Utah Code Title 7. Banking Institutions Act В§ 7-24-202. Operational demands for name loans

Utah Code Title 7. Banking Institutions Act В§ 7-24-202. Operational demands for name loans

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(1) a name lender shall:

(a) post in a location that is conspicuous its premises which can be seen by someone looking for a name loan:

(i) a total routine of every interest or costs charged for the name loan that states the attention and charges:

(A) as buck quantities; and

(B) as yearly portion prices; and

(ii) a cell phone number an individual may phone which will make a grievance into the division regarding a name loan;

(b) get into a written agreement for the name loan containing:

(i) the title of the individual getting the name loan;

(ii) the deal date;

(iii) the total amount of the title loan;

(iv) a statement regarding the amount that is total of interest or costs that could be charged when it comes to name loan, expressed as:

(A) a buck quantity; and

(B) a annual percentage rate; and

(v)(A) the title and target of this designated representative needed to be supplied the department under Subsection 7-24-201(2 d that is)(; and

(B) a declaration that solution of procedure might be meant to the designated representative;

(c) offer the individual searching for the title loan a copy for the written agreement described in Subsection (1)(b);

(d) ahead of the execution associated with the name loan:

(i) orally review using the individual looking for the title loan the terms regarding the name loan including:

(A) the quantity of any interest or cost, expressed as:

(we) a buck quantity; and

(II) a apr; and

(B) the date by that your complete number of the name loan flow from; and

(ii) offer the individual searching for the title loan a copy associated with the disclosure type used by the division under part 7-24-203 ; and

( ag ag e) conform to the following 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 federal laws;

(ii) Equal Credit Chance Act, 15 U.S.C. Sec. 1691 , and its particular 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 , as well as its regulations that are implementing and

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

(2) If a name loan provider runs a payday loans South Carolina name loan over the internet or any other electronic means, the name lender shall:

(a) provide the information described in Subsection (1)(a) in to the individual getting the name loan:

(i) in a manner that is conspicuous and

(ii) before the person stepping into the name loan; and

(b) associated with the disclosure needed under Subsection (2)(a), offer a range of states where in actuality the name loan provider is registered or authorized to supply name loans over the internet or any other means that are electronic.

(3) a name loan provider might not:

(a) rollover a name loan unless the individual getting the name loan demands a rollover for the name loan;

(b) increase one or more name loan on any car at some point;

(c) stretch a name loan that surpasses the reasonable market value of this car securing the name loan; or

(d) extend a name loan without reference to the power of the individual looking for the name loan to settle the name loan, such as the man or woman’s:

(i) current and income that is expected

(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 signed acknowledgment that:

(a) the individual has furnished the name loan provider with real and proper information concerning the individual’s earnings, responsibilities, and employment; and

(b) the individual is able to repay the name loan.

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