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Utah Code Title 7. Financial Institutions Act § 7-24-202. Operational requirements for title loans

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

(1) A title lender shall:

(a) post in a conspicuous location on its premises that can be viewed by a person seeking a title loan:

(i) a complete schedule of any interest or fees charged for a title loan that states the interest and fees:

(A) as dollar amounts;  and

(B) as annual percentage rates;  and

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

(b) enter into a written contract for the title loan containing:

(i) the name of the person receiving the title loan;

(ii) the transaction date;

(iii) the amount of the title loan;

(iv) a statement of the total amount of any interest or fees that may be charged for the title loan, expressed as:

(A) a dollar amount;  and

(B) an annual percentage rate;  and

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

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

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

(d) prior to the execution of the title loan:

(i) orally review with the person seeking the title loan the terms of the title loan including:

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

(I) a dollar amount;  and

(II) an annual percentage rate;  and

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

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

(e) comply with the following as in effect on the date the title loan is extended:

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

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

(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, and its implementing regulations;  and

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

(2) If a title lender extends a title loan through the Internet or other electronic means, the title lender shall:

(a) provide the information described in Subsection (1)(a) to the person receiving the title loan:

(i) in a conspicuous manner;  and

(ii) prior to the person entering into the title loan;  and

(b) 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.

(3) A title lender may not:

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

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

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

(d) 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:

(i) current and expected income;

(ii) current obligations;  and

(iii) employment.

(4) 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:

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

(b) the person has the ability to repay the title loan.

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Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-24-202. Operational requirements for title loans - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-24-202/

Read this complete Utah Code Title 7. Financial Institutions Act § 7-24-202. Operational requirements for title loans on Westlaw

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