DAR File No. 42142
This notice was published in the October 15, 2017, issue (Vol. 2017, No. 20) of the Utah State Bulletin.
Financial Institutions, Consumer Credit
Rule Prescribing Allowable Terms and Disclosure Requirements for Variable and Adjustable Interest Rates in Consumer Credit Contracts
Five-Year Notice of Review and Statement of Continuation
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:
- Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at firstname.lastname@example.org
Edward Leary, Commissioner
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 application of this rule, please contact Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at email@example.com. For questions about the rulemaking process, please contact the Office of Administrative Rules.