Utah Code 70C-7-105. Extortionate extensions of credit
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Terms Used In Utah Code 70C-7-105
- Creditor: means :
(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. See Utah Code 70C-1-302 - Person: means :Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
If it is the understanding of the creditor and the debtor at the time an extension of credit is made that delay in making repayment or failure to make repayment could result in the use of violence or other criminal means to cause harm to the person, reputation, or property of any person, the repayment of the extension of credit is unenforceable through any judicial proceedings against the debtor.Enacted by Chapter 159, 1985 General Session