2011 Utah Code
7-23-402. Electronic disbursement and collections.
Title 7 Financial Institutions Act
Chapter 23 Check Cashing and Deferred Deposit Lending Registration Act
Section 402 Electronic disbursement and collections.
If a deferred deposit lender collects payment on a deferred deposit loan through an electronic payment, the deferred deposit lender shall, on the day the loan is executed:
(1) credit the amount of the deferred deposit loan through an electronic payment to the person receiving the deferred deposit loan; or
(2) make the amount of the deferred deposit loan immediately available to the person receiving the deferred deposit loan.
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