2025 bills / S.B. 294
S.B. 294 Finance Amendments (2025)
- Introduced
- Senate committee
- Senate vote
- House committee
- House vote
- Signed into law
What this bill does
The bill adds the Uniform Special Deposits Act to Utah law, setting rules for special deposits held at banks, including who may be paid, when a bank may use the funds to offset debts, and a five-year limit on each deposit. It also adopts the Uniform Mortgage Modification Act, which sets out which changes can be made to a mortgage loan without harming holders of junior interests, and changes the exclusions from the definition of title loan.
Plain-English summary written by AI from the official description. Check the official text below.
Official description
- modifies the exclusions to the definition of title loan
- defines terms
- establishes the scope of the Uniform Special Deposits Act
- allows parties to an agreement under the Uniform Special Deposits Act to choose a forum in Utah for settling a dispute, regardless of whether the dispute occurred in Utah
- provides that sections of the Uniform Special Deposits Act may vary by agreement or amendment
- establishes requirements for a special deposit
- requires that a special deposit serve a permissible purpose
- provides the conditions under which a bank shall pay a beneficiary funds in the balance of a special deposit
- establishes the interest of a depositor or beneficiary in a special deposit
- allows a court to grant relief to prevent a bank from paying a depositor or beneficiary of a special deposit if a payment would result in fraud
- provides that except in certain circumstances, a bank may not exercise a right of recoupment or set off against a special deposit
- establishes the duties and liabilities of a bank in regards to a special deposit
- provides that a special deposit terminates five years after the date on which the special deposit was first funded
- describes the application of governing law over special deposits
- provides that the provisions of this act only apply to an agreement executed after the effective date of this bill, unless the parties to a special deposit amend the agreement
- provides that the provisions of this act are severable if a provision of the act is found invalid
- establishes the scope of the Uniform Mortgage Modification Act
- codifies the types of modifications that may be made to a mortgage loan that will not materially prejudice interest holders
- contains safe harbor provisions for mortgage modifications that do not materially prejudice the holders of a junior interest
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Every vote
- 7 yes, 0 no, 1 absentSenate Business and Labor Committee: vote to approve it · 2/26/2025 5:40 PMWho voted how
- 22 yes, 0 no, 7 absentFirst of two Senate votes · 2/28/2025 3:42 PMWho voted how
- 25 yes, 0 no, 4 absentFinal Senate vote · 3/3/2025 10:49 AMWho voted how
- 10 yes, 0 no, 2 absentHouse Transportation Committee: vote to approve it · 3/4/2025 4:21 PMWho voted how
- 66 yes, 0 no, 9 absentFinal House vote · 3/7/2025 11:13 PM
- 27 yes, 0 no, 2 absentSenate vote to accept the other chamber's changes · 3/7/2025 11:58 PM