[Mynameisbob]

Utah is where all the banks that fund this business are domiciled. More than likely will take a federal ban I order to stop cojs.

[WestCoastFunding]

Utah is where all the banks that fund this business are domiciled. More than likely will take a federal ban I order to stop cojs.

Utah law:

70C-2-201. Authorization to confess judgment prohibited.

A creditor or its successor in interest may not, directly or indirectly, take or receive from a debtor an obligation that constitutes or contains a cognovit or confession of judgment, warrant of attorney, or other waiver of the right to notice and the opportunity to be heard in the event of suit or process thereon.

[BB_Cooper]

Utah is where all the banks that fund this business are domiciled. More than likely will take a federal ban I order to stop cojs.

When it comes to COJ's, New York was where the merchant's bank almost always had a branch that the COJ could be executed upon. Not sure the same can be said for Utah-

[abfunders]

Utah law:

70C-2-201. Authorization to confess judgment prohibited.

A creditor or its successor in interest may not, directly or indirectly, take or receive from a debtor an obligation that constitutes or contains a cognovit or confession of judgment, warrant of attorney, or other waiver of the right to notice and the opportunity to be heard in the event of suit or process thereon.

WestCoast, that is for creditors.
According to https://www.lawserver.com/law/state/...code_70c-2-201 a creditor is defined clearly as taking on debt for a consumer loan, cannot use a COJ. That's true in NY for years already.
This does not extend to cash advances (yet), since they haven't been defined as debt by the courts yet.
And it may not also apply to business debt.

Either way, if funders start using the Utah system like they used the NY system, then Utah will just likely just get rid of it quickly also on the business side.