Skip to main content
Find a Lawyer

Utah Code Title 13. Commerce and Trade § 13-21-2. Definitions--Exemptions

Current as of May 05, 2022 | Updated by FindLaw Staff

As used in this chapter:

(1) “Buyer” means an individual who is solicited to purchase or who purchases the services of a credit services organization.

(2) “Credit reporting agency” means a person who, for a monetary fee, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third persons.

(3)(a) “Credit services organization” means a person who represents that the person or an employee is a debt professional or credit counselor, or, with respect to the extension of credit by others, sells, provides, or performs, or represents that the person can or will sell, provide, or perform, in return for the payment of money or other valuable consideration any of the following services:

(i) improving a buyer's credit record, history, or rating;

(ii) providing advice, assistance, instruction, or instructional materials to a buyer with regard to Subsection (3)(a)(i);  or

(iii) debt reduction or debt management plans.

(b) “Credit services organization” does not include:

(i) a person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States and who derives at least 35% of the person's income from making loans and extensions of credit;

(ii) a depository institution:

(A) as defined in Section 7-1-103;  or

(B) that is regulated or supervised by the Federal Deposit Insurance Corporation or the National Credit Union Administration;

(iii) a person licensed as a principal broker under Title 61, Chapter 2f, Real Estate Licensing and Practices Act, if the person is acting within the course and scope of that license;

(iv) a person licensed to practice law in this state if:

(A) the person renders the services described in Subsection (3)(a) within the course and scope of the person's practice as an attorney;  and

(B) the services described in Subsection (3)(a) are incidental to the person's practice as an attorney;

(v) a broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission if the broker-dealer is acting within the course and scope of that regulation;

(vi) a credit reporting agency if the services described in Subsection (3)(a) are incidental to the credit reporting agency's services;  or

(vii) a person who provides debt-management services and is required to be registered under Title 13, Chapter 42, Uniform Debt-Management Services Act.

(4) “Extension of credit” means the right to defer payment of debt or to incur debt and defer its payment, offered or granted primarily for personal, family, or household purposes.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Utah Code Title 13. Commerce and Trade § 13-21-2. Definitions--Exemptions - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-13-commerce-and-trade/ut-code-sect-13-21-2/

Read this complete Utah Code Title 13. Commerce and Trade § 13-21-2. Definitions--Exemptions on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Search all Utah Codes

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About the Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to find an attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

    More Options
    Copied to clipboard