Consumer Credit Notification Form - Utah Department Of Financial Institutions (Page 2 of 2) in pdf

Consumer Credit Notification Form - Utah Department Of Financial Institutions Page 2

INSTRUCTIONS

NOTIFICATION FEE

Sellers, Providers and Lessors - Every party who regularly engages in the business of providing

financing, selling or leasing goods or services to persons for personal, family or household purposes by

either imposing a finance charge or accepting payments by written agreement in more than four installments, is

required to file the notification form and pay the $100 notification fee 30 days before commencing business. A

party is deemed to extend consumer credit regularly if credit is granted more than 25 times, or more than five

times for transactions secured by a principal dwelling (excludes closed-end first mortgages), in any calendar

year.

Lenders - Every party who regularly engages in the business of lending to persons for personal, family

or household purposes by either imposing a finance charge or accepting payments by written agreement in

more than four installments, is required to file notification and pay the $100 notification fee 30 days before

commencing business. A party is deemed to extend consumer credit regularly if credit is granted more than 25

times, or more than five times for transactions secured by a principal dwelling (excludes closed-end first

mortgages), in any calendar year.

Assignees - Parties which take assignments of and undertake direct collection of payments from, or

enforce contractual rights against debtors, arising from consumer transactions in this state, are required to file

notification and pay the $100 notification fee.

Depository institutions including banks, industrial loan corporations, credit unions and savings and loans are

exempt from the notification requirements.

FOR FURTHER INFORMATION CONTACT:

State of Utah, Department of Financial Institutions

Telephone: (801) 538-8830

Fax: (801) 538-8894

Consumer Credit Notification Form - Utah Department Of Financial Institutions Page 2