AI used for credit scoring, loan approval, insurance pricing, or financial risk assessment. Here is what Utah businesses need to know in 2026.
Utah has enacted SB 149 — AI Policy Act. Generative AI must disclose AI nature when asked. First comprehensive state AI law in US.
State law does not replace federal law — you must comply with both. These federal rules apply to ai in finance nationwide:
Utah's SB 149 — AI Policy Act applies to most businesses with limited exemptions. Even businesses with under 50 employees should review requirements. Always review the specific statute for employee count and revenue thresholds.
The key deadline in Utah is May 1, 2024. This law is already in effect — you must comply now.
Utah penalties for AI non-compliance: Up to $2,500 per violation. Enforcement is active. The state AG has authority to investigate and fine without prior warning.
Federal law does not currently preempt state AI laws. Utah's SB 149 — AI Policy Act applies independently of federal rules. Federal laws like ECOA, FCRA, and HIPAA also apply alongside state law — so you must comply with both.
Best practice: document all AI systems used, conduct an internal audit, implement required disclosures, and keep records for at least 3 years. For very high-risk uses like ai in finance, consider hiring an independent third-party auditor to validate compliance.
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