Utah Administrative Code (Current through November 1, 2019) |
R335. Financial Institutions, Consumer Credit |
R335-1. Rule Prohibiting Negative Amortizing Wrap Loans |
R335-1-1. Authority, Scope and Purpose
Latest version.
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(1) This amended rule is adopted pursuant to Section 70C-8-102(1)(e).
(2) This rule shall apply to all extensions of credit subject to Title 70C, Utah Consumer Credit Code.
(3) The purpose for this rule is to prohibit wrap loans that will not fully service all obligations wrapped by the loan.