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Financial Institutions Act | |
Check Cashing and Deferred Deposit Lending Registration Act | |
Section 402 | Electronic disbursement and collections. |
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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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