Utah § 51-12-202 - Terms of deposit.

Full text of Utah Utah Code § 51-12-202 — Terms of deposit., with citation guidance and answers to common questions.

§ 51-12-202. Terms of deposit.

Effective 7/1/2025
51-12-202. Terms of deposit.

(1)	The state treasurer shall enter into a deposit agreement with an approved qualified depository in accordance with Section 51-12-201.

(2)

The deposit agreement shall provide that the qualified depository:

(a)	shall offer loan financing to a developer or city of the first or second class of a qualified project at a rate no higher than 150 basis points above the federal funds effective rate at the time of the deposit;

(b)

shall return the amount of deposit:

(i)

with interest at a rate equal to the greater of:

(A)	the federal funds effective rate at the time of the deposit minus 200 basis points; or

(B)

0.5%; and

(ii)

at the earlier of:

(A)	24 months from the day on which the deposit is made;

(B)	repayment of the loan financing;

(C)	the sale of the last home in the qualified project; or

(D)	June 30, 2028;

(c)	is responsible for return of the amount of the deposit with accrued interest regardless of the completion of the qualified project or the repayment of the qualified depository's loan to the developer or city of the first or second class of the qualified project; and

(d)	shall report to the state treasurer the total number of housing units and the number of attainable homes each qualified project created.

(3)

(a)

Notwithstanding the provisions of Subsections (2)(b)(ii) and (2)(c), for a deposit made to the Utah Housing Corporation, the Utah Housing Corporation shall return the amount of the deposit with accrued interest when the Utah Housing Corporation has received:

(i)	repayment of the loan financing; or

(ii)	proceeds from the sale or other disposition of the homes in the qualified project.

(b)	The Utah Housing Corporation may return the deposit later than the time period described in Subsection (2)(b)(ii)(A) or (D) without penalty.

(4)	A qualified depository may return the deposit earlier than the time period described in Subsection (2)(b)(ii) without penalty.

(5)	The state treasurer shall deposit the return of the amount of the deposit, including interest, into the fund.

Amended by Chapter 391, 2025 General Session

Source: official Utah text · Last verified 2026-08-27

Frequently Asked Questions About Utah § 51-12-202

What does Utah Code § 51-12-202 cover?

Section 51-12-202 ("Terms of deposit.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Utah § 51-12-202?

A common citation format is "Utah Code § 51-12-202" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 51-12-202 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Official text of § 51-12-202 at the Utah source

Not legal advice. Verify against the official source and consult a licensed attorney in Utah.