Search Utah Code
Re Re Search by Keyword or Citation
(1) a name lender shall:
(a) post in a conspicuous location on its premises that may be seen by someone looking for a name loan:
(i) a schedule that is complete of interest or costs charged for a name loan that states the attention and costs:
(A) as buck quantities; and
(B) as yearly portion prices; and
(ii) a cell phone number an individual may phone to create an issue towards the division regarding a name loan;
(b) come right into a written agreement for the name loan containing:
(i) the title of the person receiving the name loan;
(ii) the deal date;
(iii) the total amount of the name loan;
(iv) a statement regarding the amount that is total of 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 name and address associated with the designated representative needed to be supplied the division under Subsection 7-24-201(2 d that is)(; and
(B) a declaration that solution of procedure might be designed to the designated representative;
(c) give you the individual searching for the title loan a copy for the written agreement described in Subsection (1)(b);
(d) ahead of the execution for the name loan:
(i) orally review utilizing the individual looking for the title loan the terms for the name loan including:
(A) the actual quantity of any interest or cost, expressed as:
(we) a buck quantity; and
(II) a annual percentage rate; and
(B) the date upon which the amount that is full of name loan arrives; and
(ii) give you the individual searching for the title loan a copy for the disclosure type used by the division under part 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., and its particular implementing regulations that are federal
(ii) Equal Credit Chance Act, 15 U.S.C. Sec. 1691 , and its particular 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 regulations that are implementing and
(iv) Title 70C, Utah Credit Rating Code.
(2) If a name loan provider stretches a name loan over the internet or other electronic means, the name lender shall:
(a) give you the information described in Subsection (1)(a) to the individual getting the name loan:
(i) in a conspicuous way; and
(ii) ahead of the person stepping into the name loan; and
(b) relating to the disclosure needed under Subsection (2)(a), offer a variety of states where in actuality the name loan provider is registered or authorized to provide name loans through cyberspace or other electronic means.
(3) a name loan provider may well not:
(a) rollover a name loan unless the individual getting the name loan needs a rollover of this name loan;
(b) increase one or more name loan on any car in the past;
(c) increase a name loan that surpasses the reasonable market value associated with car securing the name loan; or
(d) stretch a name loan without regard to the https://titleloansusa.info/payday-loans-oh/ capability 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 name loan provider has met certain requirements of Subsection (3)(d) in the event that individual looking for a name loan supplies the name loan provider with a finalized acknowledgment that:
(a) the individual has supplied the name loan provider with real and information that is correct the individual’s earnings, responsibilities, and work; and
(b) the individual is able to repay the name loan.
FindLaw Codes are offered thanks to Thomson Reuters Westlaw, the industry-leading online appropriate research system.
For lots more step-by-step codes research information, including annotations and citations, please go to Westlaw.
FindLaw Codes may well not mirror the absolute most version that is recent of legislation in your jurisdiction. Please validate the status associated with the code you might be researching aided by the state legislature or via Westlaw before counting on it for the appropriate requirements.