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UTAH STATUTES AND CODES
7-23-402 - Electronic disbursement and collections.
7-23-402. Electronic disbursement and collections.
If a deferred deposit lender collects payment on a deferred deposit loan through anelectronic 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 theperson receiving the deferred deposit loan; or
(2) make the amount of the deferred deposit loan immediately available to the personreceiving the deferred deposit loan.
If a deferred deposit lender collects payment on a deferred deposit loan through anelectronic 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 theperson receiving the deferred deposit loan; or
(2) make the amount of the deferred deposit loan immediately available to the personreceiving the deferred deposit loan.
Renumbered and Amended by Chapter 96, 2008 General Session
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