The 2003 Utah Legislature passed House Bill 189, amending the Financial Institutions Act , Utah Code Annotated, by creating Chapter 24 entitled the “Title Lending Registration Act”. The statute regulates title lenders, those who lend money secured by a title of a motor vehicle, mobile home, or motorboat. A title lender must register with the Department and operationally must post the interest or fees charged in connection with a loan consistent with the Truth in Lending Act (Reg Z) and provide a written contract detailing the terms of the loan.
To access the Utah code relating to the “Title Lending Registration Act” follow the link below to the Utah State Legislature’s web site.
Beginning November 1, 2015, the Department and the Nationwide Multistate Licensing System (NMLS) have partnered to obtain company information. For currently registered title lenders you simply need to file the NMLS Company form (MU1) on the NMLS website. For all new titlet 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.
Check to see if your lender is registered with us. Click the link below.