{"data":{"id":"us-ut/utah-code-7-24-202","jurisdiction":"us-ut","citation":"Utah Code § 7-24-202","heading":"Operational requirements for title loans.","body":"(1) A title lender shall:\n(a) post in a conspicuous location on its premises that can be viewed by a person seeking a title loan:\n(i) a complete schedule of any interest or fees charged for a title loan that states the interest and fees:\n(A) as dollar amounts; and\n(B) as annual percentage rates; and\n(ii) a telephone number a person may call to make a complaint to the department regarding a title loan;\n(b) enter into a written contract for the title loan containing:\n(i) the name of the person receiving the title loan;\n(ii) the transaction date;\n(iii) the amount of the title loan;\n(iv) a statement of the total amount of any interest or fees that may be charged for the title loan, expressed as:\n(A) a dollar amount; and\n(B) an annual percentage rate; and\n(v)\n(A) the name and address of the designated agent required to be provided the department under Subsection 7-24-201(2)(d)(vi); and\n(B) a statement that service of process may be made to the designated agent;\n(c) provide the person seeking the title loan a copy of the written contract described in Subsection (1)(b);\n(d) prior to the execution of the title loan:\n(i) orally review with the person seeking the title loan the terms of the title loan including:\n(A) the amount of any interest rate or fee, expressed as:\n(I) a dollar amount; and\n(II) an annual percentage rate; and\n(B) the date on which the full amount of the title loan is due; and\n(ii) provide the person seeking the title loan a copy of the disclosure form adopted by the department under Section 7-24-203; and\n(e) comply with the following as in effect on the date the title loan is extended:\n(i) Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., and its implementing federal regulations;\n(ii) Equal Credit Opportunity Act, 15 U.S.C. Sec. 1691, and its implementing federal regulations;\n(iii) Bank Secrecy Act, 12 U.S.C. Sec. 1829b, 12 U.S.C. Sec. 1951 through 1959, and 31 U.S.C. Sec. 5311 through 5332, and its implementing regulations; and\n(iv) Title 70C, Utah Consumer Credit Code.\n(2) If a title lender extends a title loan through the Internet or other electronic means, the title lender shall:\n(a) provide the information described in Subsection (1)(a) to the person receiving the title loan:\n(i) in a conspicuous manner; and\n(ii) prior to the person entering into the title loan; and\n(b) in connection with the disclosure required under Subsection (2)(a), provide a list of states where the title lender is registered or authorized to offer title loans through the Internet or other electronic means.\n(3) A title lender may not:\n(a) rollover a title loan unless the person receiving the title loan requests a rollover of the title loan;\n(b) extend more than one title loan on any vehicle at one time;\n(c) extend a title loan that exceeds the fair market value of the vehicle securing the title loan; or\n(d) extend a title loan without regard to the ability of the person seeking the title loan to repay the title loan, including the person's:\n(i) current and expected income;\n(ii) current obligations; and\n(iii) employment.\n(4) A title lender has met the requirements of Subsection (3)(d) if the person seeking a title loan provides the title lender with a signed acknowledgment that:\n(a) the person has provided the title lender with true and correct information concerning the person's income, obligations, and employment; and\n(b) the person has the ability to repay the title loan.","path":["Title 7 Financial Institutions Act","Chapter 7-24 Title Lending Registration Act","Part 7-24-2 Requirements"],"source_url":"https://le.utah.gov/xcode/Title7/Chapter24/7-24-S202.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"bf0a8d9f0a9c9ad95f438110142a1a4f181a9b4c7e28e1248e9c7414c9d480f0","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-7-24-201","next":"us-ut/utah-code-7-24-203"},"notice":"GroundRules: Original legal text. Not legal advice."}