H.B. 234

1

CREDIT REPORTING AMENDMENTS
2 2012 GENERAL SESSION
3 STATE OF UTAH
4 Chief Sponsor: Jim Nielson
5 Senate Sponsor: ____________
6
7 LONG TITLE
8 General Description:
9 This bill enacts a requirement for certain lenders to report to a credit reporting agency.
10 Highlighted Provisions:
11 This bill:
12 . requires in-house lenders to report payment histories of borrowers to a nationally
13 recognized consumer credit reporting agency; and
14 . defines terms, including in-house lender.
15 Money Appropriated in this Bill:
16 None
17 Other Special Clauses:
18 None
19 Utah Code Sections Affected:
20 ENACTS:
21 15-11-101, Utah Code Annotated 1953
22 15-11-102, Utah Code Annotated 1953
23 15-11-201, Utah Code Annotated 1953
24
25 Be it enacted by the Legislature of the state of Utah:
26 Section 1. Section 15-11-101 is enacted to read:
27 CHAPTER 11. IN-HOUSE LENDER REPORTING ACT

28 Part 1. General Provisions
29 15-11-101. Title.
30 This chapter is known as the "In-House Lender Reporting Act."
31 Section 2. Section 15-11-102 is enacted to read:
32 15-11-102. Definitions.
33 As used in this chapter:
34 (1) "In-house lender" means a person engaged in the business of retail sales of goods or
35 services who alone and without an outside third party provides financing for customers to use
36 in purchasing goods or services that the person offers for sale.
37 (2) "In-house loan" means a loan or other financing that an in-house lender provides to
38 a customer to allow the customer to purchase a good or service that the in-house lender sells.
39 Section 3. Section 15-11-201 is enacted to read:
40 Part 2. Reporting Requirements
41 15-11-201. Required quarterly report to national credit reporting agency.
42 (1) As provided in Subsection (2), an in-house lender shall report to a nationally
43 recognized consumer credit reporting agency the payment history of a borrower under an
44 in-house loan.
45 (2) An in-house lender shall report as required in Subsection (1) at least quarterly
46 during the period that the in-house lender holds or services the in-house loan.




Legislative Review Note
as of 1-30-12 11:52 AM

Office of Legislative Research and General Counsel