13-15-302. Private right of action.
| (1) |
A purchaser may bring an action in a court of competent jurisdiction against a seller who does not comply with this chapter. |
Terms Used In Utah Code 13-15-302
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Purchaser: means a person who buys or leases from another person a business opportunity. See Utah Code 13-15-102
- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
- Seller: means a person who offers to sell, offers to lease, sells, or leases to another person a business opportunity. See Utah Code 13-15-102
| (2) |
If a court of competent jurisdiction finds that a seller violated this chapter, a purchaser who brings an action under Subsection (1) is entitled to:
| (a) |
rescission of the contract; |
| (b) |
an award of reasonable attorney fees and costs of court in an action to enforce the right of rescission; and |
| (c) |
an amount equal to the greater of:
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Renumbered and Amended by Chapter 243, 2022 General Session
