7-24-202. Operational requirements for title loans.
(1) A title lender shall: post in a conspicuous location on its premises that can be viewed by a person seeking a title loan: a complete schedule of any interest or fees charged for a title loan that states the interest and fees: as dollar amounts; and as annual percentage rates; and a telephone number a person may call to make a complaint to the department regarding a title loan; enter into a written contract for the title loan containing: the name of the person receiving the title loan; the transaction date; the amount of the title loan; a statement of the total amount of any interest or fees that may be charged for the title loan, expressed as: a dollar amount; and an annual percentage rate; and the name and address of the designated agent required to be provided the department under Subsection; and 7-24-201(2)(d)(vi) a statement that service of process may be made to the designated agent; provide the person seeking the title loan a copy of the written contract described in Subsection; (1)(b) prior to the execution of the title loan: orally review with the person seeking the title loan the terms of the title loan including: the amount of any interest rate or fee, expressed as: a dollar amount; and an annual percentage rate; and the date on which the full amount of the title loan is due; and provide the person seeking the title loan a copy of the disclosure form adopted by the department under Section; and 7-24-203 comply with the following as in effect on the date the title loan is extended: Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., and its implementing federal regulations; Equal Credit Opportunity Act, 15 U.S.C. Sec. 1691, and its implementing federal regulations; 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. 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: provide the information described in Subsectionto the person receiving the title loan: (1)(a) in a conspicuous manner; and prior to the person entering into the title loan; and in connection with the disclosure required under Subsection, provide a list of states where the title lender is registered or authorized to offer title loans through the Internet or other electronic means. (2)(a)
(3) A title lender may not: rollover a title loan unless the person receiving the title loan requests a rollover of the title loan; extend more than one title loan on any vehicle at one time; extend a title loan that exceeds the fair market value of the vehicle securing the title loan; or 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: current and expected income; current obligations; and employment.
(4) A title lender has met the requirements of Subsectionif the person seeking a title loan provides the title lender with a signed acknowledgment that: (3)(d) the person has provided the title lender with true and correct information concerning the person's income, obligations, and employment; and the person has the ability to repay the title loan.