Utah Code 7-24-203. Disclosure form for title loans

(1)	In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department shall adopt a disclosure form for title loans that complies with this section.

Department: means the Department of Financial Institutions. See Utah Code 7-1-103
Person: means :

(a)	an individual;

(b)	a corporation;

(c)	a limited liability company;

(d)	a partnership;

(e)

a trust;

(f)	an association;

(g)	a joint venture;

(h)

a pool;

(i)	a syndicate;

(j)	a sole proprietorship;

(k)	an unincorporated organization; or

(l)

any form of business entity. See Utah Code 7-1-103

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. See Utah Code 7-24-102

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. See Utah Code 7-24-102

(2)

The department shall specify by rule:

(a)

the information to be provided in the disclosure form including:

(i)	the costs of obtaining a title loan;

(ii)	the consequences of defaulting on a title loan;

(iii)

generally available alternatives to a title loan; and

(iv)	methods of obtaining credit counseling or other financial advice;

(b)	the type size of the disclosure form; and

(c)	the manner in which a title lender shall conspicuously provide the disclosure form to a person seeking a title loan.

Amended by Chapter 382, 2008 General Session