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[Utah Code Table of Contents]
[TITLE 7. Table of Contents]
7-14-1 Definitions.
As used in this chapter:
(1) "Depository institution" means any institution authorized by state or federal law to accept and hold demand deposits or other accounts which may be used to effect third party payment transactions. The definition of "depository institution" in Chapter 1 does not apply to Chapter 14.
(2) "Credit reporting agency" includes any co-operative
credit reporting agency maintained by an association of financial
institutions or one or more associations of merchants.
1995
7-14-2 Legislative findings.
The substantial financial loss to the state and to trade
and commerce within this state resulting from the dishonor
or other return of checks, drafts, or other orders for the
payment of money, including transactions to be consummated
by electronic means, requires concerted effort by financial
institutions to attempt to minimize the number of such occurrences.
The Legislature finds that to facilitate such concerted effort
adequate protection against liability of the participating
financial institutions is necessary.
1981
7-14-3 Information an institution may furnish.
Any institution doing business in the state may report
to any other financial institution, or credit reporting agency
the following: (1) that an account maintained to effect third
party payment transactions has been closed out by the institution,
the reasons therefor, and the identity of the depositor or
account holder; (2) upon the request of another financial
institution any other information in the files of the institution
relating to the credit experience of the reporting institution
with respect to a particular person as to whom inquiry is
made; and (3) any information concerning attempted or potential
activity to defraud a financial institution or to obtain
funds from a financial institution by fraudulent or other
unlawful means or other information relating to individuals
sought by law enforcement authorities for alleged violations
of criminal laws.
1981
7-14-4 Immunity from liability.
No depository institution making any report or communication
of information authorized by this chapter shall be liable
to any person for disclosing such information to any recipient
authorized to receive this information under this chapter,
or for any error or omission in such report or communication.
1981
7-14-5 Reciprocal exchange of information authorized.
One or more financial institutions may jointly agree with
one or more other financial institutions for the reciprocal
exchange of any information authorized to be reported by
the provisions of this chapter. Such reciprocal exchange
of information or the acts or refusals to act of one or more
recipients because of such information shall not constitute
a boycott or blacklist, or otherwise be a basis for liability
to any person on the part of any participant in the reciprocal
exchange of information authorized by this chapter.
1981
