Utah Code 70C-4-104. Redundant delinquency charges prohibited
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Utah Code 70C-4-104
- Installment: means a payment upon a debt that is part of a series of payments, each of which is less than the original amount of the debt and scheduled as to a specific amount and due date by agreement of the parties for the purpose of repaying the debt. See Utah Code 70C-1-302
With respect to an open-end account, no delinquency charge may be assessed on a payment that is otherwise a payment in full for the applicable period solely because of an unpaid delinquency charge relating to an earlier installment.
Enacted by Chapter 133, 1991 General Session