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Home » 2017 Issues » Vol. 2017, No. 20 (10/15/2017) » No. 42142 (5-year Review): Rule R335-2. Rule Prescribing Allowable Terms and Disclosure Requirements for Variable and Adjustable Interest Rates in Consumer Credit Contracts

  No. 42142 (5-year Review): Rule R335-2. Rule Prescribing Allowable Terms and Disclosure Requirements for Variable and Adjustable Interest Rates in Consumer Credit Contracts  

  • DAR File No.: 42142
    Filed: 09/20/2017 08:32:19 AM

    NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

    Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

    Subsection 70C-8-102(1)(e) authorizes the Department of Financial Institutions to adopt, amend, and repeal rules to supplement, interpret, or carry out the provisions of this title. This rule applies to all extensions of credit subject to Title 70C, Utah Consumer Credit Code, which furthers consumer understanding of credit transactions, prohibits certain unfair practices, and avoids duplication of laws and regulations pertaining to consumer credit between state and federal authorities.

    Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

    No supporting or opposing written comments have been received by the agency concerning this rule.

    Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

    The purpose for this rule is to distinguish variable or adjustable interest rates from other kinds of rate formulas or provisions, to specify what must be included in rate formulas represented to be variable or adjustable and to specify certain disclosure requirements under state and federal law applicable to variable or adjustable rate and other formulas. Therefore, this rule should be continued.

    The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:

    Financial Institutions
    Consumer CreditRoom 201
    324 S STATE ST
    SALT LAKE CITY, UT 84111-2393

    Direct questions regarding this rule to:

    Effective:

    09/20/2017

    Authorized by:

    Edward Leary, Commissioner

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Document Information

Effective Date:
9/20/2017
Publication Date:
10/15/2017
Type:
Five-Year Notices of Review and Statements of Continuation
Filed Date:
09/20/2017
Agencies:
Financial Institutions, Consumer Credit
Authorized By:
Edward Leary, Commissioner
DAR File No.:
42142
Summary:

No supporting or opposing written comments have been received by the agency concerning this rule.

CodeNo:
R335-2
CodeName:
{48688|R335-2|R335-2. Rule Prescribing Allowable Terms and Disclosure Requirements for Variable and Adjustable Interest Rates in Consumer Credit Contracts}
Link Address:
Financial InstitutionsConsumer CreditRoom 201 324 S STATE STSALT LAKE CITY, UT 84111-2393
Link Way:

Paul Allred, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at pallred@utah.gov

AdditionalInfo:
More information about a Five-Year Notice of Review and Statement of Continuation is available online. The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull_pdf/2017/b20171015.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version. For questions regarding the content or ...
Related Chapter/Rule NO.: (1)
R335-2. Rule Prescribing Allowable Terms and Disclosure Requirements for Variable and Adjustable Interest Rates in Consumer Credit Contracts.