Utah Code > Title 70C > Chapter 2 > Part 1 – Consumer Credit Agreements


§ 70C-2-101	Finance and other charges
§ 70C-2-102	Delinquency charges
§ 70C-2-103	Deferral charges
§ 70C-2-104	Advances to perform covenants of buyer
§ 70C-2-105	Attorney’s fees

Terms Used In Utah Code > Title 70C > Chapter 2 > Part 1 - Consumer Credit Agreements

Agreement: means the bargain of the parties in fact as stated in a written contract or otherwise as found in the parties' language or by implication from other circumstances, including:

(a)	course of dealing;

(b)	usage of trade; or

(c)

course of performance. See Utah Code 70C-1-302

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

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}

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

Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}

Writing: includes :Utah Code 68-3-12.5