Utah Code 7-24-203. Disclosure form for title loans

(1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department shall adopt a disclosure form for title loans that complies with this section.

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Department: means the Department of Financial Institutions. See Utah Code 7-1-103
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
Title lender: includes a person that:
          (3)(b)(i) arranges a title loan on behalf of a title lender;
          (3)(b)(ii) acts as an agent for a title lender; or
          (3)(b)(iii) assists a title lender in the extension of a title loan. See Utah Code 7-24-102
Title loan: includes a title loan extended at the same premise on which any of the following are sold:
          (4)(b)(i) a motor vehicle, as defined in Section 41-6a-102;
          (4)(b)(ii) a mobile home, as defined in Section 41-6a-102; or
          (4)(b)(iii) a motorboat, as defined in Section 73-18-2. See Utah Code 7-24-102

(2) The department shall specify by rule:

(2)(a) the information to be provided in the disclosure form including:

(2)(a)(i) the costs of obtaining a title loan;

(2)(a)(ii) the consequences of defaulting on a title loan;

(2)(a)(iii) generally available alternatives to a title loan; and

(2)(a)(iv) methods of obtaining credit counseling or other financial advice;

(2)(b) the type size of the disclosure form; and

(2)(c) the manner in which a title lender shall conspicuously provide the disclosure form to a person seeking a title loan.