codes research information, including annotations and citations, please go to Westlaw.

FindLaw Codes might not mirror the absolute most version that is recent of legislation in your jurisdiction. Please confirm the status regarding the rule you will be researching aided by the state legislature or via Westlaw before counting on it for the appropriate requirements.