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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 looking for a name loan:
(i) a schedule that is complete of interest or costs charged for a name loan that states the attention and charges:
(A) as buck quantities; and
(B) as yearly portion prices; and
(ii) a cell phone number an individual may phone which will make a grievance towards the division regarding a name loan;
(b) come right into a written agreement for the name loan containing:
(i) the title of the individual getting the name loan;
(ii) the deal date;
(iii) the quantity of the name loan;
(iv) a statement associated with the amount that is total of interest or costs which may be charged when it comes to name loan, expressed as:
(A) a buck quantity; and
(B) a apr; and
(v)(A) the title and target regarding the designated representative needed to be supplied the division under Subsection 7-24-201(2)(d)(vi); and
(B) a declaration that solution of procedure might be meant to the designated representative;
(c) give you the individual looking for the title loan a copy for the written agreement described in Subsection (1)(b);
(d) ahead of the execution associated with name loan:
(i) orally review because of the individual searching for the title loan the terms associated with name loan including:
(A) the quantity of any rate of interest or charge, expressed as:
(we) a buck quantity; and
(II) a apr; and
(B) the date upon that the complete quantity of the name loan is born; and
(ii) supply the individual searching for the title loan a copy for the disclosure kind used by the division under area 7-24-203 ; and
( ag ag e) adhere to the following like in impact on the date the name loan is extended:
(i) Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., and its own implementing federal laws;
(ii) Equal Credit Opportunity Act, 15 U.S.C. Sec. 1691 , and its particular implementing federal laws;
(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 other means that are electronic the name lender shall:
(a) give you the information described in Subsection (1)(a) 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) associated with the disclosure needed under Subsection (2)(a), offer a range of states in which the name loan provider is registered or authorized to supply name loans over the internet or any other means that are electronic.
(3) a name loan provider might not:
(a) rollover a name loan unless the individual getting the title loan demands a rollover for the title loan;
(b) stretch one or more name loan on any car in the past;
(c) extend a name loan that surpasses the market that is fair associated with car securing the name loan; or
(d) extend a name loan without respect to the power of the individual searching for the title loan to settle the name loan, such as the man or woman’s:
(i) current and expected earnings;
(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 gives the name loan provider with a finalized acknowledgment that:
(a) the individual has supplied the name loan provider with real and proper information concerning the individuals earnings, responsibilities, and employment; and
(b) the individual has the capacity to repay the name loan.
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