7-24-102 - Definitions.
7-24-102. Definitions.
As used in this chapter:
(1) "Rollover" means the extension or renewal of the term of a title loan.
(2) (a) "Title lender" means a person that extends a title loan.
(b) "Title lender" includes a person that:
(i) arranges a title loan on behalf of a title lender;
(ii) acts as an agent for a title lender; or
(iii) assists a title lender in the extension of a title loan.
(3) (a) "Title loan" means a loan secured by the title to a:
(i) motor vehicle, as defined in Section 41-6a-102;
(ii) mobile home, as defined in Section 41-6a-102; or
(iii) motorboat, as defined in Section 73-18-2.
(b) "Title loan" includes a title loan extended at the same premise on which any of thefollowing are sold:
(i) a motor vehicle, as defined in Section 41-6a-102;
(ii) a mobile home, as defined in Section 41-6a-102; or
(iii) a motorboat, as defined in Section 73-18-2.
(c) "Title loan" does not include:
(i) a purchase money loan;
(ii) a loan made in connection with the sale of a:
(A) motor vehicle, as defined in Section 41-6a-102;
(B) mobile home, as defined in Section 41-6a-102; or
(C) motorboat, as defined in Section 73-18-2; or
(iii) a loan extended by an institution listed in Section 7-24-305.
Amended by Chapter 2, 2005 General Session