7-27-102. Application.
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/ut/title-7/chapter-27/7-27-102A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/4/2022
7-27-102. Application.
The provisions of this chapter do not apply to:
(1)a provider that is a depository institution;
(2)a provider that is:
(i)a subsidiary of a depository institution; or
(ii)a service corporation for a depository institution; and
(b)regulated by a federal banking agency;
(3)a provider that is regulated under the federal Farm Credit Act 12 U.S.C. Sec. 2001 et seq.;
(4)a provider that is licensed as a money transmitter in accordance with Chapter 25, Money Transmitter Act ;
(5)a provider that consummates five or fewer commercial financing products in the state during any 12 month period;
(6)a commercial financing transaction secured by real property;
(7)a commercial financing transaction that is a lease as defined in Section 70A-2a-103 ;
(8)a commercial financing transaction that is a purchase-money obligation as defined in Section 70A-9a-103 ;
(9)a commercial financing transaction that:
(a)involves a commercial loan or a commercial open-end credit plan;
(b)is $50,000 or more; and
(c)extends the commercial loan or the commercial open-end credit plan to:
(i)a motor vehicle dealer or the motor vehicle dealer's affiliate; or
(ii)a motor vehicle rental company as defined in Section 13-48-103 or the motor vehicle rental company's affiliate;
(10)a commercial financing transaction offered by a person in connection with the sale of a product or service that:
(a)the person manufactures, licenses, or distributes; or
(b)the person's parent company or the person's owned and controlled subsidiary manufactures, licenses, or distributes; or
(11)a commercial financing transaction of more than $1,000,000.
Enacted by Chapter 449 , 2022 General Session