Utah enacted laws authorizing cash advance lending. Payday loan businesses must display a comprehensive listing of fees and interest, representing them in dollar amounts and displaying them in a place where prospective clients will easily notice them. They must also provide borrowers with a phone number to dial for purposes of filing a complaint. Cash advance stores in Utah must submit a copy of the loan agreement to their clients. They are also required to verbally explain the fees being charged, the contractual terms, as well as the date in which the funds will be deposited in their clients' accounts.
Utah does not specify the maximum loan amount that a borrower can request.
A loan term is not prescribed by Utah's laws.
It is not specified how many extensions or rollovers a borrower is entitled to. However, Utah law does not authorize a renewal or extension more than 12 weeks from the initial loan date.
There are no regulations capping the interest rate and/or fees that a payday loan business can charge. Therefore, a cash advance lender may charge any annual percentage rate (APR) it wants.
Utah law does not specify these.