Section 7-27-102 - ApplicationThe provisions of this chapter do not apply to:
(1) a provider that is a depository institution;(2) a provider that is: (a)(i) a subsidiary of a depository institution; or(ii) a service corporation for a depository institution; and(b) regulated by a federal banking agency;(3) a provider that is regulated under the federal Farm Credit Act 12 U.S.C. Sec. 2001 et seq.;(4) a provider that is licensed as a money transmitter in accordance with Chapter 25, Money Transmitter Act;(5) a provider that consummates five or fewer commercial financing products in the state during any 12 month period;(6) a commercial financing transaction secured by real property;(7) a commercial financing transaction that is a lease as defined in Section 70A-2a-103;(8) a commercial financing transaction that is a purchase-money obligation as defined in Section 70A-9a-103;(9) a commercial financing transaction that: (a) involves a commercial loan or a commercial open-end credit plan;(b) is $50,000 or more; and(c) extends the commercial loan or the commercial open-end credit plan to: (i) a motor vehicle dealer or the motor vehicle dealer's affiliate; or(ii) a motor vehicle rental company as defined in Section 13-48-103 or the motor vehicle rental company's affiliate;(10) a commercial financing transaction offered by a person in connection with the sale of a product or service that: (a) the person manufactures, licenses, or distributes; or(b) the person's parent company or the person's owned and controlled subsidiary manufactures, licenses, or distributes; or(11) a commercial financing transaction of more than $1,000,000.Added by Chapter 449, 2022 General Session ,§ 5, eff. 5/4/2022.