On March 24, the Utah governor signed SB 183 into law, which amends the state’s provisions related to financial institutions. Among other things, the bill modifies the definition of “control” for purposes of the Financial Institutions Act and provides penalties for failure to comply with registration and disclosure requirements. Additionally, the bill enacts the Commercial Financing Registration and Disclosure Act, which requires individuals who provide certain commercial financing products to register with the Department of Financial Institutions and make certain disclosures in connection with each commercial financing product.
This content originally appeared in Buckley’s Infobytes blog, a collection of news and alerts covering the financial services industry. To read more or have the Infobytes weekly newsletter delivered to your inbox, please visit infobytesblog.com.