Notification and Fees

Utah Code tit. 70C, ch. 70C-8, pt. 70C-8-P2

in effect

Utah Code § 70C-8-201 Applicability.

70C-8-201. Applicability. (1) Except as provided in Subsection (2), this part applies to: (a) a creditor that is subject to this title; and (b) a party who: (i) has an office or place of business in this state; and (ii) takes an assignment of or undertakes direct collection of a payment from or enforcement of a right against a debtor arising from a consumer credit transaction. (2) Except where otherwise indicated, the following are exempt from this part: (a) a depository institution as defined in Section 7-1-103 that is federally insured; and (b) a wholly owned subsidiary of a depository institution described in Subsection (2)(a). Amended by Chapter 72, 2009 General Session

Utah Code § 70C-8-202 Notification.

70C-8-202. Notification. (1) (a) A party who is subject to this part shall file notification with the department at least 30 days before commencing business in this state. (b) After filing the notification required by Subsection (1)(a), a party shall file a notification on or before December 31 of each year. (c) A notification required by this Subsection (1) shall: (i) state the name of the party; (ii) state the name in which the business is transacted if different from that required in Subsection (1)(c)(i); (iii) state the address of the party's principal office, which may be outside this state; (iv) state the address of: (A) each office or retail store, if any, in this state at which credit is offered or extended to a consumer; or (B) in the case of a party taking an assignment of an obligation, each office or place of business within this state at which business is transacted; (v) if credit is extended to a consumer other than at an office or retail store in this state, state a brief description of the manner in which the credit transaction occurs; (vi) state the name and address in this state of a designated agent upon whom service of process may be made; (vii) include evidence satisfactory to the commissioner that the party is authorized to conduct business in this state as a domestic or foreign entity pursuant to filings with the Division of Corporations and Commercial Code under Title 16, Corporations, or Title 48, Unincorporated Business Entity Act; (viii) include evidence satisfactory to the commissioner that the party is registered with the nationwide database; and (ix) include any other information considered pertinent by the department. (2) If information in a notification becomes inaccurate after filing, a party is not required to file further notification until required to renew the party's notification. (3) (a) A party who fails to file a notification or pay a fee required by this part may not extend credit to a consumer in this state until the party fully complies with this part. (b) A party who willfully violates this Subsection (3) is guilty of a class B misdemeanor. Amended by Chapter 114, 2024 General Session

Utah Code § 70C-8-203 Fees -- Examinations.

70C-8-203. Fees -- Examinations. (1) A party required to file notification under Section 70C-8-202 shall, on or before December 31 of each year, pay to the department an annual fee of $100. (2) In addition to filing notification, a party subject to this part, and a depository institution subject to this title: (a) may be required to make a book or record relating to a consumer credit transaction available to the department or its authorized representative for examination; and (b) shall pay to the department a fee to be set by the department based on an hourly rate per each examiner. (3) No portion of a fee paid or owed to the department under this part is refundable because a party voluntarily or involuntarily ceases to extend credit to consumers: (a) during the period covered by the fee; or (b) before the time of an examination by the department of a book or record pertaining to a preceding consumer credit transaction. Amended by Chapter 114, 2024 General Session

Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title70C/Chapter8/70C-8-P2.html?v=C70C-8-P2_1800010118000101Fetched: 10/26/2026