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Financial Institutions Act | |
Title Lending Registration Act | |
Section 102 | Definitions. |
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7-24-102. Definitions. As used in this chapter: (1) "Rollover" means the extension or renewal of the term of a title loan. (2) (a) "Title lender" means a person that extends a title loan. (b) "Title lender" includes a person that: (i) arranges a title loan on behalf of a title lender; (ii) acts as an agent for a title lender; or (iii) assists a title lender in the extension of a title loan. (3) (a) "Title loan" means a loan secured by the title to a: (i) motor vehicle, as defined in Section 41-6a-102; (ii) mobile home, as defined in Section 41-6a-102; or (iii) motorboat, as defined in Section 73-18-2. (b) "Title loan" includes a title loan extended at the same premise on which any of the following are sold: (i) a motor vehicle, as defined in Section 41-6a-102; (ii) a mobile home, as defined in Section 41-6a-102; or (iii) a motorboat, as defined in Section 73-18-2. (c) "Title loan" does not include: (i) a purchase money loan; (ii) a loan made in connection with the sale of a: (A) motor vehicle, as defined in Section 41-6a-102; (B) mobile home, as defined in Section 41-6a-102; or (C) motorboat, as defined in Section 73-18-2; or (iii) a loan extended by an institution listed in Section 7-24-305.
Amended by Chapter 2, 2005 General Session |
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