<< Previous Section (7-23-104.1) Next Section (7-23-301) >>
Utah Code
Title 7
Financial Institutions Act
Chapter 23
Check Cashing and Deferred Deposit Lending Registration Act
Section 201
Registration -- Rulemaking.
     7-23-201.   Registration -- Rulemaking.
     (1) (a) It is unlawful for a person to engage in the business of cashing checks or the business of deferred deposit lending in Utah or with a Utah resident unless the person:
     (i) registers with the department in accordance with this chapter; and
     (ii) maintains a valid registration.
     (b) It is unlawful for a person to operate a mobile facility in this state to engage in the business of:
     (i) cashing checks; or
     (ii) deferred deposit lending.
     (2) (a) A registration and a renewal of a registration expires on April 30 of each year unless on or before that date the person renews the registration.
     (b) To register under this section, a person shall:
     (i) pay an original registration fee established under Subsection 7-1-401(8); and
     (ii) submit a registration statement containing the information described in Subsection (2)(d).
     (c) To renew a registration under this section, a person shall:
     (i) pay the annual fee established under Subsection 7-1-401(5);
     (ii) submit a renewal statement containing the information described in Subsection (2)(d); and
     (iii) if the person engages in the business of deferred deposit lending, submit an operations statement containing the information described in Subsection (2)(e).
     (d) A registration or renewal statement shall state:
     (i) the name of the person;
     (ii) the name in which the business will be transacted if different from that required in Subsection (2)(d)(i);
     (iii) the address of the person's principal business office, which may be outside this state;
     (iv) the addresses of all offices in this state at which the person conducts the business of:
     (A) cashing checks; or
     (B) deferred deposit lending;
     (v) if the person conducts the business of cashing checks or the business of deferred deposit lending in this state but does not maintain an office in this state, a brief description of the manner in which the business is conducted;
     (vi) the name and address in this state of a designated agent upon whom service of process may be made;
     (vii) disclosure of any injunction, judgment, administrative order, or conviction of any crime involving moral turpitude with respect to that person or any officer, director, manager, operator, or principal of that person; and
     (viii) any other information required by the rules of the department.
     (e) An operations statement required for a deferred deposit lender to renew a registration shall state for the immediately preceding calendar year:
     (i) the average deferred deposit loan amount that the deferred deposit lender extended;
     (ii) the average number of days a deferred deposit loan is extended by the deferred deposit lender before the deferred deposit loan is paid in full;
     (iii) of the deferred deposit loans that are paid in full 10 weeks or sooner after the day on which the deferred deposit loan is executed, the average number of days a deferred deposit loan

is extended by the deferred deposit lender before the deferred deposit loan is paid in full;
     (iv) the minimum and maximum amount of interest or fees charged by the deferred deposit lender for a deferred deposit loan:
     (A) of $100; and
     (B) extended for one week;
     (v) the total number of deferred deposit loans rescinded by the deferred deposit lender at the request of the customer pursuant to Subsection 7-23-401(3)(b);
     (vi) the percentage of deferred deposit loans extended by the deferred deposit lender that are not paid in full by 10 weeks after the day on which the deferred deposit loan is executed; and
     (vii) of the persons to whom the deferred deposit lender extended a deferred deposit loan, the percentage that entered into an extended payment plan under Section 7-23-403.
     (3) Information provided by a deferred deposit lender under Subsection (2)(e) is:
     (a) confidential in accordance with Section 7-1-802; and
     (b) not subject to Title 63G, Chapter 2, Government Records Access and Management Act.
     (4) (a) The commissioner may impose an administrative fine determined under Subsection (4)(b) on a person if:
     (i) the person is required to be registered under this chapter;
     (ii) the person fails to register or renew a registration in accordance with this chapter;
     (iii) the department notifies the person that the person is in violation of this chapter for failure to be registered; and
     (iv) the person fails to register within 30 days after the day on which the person receives the notice described in Subsection (4)(a)(iii).
     (b) Subject to Subsection (4)(c), the administrative fine imposed under this section is:
     (i) $500 if the person:
     (A) has no office in this state at which the person conducts the business of:
     (I) cashing checks; or
     (II) deferred deposit lending; or
     (B) has one office in this state at which the person conducts the business of:
     (I) cashing checks; or
     (II) deferred deposit lending; or
     (ii) if the person has two or more offices in this state at which the person conducts the business of cashing checks or the business of deferred deposit lending, $500 for each office at which the person conducts the business of:
     (A) cashing checks; or
     (B) deferred deposit lending.
     (c) The commissioner may reduce or waive a fine imposed under this Subsection (4) if the person shows good cause.
     (5) If the information in a registration, renewal, or operations statement required under Subsection (2) becomes inaccurate after filing, a person is not required to notify the department until:
     (a) that person is required to renew the registration; or
     (b) the department specifically requests earlier notification.
     (6) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department may make rules consistent with this section providing for:

     (a) the form, content, and filing of a registration and renewal statement described in Subsection (2)(d); and
     (b) the form and filing of an operations statement described in Subsection (2)(e).

Amended by Chapter 102, 2010 General Session
Download Code Section Zipped WordPerfect 07_23_020100.ZIP 4,547 Bytes

<< Previous Section (7-23-104.1) Next Section (7-23-301) >>