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Utah Code Title 7. Finance Institutions Act В§ 7-24-202. Operational needs for title loans

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(1) a name lender shall:

(a) post in a conspicuous location on its premises which can be viewed by an individual looking for a name loan:

(i) an entire routine of every interest or charges charged for the name loan that states the attention and costs:

(A) as buck quantities; and

(B) as yearly portion rates; and

(ii) a phone number a individual may phone to help make a grievance to your department regarding a name loan;

(b) come into a written agreement for the name loan containing:

(i) the title of the individual getting the name loan;

(ii) the deal date;

(iii) the total amount of the name loan;

(iv) a statement for the amount that is total of interest or costs which may be charged when it comes to name loan, expressed as:

(A) a buck quantity; and

(B) a apr; and

(v)(A) the title and target regarding the designated representative needed to be provided the division under Subsection 7-24-201(2)(d)(vi); and

(B) a declaration that solution of procedure might be meant to the designated representative;

(c) give you the person searching for the title loan a copy associated with the written agreement described in Subsection (1)(b);

(d) ahead of the execution regarding the name loan:

(i) orally review with all the individual looking for the title loan the terms associated with the title loan including:

(A) the total amount of any rate of interest or cost, expressed as:

(we) a buck quantity; and

(II) a percentage that is annual; and

(B) the date by that your complete level of the name loan flow from; and

(ii) supply the individual looking for the title loan a copy regarding the disclosure form used by the division under area 7-24-203 ; and

( e) conform to the next like in influence on the date the name loan is extended:

(i) Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., as well as its implementing federal laws;

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