Regulator Details

Utah Department of Financial Institutions

324 South State Street, Suite 201
Salt Lake City, UT 84111
Phone: (801) 538-8830
Fax: (801) 538-8894

Utah Payday Loan Laws

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Utah Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Utah payday loan laws contact the Utah Department of Financial Institutions.

Payday loans are legal (applies to check cashers only) in Utah (see Utah Payday Loans or Utah Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) No Limit
Rates or Fees (max) No usury limit
Term Limitations May not exceed 12 weeks
General Loan Terms

In Utah, rollovers are not specified but loan cannot be extended or renewed more than 10 weeks from original loan date. There is no cooling period specified between loans. Utah has no requirements for extended repayment plans.

For example, in Utah the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees No Limit
APR No Limit
Sample Loan Terms

Utah also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Regulations on Collections
Finally, a more detailed excerpt from Utah's statutes on finance charges is listed below. In general the tables above summarize this.

A licensee may charge and receive on each loan interest at a simple annual rate not to exceed 36 percent. A licensee may charge and receive a loan fee in an amount not to exceed 20 percent of the amount of the loan proceeds advanced to the borrower. A licensee may charge and receive a verification fee in an amount not to exceed $5 for a loan made under this chapter. The verification fee shall be used in part to defray the costs of submitting a database inquiry as provided in subdivision B 4 of §6.1-453.1.

Citation: Utah Code Ann. 7-23-101 et seq.