§ 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:

(2)(a) (2)(a)(i) a subsidiary of a depository institution; or
(2)(a)(ii) a service corporation for a depository institution; and
(2)(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:

(9)(a) involves a commercial loan or a commercial open-end credit plan;
(9)(b) is $50,000 or more; and
(9)(c) extends the commercial loan or the commercial open-end credit plan to:
(9)(c)(i) a motor vehicle dealer or the motor vehicle dealer's affiliate; or
(9)(c)(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:

(10)(a) the person manufactures, licenses, or distributes; or
(10)(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.

Legislative History

Enacted by Chapter 449, 2022 General Session