Utah payday loan laws

Legal Status: Legal (Applies to check cashers only)

Citation: Utah Code Ann. 7-23-101 et seq.

Loan Terms:

Maximum Loan Amount: No Limit
Loan Term: May not exceed 10 weeks
Maximum Finance Rate and Fees: No usury limit
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit

Debt Limits:

Maximum Number of Outstanding Loans at One Time: No limit
Rollovers Permitted: Not Specified (cannot extend or renew loan more than 10 weeks from original loan date)
Cooling-off Period: 1 day after payment on existing loan
Repayment Plan: Yes (Once per 12 month period; at least 4 equal payments, at least 60 days; no extra fees.)

Collection Limits:

Collection Fees: Not Specified
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Utah Department of Financial Institutions
Address: 324 South State Street, Suite 201 Salt Lake City UT 84111
Phone: (801) 538-8830 
Fax: (801) 538-8894

Sourced from paydayloaninfo.org

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