Financial Institutions Act
Check Cashing and Deferred Deposit Lending Registration Act
Section 402
Electronic disbursement and collections.
     7-23-402.   Electronic disbursement and collections.
     If a deferred deposit lender collects payment on a deferred deposit loan through an electronic payment, the deferred deposit lender shall, on the day the loan is executed:
     (1) credit the amount of the deferred deposit loan through an electronic payment to the person receiving the deferred deposit loan; or
     (2) make the amount of the deferred deposit loan immediately available to the person receiving the deferred deposit loan.

Renumbered and Amended by Chapter 96, 2008 General Session
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