Utah Payday Loans Law

Utah Payday Loans Law

Utah State Information

Legal Status: Legal (Applies to check cashers only)

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

These Utah payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Utah government without prior notice.