Deferred Deposit Lender
The 1999 Utah Legislature amended the Financial Institutions Act to regulate payday lending by creating Chapter 23, currently entitled the “Check Cashing and Deferred Deposit Lending Registration Act”. The statue regulates check cashers, those who cash checks for a fee, and deferred deposit loan lenders (lenders who extend payday loans). Deferred deposit lenders are those who accept a check written on a person’s account or a written or electronic authorization to effect a debit from that person’s account using an electronic payment; and the deferred deposit lender provides the person 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 agrees not to cash the check or process the debit until a specific date.
To access the Utah code relating to the “Check Cashing and Deferred Deposit Lending Registration Act”, follow the link below to the Utah State Legislature’s web site.
Beginning November 1, 2013, the Department and the Nationwide Multistate Licensing System (NMLS) have partnered to obtain company information. For currently registered deferred deposit lenders you simply need to file the NMLS Company form (MU1) on the NMLS website. For all new deferred deposit lender applicants you will start on NMLS,submit the MU1 required information, and follow the instruction on the Utah “Company New Application Checklist”. In the online NMLS registration you will need to submit the fee of $400, and provide additional information required on the new application checklist.
For registration details follow the links below:
Check to see if your lender is registered with us. Click the link below.