Utah Cash Advance Laws & Regulations
Ready to get your Utah payday loan? Make sure you get the most out of your loan experience by checking out the state regulations listed below. Those not specified are determined by your lender, so read your loan agreement carefully to understand the full terms and conditions of your payday loan.
Here are some specific Utah regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
14 days - Maximum Finance Charges and Fees
Not specified - Maximum Loan Amount
Not specified - Number of Rollovers
Not specified, but borrower must wait 12 weeks from date of loan - Outstanding Loans Allowed at Once
N/A - Cool-Off Period
None, and borrowers can rescind loan up till 5pm on the next business day following original loan date
- Payment Plan
Lender must offer 4 par equal installment payment plan to anyone unable to repay; lender only must do this one per year per customer - Collection Fees
N/A - Presentment Limit
N/A - Private Right of Action
Civil and criminal charges for fraudulent checks - Military Protection
N/A - Penalties
Arbitration, attorney fees, and all loan costs including late fees
As of January 2012, there have been no legislative or regulatory changes to the cash advance industry in Utah.
References:
Utah Statute 7-23-101 et seq.
Utah Department of Financial Institutions
324 South State Street, Suite 201
Salt Lake City, UT 84111
Phone: (801) 538-8830
Fax: (801) 538-8894
Web: www.dfi.utah.gov/
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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