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Code · Utah · Title 7 — Financial Institutions Act · Chapter 23

7-23-402. Electronic disbursement and collections.

84 words·~1 min read·/ut/title-7/chapter-23/7-23-402

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7-23-402. Electronic disbursement and collections.
If a deferred deposit lender collects payment on a deferred deposit loan through an electronic payment, the deferred deposit lender shall, on the day the loan is executed:
(1)credit the amount of the deferred deposit loan through an electronic payment to the person receiving the deferred deposit loan; or
(2)make the amount of the deferred deposit loan immediately available to the person receiving the deferred deposit loan.
Renumbered and Amended by Chapter 96 , 2008 General Session
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