UTA LEG Consumer Credit Protection

On Feb. 13, UTA LEG bill to require disclosures with credit report.

  • UTA LEG introduced bill HB 99, on consumer credit protection amendments.
  • Amends Credit services organizations act, UTA LEG 13-21, to require consumer credit services organizations to disclose certain data when providing credit report to a buyer.
  • Enacted UTA LEG 13-21-7.5, regarding written contracts and notice of cancellations.
  • Bill Provisions
  • Consumer credit services organization that provides credit report to buyer must provide written disclosure that identifies consumer reporting agency providing data.
  • Report must include name of credit score model used by credit reporting agency to calculate credit score; minimum, maximum possible scores under scoring model used.
  • Legislative History
  • On Jan. 16, 2024, bill was introduced in House; on Jan. 30, 2024, bill passed House.
  • On Jan. 31, 2024, bill was introduced in Senate; on Feb 13, 2024, bill passed Senate.
  • Effectiveness
  • Provisions enacted under bill HB 99 take effect on May 1, 2024.
  • Mar. 2024 UTA LEG Approval
  • On Mar. 13, 2024, UTA LEG governor approved HB 99, effective on May 1, 2024.

Regulators UTA LEG
Entity Types Bank; Corp
Reference Bill, 3/13/2024; Bill, HB0099, 2/13/2024; Citation: *UTA LEG* 13-21, 13-21-7;
Functions Compliance; Financial; Legal; Operations; Reporting; Risk
Countries United States of America
Products Banking; Corporate; Loan; Mortgage
Regions Am
Rule Type Final
Rule Date 2/13/2024
Effective Date 5/1/2024
Rule Id 201028
Linked to N/A
Reg. Last Update 3/13/2024
Report Section US Consumer

Last substantive update on 03/18/2024