Utah Changes Include NMLS Registration Requirement for Consumer Lenders

Utah recently amended its Commercial Financing Registration and Disclosure Act and the Utah Consumer Credit Code, effective May 1, 2024.  The Commercial Financing Registration and Disclosure Act was amended to remove the requirement to provide a disclosure after a funds disbursement related to an open-end credit plan, among other changes.

The Utah Consumer Credit Code will now require consumer lenders to register on the Nationwide Multistate Licensing System and Registry.  With this change, the yearly notification deadline for consumer lenders was changed to December 31 of each year, instead of January 31.