7-27-102. Application. The provisions of this chapter do not apply to:
(1)
a provider that is a depository institution;
Terms Used In Utah Code 7-27-102
Commercial financing transaction: means a business purpose transaction:
(a)
under which a person extends a business a commercial loan or a commercial open-end credit plan; or
(b)
that is an accounts receivable purchase transaction. See Utah Code 7-27-101
Commercial loan: means a loan to a business, regardless of whether the loan is secured. See Utah Code 7-27-101
Commercial open-end credit plan: means commercial financing extended to a business on terms under which:
(a)
the creditor reasonably contemplates repeat transactions; and
(b)
subject to any limit set by the creditor, the amount of financing that the creditor may extend to the business during the term of the plan is made available to the extent that any outstanding balance is repaid. See Utah Code 7-27-101
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(a)
holds or receives deposits, savings, or share accounts;
(b)
issues certificates of deposit; or
(c)
provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
Provider: includes a person who, under a written agreement with a depository institution, offers one or more commercial financing products provided by the depository institution via an online platform that the person administers. See Utah Code 7-27-101
State: means , unless the context demands otherwise:
