Utah Code 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:

Terms Used In Utah Code 70C-1-302

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:

(a)	course of dealing;

(b)	usage of trade; or

(c)

course of performance. See Utah Code 70C-1-302

Contract: A legal written agreement that becomes binding when signed.

Contract: means a document containing written terms and conditions of a credit agreement. See Utah Code 70C-1-302

Dwelling: means a residential structure attached to real property that contains one to four units including any of the following if used as a residence:

(a)	a condominium unit;

(b)	a cooperative unit;

(c)	a manufactured home; or

(d)

a house. See Utah Code 70C-1-302

Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}

Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}

Party: means an individual and any other entity legally capable of entering into a binding contract. See Utah Code 70C-1-302

Person: means :Utah Code 68-3-12.5

(a)

course of dealing;

(b)	usage of trade; or

(c)	course of performance.

(2)	“Contract” means a document containing written terms and conditions of a credit agreement.

(3)

(a)

“Creditor” means:

(i)

a party:

(A)	who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments, not including a down payment; and

(B)	to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract;

(ii)

an issuer of a credit card that extends either open-end credit or credit that:

(A)	is not subject to a finance charge; and

(B)	is not payable by written agreement in more than four installments; and

(iii)

an issuer of a credit card that extends closed-end credit that:

(A)	is subject to a finance charge; or

(B)	is payable by written agreement in more than four installments.

(b)

(i)

For purposes of this Subsection (3), a party is considered to extend consumer credit regularly only if the party extends credit in the preceding calendar year:

(A)	more than 25 times; or

(B)	more than five times for a transaction secured by a dwelling.

(ii)	If a person does not meet the numerical standards described in Subsection (3)(b)(i) in the preceding calendar year, the numerical standards shall be applied to the current calendar year.

(4)

“Dwelling” means a residential structure attached to real property that contains one to four units including any of the following if used as a residence:

(a)	a condominium unit;

(b)	a cooperative unit;

(c)	a manufactured home; or

(d)

a house.

(5)

“Earnings” means compensation paid or payable to an individual or for the individual’s account for personal services rendered or to be rendered by the individual whether denominated as wages, salary, commission, bonus, or otherwise, and includes periodic payments pursuant to a pension, retirement, or disability program.

(6)	“Installment” means a payment upon a debt that is part of a series of payments, each of which is less than the original amount of the debt and scheduled as to a specific amount and due date by agreement of the parties for the purpose of repaying the debt.

(7)	“Party” means an individual and any other entity legally capable of entering into a binding contract.

Amended by Chapter 72, 2009 General Session

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