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 conspicuous location on its premises that may be seen by an individual 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 charges:

(A) as buck quantities; and

(B) as yearly percentage rates; and

(ii) a cell phone number a individual may phone to produce a problem to your division regarding a name loan;

(b) come right into a written contract when it comes to name loan containing:

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

(ii) the deal date;

(iii) the quantity of the name loan;

(iv) a statement associated with total number of any interest or costs that could be charged for the name loan, expressed as:

(A) a buck quantity; and

(B) a apr; and

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

(B) a declaration that solution of procedure are built to the designated representative;

(c) supply the individual looking for the title loan a copy regarding the written agreement described in Subsection (1)(b);

(d) before the execution of this name loan:

(i) orally review utilizing the individual looking for the online personal loans in minnesota title loan the terms of this name loan including:

(A) the total amount of any rate of interest or charge, expressed as:

(we) a buck quantity; and

(II) a apr; and

(B) the date by that the amount that is full of name loan is born; and

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

( ag ag e) adhere to listed here such as impact on the date the name loan is extended:

(i) Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., as well as its implementing regulations that are federal

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

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