Title 7, Title 7: Financial Institutions Act

7-24-102. Definitions. As used in this chapter: (1) "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U.S.C. Sec. 5101 for federal licensing of mortgage loan originators. (2) "Rollover" means the extension or renewal of the ter…

7-24-201. Registration -- Rulemaking. (1) It is unlawful for a person to extend a title loan in Utah or with a Utah resident unless the person: registers with the department in accordance with this chapter; and maintains a valid registration. It is unlawful for a person to operat…

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…

7-24-203. Disclosure form for title loans. (1) In accordance with, the department shall adopt a disclosure form for title loans that complies with this section. Title 63G, Chapter 3, Utah Administrative Rulemaking Act (2) The department shall specify by rule: the information to b…

7-24-204. Remedy for default. Except in the event of fraud by a borrower, if a borrower defaults on a title loan: (1) the title lender's sole remedy is to seek repossession and sale of the property securing the title loan; (2) the title lender may not pursue the borrower personal…

7-24-301. Enforcement by department -- Rulemaking. (1) Subject to the requirements of, the department may: Title 63G, Chapter 4, Administrative Procedures Act receive and act on complaints; take action designed to obtain voluntary compliance with this chapter; or commence adminis…

7-24-302. Examination of books, accounts, and records by the department. (1) The department may examine the books, accounts, and records of a title lender and may make investigations to determine compliance with this chapter. (2) In accordance with Section, a title lender shall p…

7-24-303. Penalties. (1) A person who violates this chapter or who files materially false information with a registration or renewal under Sectionis: 7-24-201 guilty of a class B misdemeanor except for a violation of: Subsection,, or; or 7-24-202(1)(e)(i) (ii) (iii) rules made un…

7-24-304. Civil liability. Nothing in this chapter is intended to limit any civil liability that may exist against a title lender for: (1) breach of contract; (2) violation of federal law; or (3) other unlawful act.

7-24-305. Exemptions. The following are not subject to the requirements of this chapter: (1) a depository institution; (2) a depository institution holding company; or (3) an institution directly or indirectly owned or controlled by one or more: depository institutions; or deposi…

7-25-101. Title. This chapter is known as the "Money Transmitter Act."

7-25-102. Definitions. As used in this chapter: (1) "Applicant" means a person filing an application for a license under this chapter. (2) "Authorized agent" means a person designated by the licensee under this chapter to sell or issue payment instruments or engage in the busines…

7-25-103. Rules. The commissioner may make a rule authorized by this chapter in accordance with, including to: (1) restrict or prohibit practices that are misleading, unfair, or abusive; (2) promote or assure fair and full disclosure of the terms and conditions of agreements and …

7-25-201. Licensing required. (1) Unless exempt under Section, a person may not engage in the business of money transmission without a license. 7-25-202 (2) A licensee may conduct its business in this state at one or more locations, directly or indirectly owned, or through one or…

7-25-202. Exemptions. This chapter does not apply to: (1) the United States or a department or agency of the United States; (2) the state or a political subdivision of the state; or (3) a depository institution or a trust company organized under the laws of a state or the United …

7-25-203. License qualifications. (1) An applicant for a license shall: demonstrate, and a licensee shall maintain, a net worth of not less than $1,000,000 as demonstrated by a financial statement for the most recent fiscal year that is prepared and certified by an independent au…

7-25-204. License application -- Bond. (1) To apply for a license under this chapter, a person shall: submit an application in writing; pay the original license fee required by Section; and 7-1-401 submit a surety bond in accordance with Subsection. (3) (2) An application shall c…

7-25-205. Issuance of license. (1) Upon the filing of a complete application, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The commissioner may conduct an on-site…

7-25-206. Renewal of license. (1) A license issued or renewed pursuant to this chapter expires on December 31. A licensee may renew the license through the nationwide database for the ensuing 12-month period upon application by the license holder showing continued compliance with…

7-25-301. Reporting requirements. (1) Within 15 days of the occurrence of an event listed in this Subsection, a licensee shall file a written report with the commissioner describing the event and its expected impact on the licensee's activities in the state: (1) the filing for ba…

7-25-302. Changes in control of a licensee. (1) A change in control of a licensee shall require prior notice to the commissioner. In the case of a publicly traded corporation, notification shall be made in writing within 15 days of a change or acquisition of control of a licensee…

7-25-303. Authorized agent contracts. A licensee desiring to conduct licensed activities through authorized agents shall authorize each authorized agent to operate pursuant to an express written contract, which shall, at a minimum, provide the following: (1) that the licensee app…

7-25-304. Authorized agent conduct. (1) An authorized agent may not make a fraudulent or false statement or misrepresentation to a licensee or to the commissioner. (2) A money transmission, sale, or issuance of payment instrument activity conducted by an authorized agent shall be…

7-25-305. Instrument to bear name of licensee. A payment instrument issued by a licensee for sale in Utah, or which is sold in Utah, shall state on its face the name of the licensee issuer.

7-25-401. Examinations. (1) The commissioner may conduct periodic on-site examinations of a licensee. The commissioner may examine a licensee's authorized or apparent agents. At the commissioner's discretion, written notice of the examination may be provided to the licensee or an…

7-25-402. Confidentiality of information. (1) Information obtained by the commissioner under this chapter is confidential in accordance with Section. 7-1-802 (2) Subsectiondoes not prohibit the commissioner from releasing to the public a list of persons licensed under this chapte…

7-25-403. Termination or suspension of authorized agent activity. (1) The commissioner may issue an order suspending or barring an authorized agent from continuing to be or becoming an authorized agent of a licensee during the period for which the order is in effect, if subject t…

7-25-404. Licensee liability. A licensee's responsibility to a person who purchases a payment instrument or money transmission transaction from a licensee or a licensee's authorized agent is limited to the face amount of the payment instrument or money transmission transaction pu…

7-25-405. Criminal and civil penalties. (1) A person who violates this chapter or who files materially false information with a license application or renewal under this chapter is: guilty of a class B misdemeanor; and subject to revocation of the person's license under this chap…

7-25-406. Consent orders -- Emergency order. (1) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and…

7-25-407. Required deposits. If the commissioner finds any reasonable cause to believe that a licensee is in an unsafe or unsound condition or is unwilling or unable to pay its payment instruments when they come due, it may require the licensee to deposit funds in a financial ins…

7-26-101. Title. This chapter is known as the "Financial Exploitation Prevention Act."

7-26-102. Definitions. As used in this chapter: (1) "Adult Protective Services" means the same as that term is defined in Section. 26B-6-201 (2) "Covered financial institution" means any of the following that operate in the state: a state or federally chartered: bank; savings and…

7-26-201. Permitted delay of wire transfers. (1) This section applies to a wire transfer that transfers money from a consumer account at a covered financial institution. (2) If a qualified individual reasonably believes that executing a requested wire transfer will result in fina…

7-26-202. Office of the Attorney General website. The Office of the Attorney General shall post on the Office of the Attorney General's website up-to-date information regarding financial scams, including: (1) the most prominent and common characteristics of financial scams; (2) c…

7-26-301. Delay of a transaction involving a vulnerable adult. (1) A covered financial institution may delay a transaction involving a vulnerable adult, if: a qualified individual reasonably believes that executing the requested transaction will result in financial exploitation o…

7-26-302. Permitted notifications. (1) A covered financial institution may notify a law enforcement agency or Adult Protective Services if a qualified individual believes that the financial exploitation of a vulnerable adult is occurring, has or may have occurred, is being attemp…

7-26-401. Immunity. (1) A covered financial institution or a director, officer, employee, attorney, accountant, agent, or other representative of the covered financial institution: has no duty to act under this chapter to protect a vulnerable adult from financial exploitation by …

7-27-101. Definitions. As used in this chapter: (1) "Accounts receivable purchase transaction" means a transaction in which a business forwards or otherwise sells to a person all or a portion of the business's accounts, as defined in Section, or payment intangibles, as defined in…

7-27-102. Application. The provisions of this chapter do not apply to: (1) a provider that is a depository institution; (2) a provider that is: a subsidiary of a depository institution; or a service corporation for a depository institution; and regulated by a federal banking agen…

7-27-201. Registration requirements -- Rulemaking. (1) Beginning January 1, 2023, it is unlawful for a person to engage in a commercial financing transaction as a provider in Utah or with a Utah resident, unless the person: registers with the department in accordance with this ch…

7-27-202. Disclosures for commercial financing transactions. (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 …

7-27-301. Penalties. (1) Subject to the requirements of, the department may: Title 63G, Chapter 4, Administrative Procedures Act receive and act on complaints; take action designed to obtain voluntary compliance with this chapter; or commence administrative or judicial proceeding…

7-28-101. Definitions. As used in this chapter: (1) "Account agreement" means an agreement that: is in a record between a bank and one or more depositors; may have one or more beneficiaries as additional parties; and states the intention of the parties to establish a special depo…

7-28-102. Scope -- Choice of law -- Forum. (1) This chapter applies to a special deposit under an account agreement that states the intention of the parties to establish a special deposit governed by this chapter, regardless of whether a party to the account agreement or a transa…

7-28-103. Variation by agreement or amendment. (1) The effect of Sectionsthrough, Sectionsthrough, and Sectionmay not be varied by agreement, except as provided in those sections. 7-28-101 7-28-105 7-28-107 7-28-110 7-28-113 Subject to Subsection, the effect of Sections,, andmay …