Utah Code 39A-6-111. Maximum rate of interest
Current as of: 2023 | Check for updates
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Terms Used In Utah Code 39A-6-111
- Interest: includes service charges, renewal charges, fees, or any other charges in respect to any obligation or liability. See Utah Code 39A-6-101
- 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.
- Service member: means any member of the Utah National Guard or Utah State Defense Force serving on active military service in an organized military unit. See Utah Code 39A-6-101
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- State military service: means active, full-time service with a recognized military unit called into service by the governor for at least 30 days. See Utah Code 39A-6-101
An obligation or liability bearing interest at a rate in excess of six percent per year incurred by a service member in state military service before the service member’s entry into state military service may not, during any part of the period of state military service, bear interest at a rate in excess of six percent per year unless, in the opinion of the court and upon application to the court by the obligee, the ability of the service member to pay interest upon the obligation or liability at a rate in excess of six percent per year is not materially affected by reason of the service member’s service. The court may make any order in the action that, in the court’s opinion, is just.
Renumbered and Amended by Chapter 373, 2022 General Session