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Utah Code Title 7. Financial Institutions Act § 7-27-102. Application

Current as of January 01, 2025 | Updated by Findlaw Staff

The provisions of this chapter do not apply to:

(1) a provider that is a depository institution;

(2) a provider that is:

(a)(i) a subsidiary of a depository institution; or

(ii) a service corporation for a depository institution; and

(b) regulated by a federal banking agency;

(3) a provider that is regulated under the federal Farm Credit Act 12 U.S.C. Sec. 2001 et seq.;

(4) a provider that is licensed as a money transmitter in accordance with Chapter 25, Money Transmitter Act;

(5) a provider that consummates five or fewer commercial financing products in the state during any 12 month period;

(6) a commercial financing transaction secured by real property;

(7) a commercial financing transaction that is a lease as defined in Section 70A-2a-103;

(8) a commercial financing transaction that is a purchase-money obligation as defined in Section 70A-9a-103;

(9) a commercial financing transaction that:

(a) involves a commercial loan or a commercial open-end credit plan;

(b) is $50,000 or more; and

(c) extends the commercial loan or the commercial open-end credit plan to:

(i) a motor vehicle dealer or the motor vehicle dealer's affiliate; or

(ii) a motor vehicle rental company as defined in Section 13-48-103 or the motor vehicle rental company's affiliate;

(10) a commercial financing transaction offered by a person in connection with the sale of a product or service that:

(a) the person manufactures, licenses, or distributes; or

(b) the person's parent company or the person's owned and controlled subsidiary manufactures, licenses, or distributes; or

(11) a commercial financing transaction of more than $1,000,000.

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Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-27-102. Application - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-27-102/

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