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(1) a name lender shall:
(a) post in a conspicuous location on its premises that may be seen by an individual seeking a title loan:
(i) an entire routine of any interest or charges charged for the name loan that states the attention and charges:
(A) as buck quantities; and
(B) as yearly portion prices; and
(ii) a phone number a individual may call to produce a grievance to your department regarding a name loan;
(b) come right into a written agreement when it comes to name loan containing:
(i) the title of the individual getting the name loan;
(ii) the deal date;
(iii) the total amount of the title loan;
(iv) a statement associated with the total number of any interest or costs that could be charged when it comes to title loan, expressed as:
(A) a buck quantity; and
(B) a percentage that is annual; and
(v)(A) the title and target of this designated representative needed to be supplied the department under Subsection 7-24-201(2 d that is)(; and
(B) a declaration that solution of process can be built to the designated representative;
(c) give you the individual searching for the title loan a copy regarding the written agreement described in Subsection (1)(b);
(d) before the execution regarding the name loan:
(i) orally review using the individual searching for the title loan the terms associated with the name loan including:
(A) the total amount of any rate of interest or charge, expressed as:
(we) a buck quantity; and
(II) a apr; and
(B) the date by that the amount that is full of name loan is born; and
(ii) give you the individual searching for the title loan a copy of this disclosure type used by the division under part 7-24-203 ; and
( ag ag ag e) conform to the next like in influence on the date the name loan is extended:
(i) Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., as well as its implementing regulations that are federal
(ii) Equal Credit Opportunity Act, 15 U.S.C. Sec. 1691 , and its particular implementing regulations that are federal
(iii) Bank Secrecy Act, 12 U.S.C. Sec. 1829b , 12 U.S.C. Sec. 1951 through 1959 , and 31 U.S.C. Sec. 5311 through 5332 , as well as its implementing laws; and
(iv) Title 70C, Utah Credit Rating Code.
(2) If a name loan provider expands a name loan through the web or any other means that are electronic the name lender shall:
(a) give you the information described in Subsection (1)(a) in to the individual getting the name loan:
(i) in a manner that is conspicuous and
(ii) before the person getting into the name loan; and
(b) relating to the disclosure needed under Subsection (2)(a), offer a variety of states in which the name loan provider is registered or authorized to provide name loans through the web or other electronic means.
(3) a name loan provider might not:
(a) rollover a name loan unless the individual getting the name loan demands a rollover for the name loan;
(b) stretch one or more name loan on any automobile in the past;
(c) stretch a name loan that surpasses the reasonable market value for the automobile securing the name loan; or
(d) increase a name loan without reference to the power of the individual looking for the name loan to settle the name loan, like the man or woman’s:
(i) current and income that is expected
(ii) present responsibilities; and
(4) a name loan provider has met certain requirements of Subsection (3)(d) in the event that individual looking for a name loan supplies the name loan provider with a signed acknowledgment that:
(a) the individual has furnished the name loan provider with real and information that is correct the individuals earnings, responsibilities, and work; and
(b) the individual has the capacity to repay the name loan.
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