2006 Utah Code - 7-23-102 — Definitions.

     7-23-102.   Definitions.
     As used in this chapter:
     (1) "Business of a check casher" means:
     (a) cashing a check for consideration; or
     (b) extending a deferred deposit loan.
     (2) "Check" is as defined in Section 70A-3-104.
     (3) "Check casher" means a person that engages in the business of a check casher.
     (4) "Deferred deposit loan" means a transaction where:
     (a) a person:
     (i) presents to a check casher a check written on that person's account; or
     (ii) provides written or electronic authorization to a check casher to effect a debit from that person's account using an electronic payment; and
     (b) the check casher:
     (i) provides the maker 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
     (ii) agrees not to cash the check or process the debit until a specific date.
     (5) (a) "Electronic payment" means any electronic method by which a check casher:
     (i) accepts a payment from a person; or
     (ii) makes a payment to a person.
     (b) "Electronic payment" includes a payment made through:
     (i) an automated clearing house transaction;
     (ii) an electronic check;
     (iii) a stored value card; or
     (iv) an Internet transfer.
     (6) "Rollover" means the extension or renewal of the term of a deferred deposit loan.

Amended by Chapter 236, 2003 General Session