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H.B. 459

             1     

UNFAIR PRACTICES ACT AMENDMENTS

             2     
2007 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Stephen D. Clark

             5     
Senate Sponsor: ____________

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill imposes requirements on a retailer or wholesaler offering a no-interest credit
             10      plan for purchases of a minimum amount.
             11      Highlighted Provisions:
             12          This bill:
             13          .    requires disclosure of a minimum purchase price requirement before a retailer sells
             14      merchandise under a no-interest credit plan; and
             15          .    requires disclosure of any minimum purchase price requirement in any
             16      advertisement of a no-interest credit plan with a minimum purchase price
             17      requirement.
             18      Monies Appropriated in this Bill:
             19          None
             20      Other Special Clauses:
             21          None
             22      Utah Code Sections Affected:
             23      ENACTS:
             24          13-5-7.5, Utah Code Annotated 1953
             25     
             26      Be it enacted by the Legislature of the state of Utah:
             27          Section 1. Section 13-5-7.5 is enacted to read:


             28          13-5-7.5. Restriction on no-interest credit plans.
             29          (1) A retailer or wholesaler may not advertise, offer to sell, or sell any merchandise
             30      under a credit plan that does not provide for the payment of interest if a minimum purchase
             31      price is required to qualify for the plan, unless the retailer or wholesaler discloses:
             32          (a) the minimum purchase price requirement before the sale of the merchandise; and
             33          (b) any interest rate to apply at the conclusion of a period where no interest is required
             34      to be paid.
             35          (2) A retailer or wholesaler who advertises the sale of merchandise under a credit plan
             36      described in Subsection (1) shall disclose in the advertisement:
             37          (a) any minimum purchase price requirement in the advertisement; and
             38          (b) any interest rate to apply at the conclusion of a period where no interest is required
             39      to be paid.
             40          (3) (a) If an advertisement under Subsection (2) is in printed form, the disclosure shall
             41      be:
             42          (i) in plain language;
             43          (ii) in large type of at least 14 font; and
             44          (iii) located adjacent to any statement indicating the availability of a credit plan that
             45      does not provide for the payment of interest.
             46          (b) If an advertisement under Subsection (2) is in any electronic format, the disclosure
             47      shall be:
             48          (i) in plain language; and
             49          (ii) included as part of the advertising copy.




Legislative Review Note
    as of 2-2-07 11:27 AM


Office of Legislative Research and General Counsel


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