Utah Code 7-23-503. Reporting by commissioner
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(1) Subject to Subsection (2), as part of the commissioner‘s annual report to the governor and Legislature under Section 7-1-211, the commissioner shall report to the governor and Legislature on the operations on an aggregate basis of deferred deposit lenders operating in the state.
Terms Used In Utah Code 7-23-503
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- 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
- Department: means the Department of Financial Institutions. See Utah Code 7-1-103
- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103(2) In preparing the report required by Subsection (1), the commissioner:(2)(a) shall include in the report for the immediately preceding calendar year aggregate information from the one or more operations statements filed under Subsection 7-23-201(2)(e) by deferred deposit lenders for that calendar year;(2)(b) shall include in the report:(2)(b)(i) the total number of written complaints concerning issues material to deferred deposit loan transactions received by the department in a calendar year from persons who have entered into a deferred deposit loan with a deferred deposit lender;(2)(b)(ii) for deferred deposit lenders who are registered with the department:(2)(b)(ii)(A) the number of the complaints described in Subsection (2)(b)(i) that the department considers resolved; and(2)(b)(ii)(B) the number of the complaints described in Subsection (2)(b)(i) that the department considers unresolved; and(2)(b)(iii) for deferred deposit lenders who are not registered with the department:(2)(b)(iii)(A) the number of the complaints described in Subsection (2)(b)(i) that the department considers resolved; and(2)(b)(iii)(B) the number of the complaints described in Subsection (2)(b)(i) that the department considers unresolved;(2)(c) may not include in the report information from an operations statement filed with the department that could identify a specific deferred deposit lender; and(2)(d) may not include in the report information from an operations statement filed under Subsection 7-23-201(2)(f).