Utah Code 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.

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
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. See Utah Code 70C-1-302

(2)

To contract for the waiver described in Subsection (1), the creditor shall disclose the waiver:

(a)	to the debtor;

(b)	in the closed-end consumer contract; and

(c)

for a closed-end consumer contract entered into on or after August 1, 2006, in:

(i)	bold type; or

(ii)	all capital letters.

Enacted by Chapter 172, 2006 General Session