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Financial Services Law Insights and Observations

Utah amends its Consumer Sales Practices Act

State Issues State Legislation Consumer Protection

State Issues

On March 13, the Governor of Utah signed HB 443 (the “Act”), also known as the Utah Consumer Sales Practices Act Amendments, into law. The Act will amend class action lawsuits and will clarify provisions related to “targeted solicitations” involving financial information. According to the Act, “targeted solicitation” will be defined as any written or oral advertisement for a product or service that (i) is addressed to the consumer’s personal account; (ii) contains specific account information (iii) is offered by a supplier that is not sponsored by or affiliated with the financial institution managing a consumer’s personal account; and (iv) is not authorized by the financial institution managing the consumer’s personal account. The Act will go into effect on May 1.