Utah Administrative Code

The Utah Administrative Code is the body of all effective administrative rules as compiled and organized by the Division of Administrative Rules (see Subsection 63G-3-102(5); see also Sections 63G-3-701 and 702).

NOTE: For a list of rules that have been made effective since October 1, 2019, please see the codification segue page.

NOTE TO RULEFILING AGENCIES: Use the RTF version for submitting rule changes.

R335. Financial Institutions, Consumer Credit.

Rule R335-1. Rule Prohibiting Negative Amortizing Wrap Loans.

As in effect on October 1, 2019

Table of Contents

R335-1-1. Authority, Scope and Purpose.

(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.

R335-1-2. Definitions.

"Wrap loan" means an extension of credit that includes an agreement by the lender to service all or part of the balance due on other debts owed by the borrower out of payments made on the wrap loan.

R335-1-3. Rule Prohibiting Negative Wrap Loans.

All wrap loans subject to Title 70C shall provide for a minimum monthly payment sufficient to pay at least the monthly interest on the wrap loan and the total monthly payment, including interest, principal, escrow or reserve payments, or both, on all obligations wrapped by the loan.


financial institutions

Date of Enactment or Last Substantive Amendment


Notice of Continuation

September 20, 2017

Authorizing, Implemented, or Interpreted Law


Additional Information


For questions regarding the content or application of rules under Title R335, please contact the promulgating agency (Financial Institutions, Consumer Credit). A list of agencies with links to their homepages is available at http://www.utah.gov/government/agencylist.html or from http://www.rules.utah.gov/contact/agencycontacts.htm.