Bill > SB0309

This bill modifies the Title Lending Registration Act by updating the definition of a "title loan" to explicitly exclude loans with a repayment term longer than 364 days. The bill expands on the existing definitions of title lenders and title loans, which currently cover loans secured by motor vehicles, mobile homes, and motorboats. The definition of a title lender is broadened to include not just those who directly extend title loans, but also those who arrange, act as agents for, or assist in extending such loans. The bill adds a new exclusion to the definition of title loans, specifying that loans with repayment terms exceeding one year are not considered title loans under this statute. This change potentially provides more clarity for both lenders and borrowers about what constitutes a title loan and helps to define the scope of regulatory oversight. The bill is set to take effect on May 7, 2025, giving stakeholders time to adjust to the new definition.

Business and Industry

https://le.utah.gov/~2025/bills/static/SB0309.html