1. (1) Except as provided in Subsection (2), this part applies to:

   1. (a) a creditor that is subject to this title; and

   2. (b) a party who:

      1. (i) has an office or place of business in this state; and
      2. (ii) takes an assignment of or undertakes direct collection of a payment from or enforcement of a right against a debtor arising from a consumer credit transaction.

2. (2) Except where otherwise indicated, the following are exempt from this part:

   1. (a) a depository institution as defined in Section 7-1-103 that is federally insured; and
   2. (b) a wholly owned subsidiary of a depository institution described in Subsection (2)(a).

Amended by Chapter 72, 2009 General Session