Utah Code > Title 70C > Chapter 7 > Part 2 – Debtors’ Remedies


§ 70C-7-201	Effect of violations by creditors — Penalties — Debtor’s rights
§ 70C-7-202	Assignees of creditor
§ 70C-7-203	Refunds and penalties as setoff to obligation
§ 70C-7-204	Attorney’s fees
§ 70C-7-205	Statute of limitations
§ 70C-7-206	Creditor’s defenses

Terms Used In Utah Code > Title 70C > Chapter 7 > Part 2 - Debtors' Remedies

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

Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}

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

Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.

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}

Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

Party: means an individual and any other entity legally capable of entering into a binding contract. See Utah Code 70C-1-302

Person: means :Utah Code 68-3-12.5