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
Terms Used In Utah Code 7-23-402
Deferred deposit lender: means a person that engages in the business of deferred deposit lending. See Utah Code 7-23-102
Deferred deposit loan: means a transaction where:
(a)
a person:
(i)
presents to a deferred deposit lender a check written on that person's account; or
(ii)
provides written or electronic authorization to a deferred deposit lender to effect a debit from that person's account using an electronic payment; and
(b)
the deferred deposit lender:
(i)
provides the person described in Subsection (7)(a) an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction; and
(ii)
agrees not to cash the check or process the debit until a specific date. See Utah Code 7-23-102
Electronic payment: includes a payment made through:
