Utah Statutes
§ 7-23-402 — Electronic disbursement and collections.
Utah·Title 7 Financial Institutions Act·Ch. 7-23 Check Cashing and Deferred Deposit Lending Registration Act·Part 7-23-4 Deferred Deposit Lending Operations
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.
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Legislative History
Renumbered and Amended by Chapter 96, 2008 General Session
Nearby Sections
15
§ 7-1-1001
Definitions -- Written consent or court order for disclosure by financial institution -- Exception.§ 7-1-1005
Admissibility of information restricted.§ 7-1-1007
Liability of financial institutions.§ 7-1-101
Title.§ 7-1-103
Definitions.§ 7-1-103.5
Control.