Terms Used In Utah Code 70C-4-101

• 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 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      If there is an unpaid balance in an open-end account on the date the finance charge is applied, the creditor may assess a minimum charge. Amended by Chapter 162, 2005 General Session   Previous section Next section    Chapter 4 Contents