DAR File No. 41123

Financial Institutions, Nondepository Lenders

Rule R343-1

Rule Governing Form of Disclosures For Title Lenders, Who Are Under the Jurisdiction of the Department of Financial Institutions

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 41123
Filed: 01/06/2017 09:34:04 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:

Section 7-24-203 requires that the department adopt a disclosure form for title loans. This rule establishes minimum standards for the form of disclosure for title lenders to protect the public interest.

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 since the last notice of continuation.

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

The statutory provision states that the department shall, by rule, specify the information to be provided in a disclosure form. This rule establishes minimum standards for the form of disclosure for title lenders to protect the public interest. 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
Nondepository LendersRoom 201
324 S STATE ST
SALT LAKE CITY, UT 84111-2393

Direct questions regarding this rule to:

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

Effective:

01/06/2017

Authorized by:

Edward Leary, Commissioner