"Check casher" means a person that engages in the business of cashing checks.
(6)
"Deferred deposit lender" means a person that engages in the business of deferred deposit lending.
(7)
"Deferred deposit loan" means a transaction where:
(a)
a person:
(i)
presents to a deferred deposit lender a check written on that person's account; or
(ii)
provides written or electronic authorization to a deferred deposit lender to effect a debit from that person's account using an electronic payment; and
(b)
the deferred deposit lender:
(i)
provides the person described in Subsection (7)(a) an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction; and
(ii)
agrees not to cash the check or process the debit until a specific date.
(8)
(a)
"Electronic payment" means an electronic method by which a person:
(i)
accepts a payment from another person; or
(ii)
makes a payment to another person.
(b)
"Electronic payment" includes a payment made through:
(i)
an automated clearing house transaction;
(ii)
an electronic check;
(iii)
a stored value card; or
(iv)
an Internet transfer.
(9)
"Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements for mortgage loan originators.
(10)
(a)
"Refinance" means a new deferred deposit loan transaction whose proceeds are meant to satisfy the term or amount owed on an existing deferred deposit loan.
(b)
"Refinance" does not mean:
(i)
an extended payment plan under Section 7-23-403; or
(ii)
a rollover.
(11)
"Rollover" means the extension or renewal of the term of a deferred deposit loan.
Section 7-23-102 ("Definitions.") 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 § 7-23-102?
A common citation format is "Utah Code § 7-23-102" (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 § 7-23-102 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.
