MCA Disclosure Laws
**Utah** {#utah}
Where We Are Currently
Effective **January 1, 2023**, Utahâs **Commercial Financing Registration and Disclosure Act** (SB 183; Utah Code **Title 7, Chapter 27**) requires providers to **register** with the Utah Department of Financial Institutions and to deliver **pre-consummation disclosures** for covered commercial-purpose loans, open-end credit, and accounts-receivable purchase transactions. The statute **exempts transactions over $1,000,000** and includes other carve-outs (e.g., â¤5 transactions in 12 months, real-estateâsecured). The program is administered by the **Utah Department of Financial Institutions (DFI)**. [DFI](https://dfi.utah.gov/non-depository/commercial-financing/?utm_source=chatgpt.com)
How We Got Here
SB 183 (2022) enacted the Commercial Financing Registration and Disclosure Act (Title 7, Chapter 27), with provisions effective January 1, 2023.
What Funders Need to Know
Subject
Applies to providers making more than five commercial financing transactions per year, including loans, open-end credit, and A/R purchases. ([Utah Code](https://le.utah.gov/xcode/Title7/Chapter27/7-27.html))
Exemptions
Transactions over $1,000,000 and other statutory carve-outs. ([Utah Code](https://le.utah.gov/xcode/Title7/Chapter27/7-27.html))
Compliance Requirement
Provider registration via NMLS/DFI with annual renewal and fees per agency guidance.
Disclosure Requirements
Pre-consummation disclosures of key terms per §7-27-202. ([Utah Code](https://le.utah.gov/xcode/Title7/Chapter27/7-27.html))
Other Rules (optional)
DFI FAQs cover registration mechanics and timing.
Penalties
DFI enforcement; no private right of action noted in commentary.
Official Documents (links)
Utah DFI: Commercial Financing Registration & Disclosures ([program page](https://dfi.utah.gov/non-depository/commercial-financing/)). Utah Code Title 7, Chapter 27 (Commercial Financing Registration and Disclosure Act). ([Utah Code](https://le.utah.gov/xcode/Title7/Chapter27/7-27.html))
Expert Opinions and Analysis (links)
- [Buchalter overview of Utah Commercial Financing Registration](https://www.buchalter.com/insights/utah-requires-commercial-lenders-and-factors-to-register-as-a-commercial-financing-provider/?utm_source=chatgpt.com)
- [Hudson Cook overview of Utah Disclosure Act](https://www.hudsoncook.com/article/utah-enacts-commercial-financing-disclosure-law/)
Operator Checklist
- Confirm the â¤$1,000,000 scope and product type (loan, open-end, A/R). ([Utah Code](https://le.utah.gov/xcode/Title7/Chapter27/7-27.html))
- Register via NMLS/DFI and calendar renewals/fees.
- Provide §7-27-202 disclosures before consummation; archive receipts. ([Utah Code](https://le.utah.gov/xcode/Title7/Chapter27/7-27.html))
- Maintain a policy for exemption checks (>$1,000,000, real-estate-secured, leases). ([Utah Code](https://le.utah.gov/xcode/Title7/Chapter27/7-27.html))