Title 70C, Title 70C: Utah Consumer Credit Code

70C-1-105. Limitations by other laws not displaced. This title does not displace limitations on powers an organization is authorized to exercise under the laws of this state or the United States.

70C-1-106. Determination of interest rate. For purposes of determining the interest rate allowed by the laws of this state under Section 85 of the National Bank Act and Sections 521 and 522 of the Depository Institutions Deregulation and Monetary Control Act of 1980, all finance …

70C-1-201. Covered transactions. Except as provided in Section, the provisions of this title apply to all credit offered or extended by a creditor to an individual person primarily for personal, family, or household purposes.

70C-1-202. Exempted transactions. (1) Notwithstanding the exceptions in Subsection, parties to a credit transaction that is otherwise exempt from this title may explicitly agree in writing that the transaction is subject to this title. The agreement shall specifically reference. …

70C-1-203. Limitation on creditor's remedies in out-of-state transactions. The part on limitations on creditors' remedies, Sectionsthrough, applies to any actions or other proceedings brought in this state to enforce rights arising from a consumer credit contract or consumer cred…

70C-1-301. Interpretation consistent with federal law. Except as otherwise defined, all definitions or terms used in this title have the same meaning as when used in the federal Consumer Credit Protection Act, 15 U.S.C. Sections 1601 through 1677, as amended, and its implementing…

70C-1-302. Definitions. As used in this title: (1) "Agreement" means the bargain of the parties in fact as stated in a written contract or otherwise as found in the parties' language or by implication from other circumstances, including: course of dealing; usage of trade; or cour…

70C-2-101. Finance and other charges. Except where restricted or otherwise covered by provisions of this title, the parties to a consumer credit agreement may contract for payment by the debtor of any finance charge and other charges and fees.

70C-2-102. Delinquency charges. (1) The parties to any consumer credit agreement may contract for a delinquency charge on any installment not paid in full by its scheduled due date in an amount not exceeding the greater of: $30; or 5% of the delinquent unpaid amount of the instal…

70C-2-103. Deferral charges. (1) The parties to any consumer credit agreement before or after default may agree in writing to defer all or part of one or more unpaid installments. Except in connection with an open-end credit agreement, the parties may also agree in writing at any…

70C-2-104. Advances to perform covenants of buyer. If a consumer credit agreement contains covenants by the debtor to perform certain duties pertaining to insuring or preserving collateral and the creditor pursuant to the agreement pays for performance of the duties on behalf of …

70C-2-105. Attorney's fees. A consumer credit agreement may provide for the payment of reasonable attorney's fees in the event of default and referral to an attorney including one who is a salaried employee of the creditor or its assignee.

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…

70C-2-202. Assignment of earnings prohibited. A creditor may not directly or indirectly take or receive from a debtor an obligation that constitutes or contains an assignment of wages or other earnings unless (1) the assignment by its own terms is revocable at the will of the deb…

70C-2-203. Additional security in consumer leases prohibited. A lessor, in order to secure the debt arising from a consumer lease, may not take a security interest in the dwelling of the lessee. A security interest taken in violation of this section is void from its inception.

70C-2-204. Certain negotiable instruments prohibited. (1) With respect to a consumer credit sale not involving real property, the seller may not take a negotiable instrument under Sectionother than a check as evidence of the obligation of the buyer. 70A-3-104 (2) A holder is not …

70C-2-204. Certain negotiable instruments prohibited. (1) With respect to a consumer credit sale not involving real property, the seller may not take a negotiable instrument under Sectionother than a check as evidence of the obligation of the buyer. 70A-3-104 (2) A holder is not …

70C-2-205. Assignee subject to defenses. With respect to a consumer credit sale, an assignee of the rights of the seller is subject to all defenses of the buyer against the seller arising out of the credit sale, but the assignee's liability under this section may not exceed the a…

70C-2-206. Settlement of claims. (1) A claim by a debtor against a creditor for an excess charge, other violation of this title, or civil penalty if disputed in good faith, may be settled by agreement for less value than the amount claimed, unless a court, as a matter of law, fin…

70C-2-207. Referral sales. With respect to a consumer credit sale, the seller may not give or offer to give a rebate or discount or otherwise pay or offer to pay value to the buyer as an inducement for a sale in consideration of the buyer giving to the seller the names of prospec…

70C-3-101. Prepayment of debt. (1) As used in this section: "Prepaid finance charge" means the same as that term is defined in 12 C.F.R. Sec. 1026.2. "Prepayment penalty" means a contingent fee that a creditor assesses against a debtor for paying all or any portion of an outstand…

70C-3-102. Balloon payment. If any scheduled payment of a closed-end consumer credit debt is more than twice as large as the average of all earlier scheduled payments, the debtor has the right to refinance the amount of that payment at the time it is due if the creditor is still …

70C-3-103. Delinquency charges -- Conversion of account. (1) With respect to a closed-end loan, a delinquency charge may not be assessed on a payment that is a payment in full for the scheduled installment period solely because of an unpaid delinquency charge relating to an earli…

70C-3-104. Class actions. (1) In accordance with this section, a creditor may contract with the debtor of a closed-end consumer contract for a waiver by the debtor of the right to initiate or participate in a class action related to the closed-end consumer contract. (2) To contra…

70C-4-101. Minimum billing cycle charge. If there is an unpaid balance in an open-end account on the date the finance charge is applied, the creditor may assess a minimum charge.

70C-4-102. Change of terms of open-end consumer credit contracts. (1) For purposes of this section, "change" includes to add, delete, or otherwise change a term of an open-end consumer credit contract. (2) Notwithstanding Section, a creditor may change any written term of an open…

70C-4-103. Finance charge for open-end accounts. With respect to an open-end consumer credit contract, a finance charge may only be calculated during any particular billing cycle on the basis of either: (1) the average or actual daily balance of the account; or (2) the unpaid bal…

70C-4-104. Redundant delinquency charges prohibited. With respect to an open-end account, no delinquency charge may be assessed on a payment that is otherwise a payment in full for the applicable period solely because of an unpaid delinquency charge relating to an earlier install…

70C-4-105. Class actions. (1) In accordance with this section, a creditor may contract with the debtor of an open-end consumer credit contract for a waiver by the debtor of the right to initiate or participate in a class action related to the open-end consumer credit contract. (2…

70C-5-101. Definition -- Home solicitation sale. As used in this chapter, "home solicitation sale" means a consumer credit sale of goods or services in which the seller or a person acting for the seller engages in a face-to-face solicitation of the sale at a residence or place of…

70C-5-102. Buyer's right to cancel. (1) Except as provided in Subsection, in addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement…

70C-5-103. Form of agreement or offer -- Statement of buyer's rights. (1) In a home solicitation sale, unless the buyer requests the seller to provide goods or services without delay in an emergency, the seller shall present to the buyer and obtain the buyer's signature to a writ…

70C-5-104. Restoration of down payment. (1) Within 10 days after a home solicitation sale has been canceled or an offer to purchase revoked the seller shall tender to the buyer any payments made by the buyer and any note or other evidence of indebtedness. (2) If the down payment …

70C-5-105. Duty of buyer -- No compensation for services prior to cancellation. (1) Except as provided by the provisions on retention of goods by the buyer under Subsection, within a reasonable time after a home solicitation sale has been canceled or an offer to purchase revoked,…

70C-6-101. Scope -- Relation to credit insurance -- Applicability to parties. (1) Except as provided in Subsection, this chapter applies to insurance provided or to be provided in connection with any consumer credit transaction subject to this title. (2) (2) The provision on canc…

70C-6-102. Definition -- Consumer credit insurance. "Consumer credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include: (1) insurance issued as an isolated transaction on…

70C-6-103. Creditor's provision of and charge for insurance -- Excess amount of charge. (1) Except as otherwise provided in this chapter, a creditor may agree to provide insurance. If insurance is not required, a charge for such insurance shall be separate from and in addition to…

70C-6-104. Conditions applying to insurance to be provided by creditor. If a creditor agrees with a debtor to provide insurance: (1) the insurance shall be evidenced by an individual policy or certificate of insurance delivered to the debtor, or sent to the debtor at the debtor's…

70C-6-105. Maximum charge by creditor for insurance. If a creditor contracts for or receives a separate charge for insurance, the amount charged the debtor for the insurance may not exceed the premium to be charged by the insurer, without deduction for commissions, as computed at…

70C-6-106. Refund or credit required -- Amount. (1) A debtor or a debtor's estate is entitled to any rebate or refund due from an insurer and to any unearned part of a separate charge for insurance previously paid by the debtor, resulting from the prepayment of a consumer credit …

70C-6-107. Existing insurance -- Choice of insurer. If a creditor requires insurance, upon notice to the creditor the debtor may provide the required insurance through an existing policy of insurance owned or controlled by the debtor, or through a policy to be obtained and paid f…

70C-6-108. Charge for insurance in connection with a deferral, refinancing, or consolidation -- Duplicate charges. A creditor may contract for and receive a separate charge for insurance in connection with a deferral, a refinancing, or a consolidation if: (1) the debtor agrees at…

70C-6-201. Term of insurance. (1) Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not this evidence is required, the term of the insurance shall commence no later than when the d…

70C-6-202. Maximum amount of insurance. (1) With respect to a closed-end credit agreement: in the case of consumer credit insurance providing life coverage, the amount of insurance may not initially exceed the debt and, if the debt is payable in installments, may not at any time …

70C-6-203. Filing and approval of rates and forms. (1) A creditor may use a form or a schedule of premium rates or charges concerning consumer credit insurance only if the form or schedule has been on file with the Insurance Department for at least 30 days and has not been disapp…

70C-6-301. Property insurance. (1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property related to the credit transaction unless: the insurance covers a significant risk of loss of or damage to the property; the amount, …