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Can you summarize UTCO Title 13, Chapter 21?
Commerce and Trade > Credit Services Organizations Act
Short Summary
The Credit Services Organizations Act, part of the Utah Code’s Commerce and Trade section, governs the rights and obligations of buyers and credit services organizations in Utah. It prohibits buyers from waiving any part of the chapter and considers any attempt by a credit services organization to have a buyer waive rights as a violation. The Act provides exemptions for certain entities, including authorized lenders, depository institutions, licensed real estate brokers, licensed attorneys, registered broker-dealers, credit reporting agencies, and registered debt-management service providers. Violation of this chapter is considered a class A misdemeanor, and any district court in Utah has jurisdiction to restrain and enjoin such violations. The attorney general, county attorneys, district attorneys, and city attorneys are authorized to prosecute misdemeanor actions or institute injunctive or civil proceedings. Additionally, the division director may issue a cease and desist order and impose an administrative fine of up to $2,500 for each violation. The fines collected are deposited in the Consumer Protection Education and Training Fund.
Whom does it apply to?
Buyers and credit services organizations in Utah.
What does it govern?
The Credit Services Organizations Act governs the rights and obligations of buyers and credit services organizations in Utah.
What are exemptions?
The Act provides exemptions for certain entities, including authorized lenders, depository institutions, licensed real estate brokers, licensed attorneys, registered broker-dealers, credit reporting agencies, and registered debt-management service providers.
What are the Penalties?
Violation of this chapter is considered a class A misdemeanor, and any district court in Utah has jurisdiction to restrain and enjoin such violations. The attorney general, county attorneys, district attorneys, and city attorneys are authorized to prosecute misdemeanor actions or institute injunctive or civil proceedings. Additionally, the division director may issue a cease and desist order and impose an administrative fine of up to $2,500 for each violation. The fines collected are deposited in the Consumer Protection Education and Training Fund.
Jurisdiction
Utah