§ 31-1-703 — Definitions

31-1-703 . Definitions. For the purposes of this part, the following definitions apply:
(1) "Account" means any banking, checking, credit union, commercial, savings, savings and loan, brokerage, investment, or other kind of depository account held by a consumer.
(2) "Check" means a negotiable instrument, as defined in 30-3-104 , that is drawn on a state or federal bank, credit union, or savings and loan association and is payable on demand at the maturity of a deferred deposit loan.
(3) "Consumer" means a natural person who, singly or jointly with another natural person, enters into a deferred deposit loan.
(4) "Deferred deposit lender" or "licensee" means a person engaged in the business of making deferred deposit loans.
(5) "Deferred deposit loan" means an arrangement, including all representations made by the deferred deposit lender whether express or implied, in which:
(a) a person accepts a check dated on the date on which the check is written and agrees to hold the check for a period of days prior to deposit or presentment;
(b) a person accepts a check dated subsequent to the date on which the check is written and agrees to hold the check for deposit or presentment until the date written on the check; or
(c) a person accepts written authorization from a consumer to electronically deduct from the consumer's account on a specific date the amount of the loan and fees that are authorized under this part.
(6) "Department" means the department of administration.
(7) "Person" means a natural person, sole proprietorship, firm, partnership, corporation, or other entity.

Legislative History

En. Sec. 3, Ch. 404, L. 1999; amd. Sec. 1, Ch. 81, L. 2001; amd. Sec. 71, Ch. 483, L. 2001; amd. Sec. 3, Ch. 451, L. 2007.