Skip to main content
Find a Lawyer

Utah Code Title 7. Financial Institutions Act § 7-27-202. Disclosures for commercial financing transactions

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

(1) 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.

(2) A provider shall disclose the following information in connection with each commercial financing transaction:

(a) the total amount of funds provided to the business under the terms of the commercial financing transaction;

(b) 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);

(c) the total amount to be paid to the provider under the terms of the commercial financing transaction;

(d) the total dollar cost of the commercial financing transaction, calculated by finding the difference between:

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

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

(e)(i) the manner, frequency, and amount of each payment; or

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

(f) 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.

(3) 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.

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

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-27-202. Disclosures for commercial financing transactions - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-27-202/

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 before relying on it for your legal needs.

Was this helpful?

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)

Copied to clipboard