Utah Payday Loan Laws and Regulations

All payday loan transactions must pertain to the following laws in Utah:

- Maximum borrowed amount: Unlimited
- Loan tenure: not exceeding 10 weeks
- Maximum finance rate/ fees: No usury limitations
- Finance charge for $100 in 14 days: unlimited
- No limits on APR either
- No cooling off period
- Repayment plans are available
- No limit on maximum outstanding loans at a time

Collection fees is not specified. As a result, the cost might be decided by the lender only. The number of rollovers have also not been disclosed, though they cannot exceed more than 10 weeks, starting from the first day of the first loan.

Utah Consumer Protection

All problems, complaints and queries pertaining to payday loans are handled by the Utah Department of Financial Institutions. The organization is willing to clear all misunderstandings and to help prospective customers get appropriate guidance by providing clear cut information regarding specific transactions. Contact can established via the following ways:

324 South State Street, Suite 201
Salt Lake City, UT 84111
Phone: (801) 538-8830 
Fax: (801) 538-8894
Website: http://www.dfi.utah.gov/

Borrowers are requested to read upon the different laws before finalizing any details with a payday lender, as that will help them get important protection in the future.

Interesting Facts About Utah
  1. The state has a territorial size of about eighty-five thousand square miles. The Native American tribes of the Anasazi and Fremont previously inhabited it. The Navajo, Ute, Shoshone, Paiute and the Goshute settled a few years before the European colonizers arrived around the 18th century. They derive their lineage from the Ute-Aztecs.  The state’s capital is Salt Lake City.
  2. Utah is well known for having a huge population of Mormons belonging to the Church of the Latter-day Saints. Over sixty-three percent of the state residents belong to this religion. The main temple is located in Salt Lake City. It took forty years to complete this Mormon Temple.
  3. It has hosted the XIX Winter Olympic Games in 2002. Athletes from all over the world were sent to compete. There were about two thousand athletes from eighty-five countries vying to win medals in up to ten winter sports.
  4. There is a lot of natural beauty in Utah. The national forests number at six in total. There is Fishlake, Wasatch-Cache, Dixie, Ashley, Manti-LaSal and Uinta. The recreational areas are Glen Canyon and Flaming Gorge. The national parks are the following: Bryce, Zion, Arches, Canyonlands and Capitol Reef.
  5. The state also has its share of symbols and names. It derives it name from the Ute tribe. It means “people of the mountains”. The state nickname is “The Beehive State”. The state bird is the California Seagull while the state animal is the Rocky Mountain Elk. The state flower is the sego lily and the state tree is the blue spruce.
  6. This is also the home of the Utah Jazz, the NBA team that reached the NBA Finals in 1997 and 1998 under coach Jerry Sloan. The team had one of the best if not the best point guard to power forward combos in John Stockton and Karl Malone. They were able to take the Jazz to the NBA Finals twice but would however lose both times to Michael Jordan and the Chicago Bulls.
  7. There are some strange laws that are in effect in the state. It is mind-boggling that there needs to be a law for such things. It would seem that it goes without saying but here is a short run down of the laws anyway. One cannot cause a catastrophe. To buy or sell an unborn child is illegal. One must acquire a permit to modify the weather. You cannot throw a missile at a bus. One cannot take the leash off a dog if the day falls on an even number. An official milkman cannot go beyond a casual relationship with his clients. 
  8. The Great Salt Lake is one of the attractions of this state. In fact, most of the communities are built in close proximity to it leaving the rest of the territory mostly uninhabited. It measures seventy-five miles long and thirty-five miles wide. The lake itself does not have an outlet. This contributes to its saltiness because of the smaller rivers empty itself out into it. It leaves small deposits of salt and remains there when the water evaporates during different times of the year. It is too salty for fish to thrive in the lake. There are other organisms that can survive in such waters however like the brine shrimp and brine flies. It is regarded as one of the most beautiful sights in North America. 
  9. The outlaw Butch Cassidy was born in this state on April 13, 1866. His given name was Robert Leroy Parker. He also went by the names such as Mike Cassidy, George Cassidy, Jim Lowe and Santiago Maxwell. Butch Cassidy rose to infamy as the leader of the Wild Bunch Gang. They were train and bank robbers who terrorized the American public from 1880 to 1905. Cassidy started his criminal career at the young age of about fourteen and was abruptly ended by a gunshot wound to the temple at about forty-two years of age. He passed away on November 7, 1908. It is however believed through different accounts that he did not die during that incident and remained at large throughout the rest of his years. These reports of him being alive as well as his death have never been truly confirmed.

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