In accordance with this section, a creditor may contract with the debtor of an open-end consumer credit contract for a waiver by the debtor of the right to initiate or participate in a class action related to the open-end consumer credit contract.
Terms Used In Utah Code 70C-4-105
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 open-end consumer credit contract; and
(c)
for an open-end consumer credit contract entered into on or after August 1, 2006, in: