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:
       (7)(a) a person:

            (7)(a)(i) presents to a deferred deposit lender a check written on that person's account; or

            (7)(a)(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
       (7)(b) the deferred deposit lender:

            (7)(b)(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

            (7)(b)(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:
            (8)(b)(i) an automated clearing house transaction;
            (8)(b)(ii) an electronic check;
            (8)(b)(iii) a stored value card; or
            (8)(b)(iv) an Internet transfer. See Utah Code 7-23-102
• Person: means :
       (27)(a) an individual;
       (27)(b) a corporation;
       (27)(c) a limited liability company;
       (27)(d) a partnership;
       (27)(e) a trust;
       (27)(f) an association;
       (27)(g) a joint venture;
       (27)(h) a pool;
       (27)(i) a syndicate;
       (27)(j) a sole proprietorship;
       (27)(k) an unincorporated organization; or
       (27)(l) any form of business entity. See Utah Code 7-1-103