§ 5.30.010. Definitions.

For the purposes of this section, the following words shall have the following meanings:

A.

Bank or financial institution. An organization involved in deposit banking, finance, investment, mortgages, trusts, and the like. Typical uses include commercial banks, credit unions, finance companies, and savings institutions.

B.

Cashing services. An organization involved in providing loans or other consideration to customers in exchange for personal property, such as property titles or personal checks. Such services shall include check cashing businesses licensed and/or defined by the state pursuant to the Check Cashing Registration Act, car title loan businesses, deferred deposit loan businesses, and businesses of a similar nature offering such services as a primary function. The phrase financial service shall not include fully automated stand alone services, such as automated teller machines, nor those uses defined herein as pertaining to bank or financial institutions.

C.

Check cashing business. A person or business that, for compensation, engages in cashing a check for consideration or extending a deferred deposit loan. Check cashing business does not include depository institutions, as defined by the state of Utah. In addition, check cashing business does not include a retail seller engaged primarily in the business of selling goods or services to retail buyers that cash checks or issue money orders for a minimum flat fee not exceeding one percent of the check or one dollar as a service fee that is incidental to its main purpose or business.

D.

Payday loan business. An establishment providing loans to individuals in exchange for personal checks or assignment of wages as collateral.

E.

Title loan business. An establishment providing short term loans to individuals in exchange for the title of a motor vehicle, mobile home, or motorboat as collateral.

F.

Deferred deposit lender. A business that conducts transactions where a person presents to a check casher a check written on that person's account or provides written or electronic authorization to a check casher to effect a debit from that person's account using an electronic payment, and the check casher provides the maker an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction, and agrees not to cash the check or process the debit until a specific date.

G.

Similar businesses. Any other business that offers deferred deposit loans, title loans, check cashing services and loans for payment or a percentage fee exceeding one percent of the check or one dollar as a service fee that is incidental to its main purpose or business.

H.

For purposes of this section, check cashing businesses, payday loan businesses, title loan businesses, and deferred deposit lender businesses shall be referred to collectively as "check cashing" businesses.

(Ord. No. 2007-07-36, 7-31-2007)