Section 12 – Obligations subject to chapter.
15-7-12. Obligations subject to chapter. (1) Unless the official or official body of the issuer determines otherwise before or at the time of the original issuance of a registered public obligation, this act is applicable to such registered public obligation. When this act is applicable, the provisions of this act prevail over any inconsistent provision […]
Section 13 – Construction with other law.
15-7-13. Construction with other law. This act shall be construed in conjunction with the Uniform Commercial Code and the principles of contract law relative to the registration and transfer of obligations. Enacted by Chapter 62, 1983 General Session
Section 14 – Covenant against repeal of chapter.
15-7-14. Covenant against repeal of chapter. The state hereby covenants with the owners of any registered public obligations that it will not amend or repeal this act if the effect may be to impair the exemption from income taxation of interest on registered public obligations. Enacted by Chapter 62, 1983 General Session
Section 2 – Purpose — Rules of construction.
15-8-2. Purpose — Rules of construction. (1) This chapter shall be liberally construed and applied to promote its underlying purposes and policies. (2) The underlying purposes and policies of this chapter are to: (a) define, simplify, and clarify the law governing consumer rental purchase agreements; (b) provide certain disclosures to consumers who enter into consumer […]
Section 4 – Inapplicability of other laws — Exempted transactions.
Effective 5/13/2014 15-8-4. Inapplicability of other laws — Exempted transactions. (1) Rental purchase agreements that comply with this chapter are not governed by the laws relating to: (a) a security interest as defined in Subsection 70A-1a-201(2)(ii); or (b)Title 70C, Utah Consumer Credit Code, except that Sections 70C-7-102 through 70C-7-104 and 70C-2-205 shall apply to lessors […]
Section 5 – General requirements of disclosure.
15-8-5. General requirements of disclosure. (1) A lessor shall disclose to a consumer the information required by this chapter. In a transaction involving more than one lessor, only one lessor needs to make the disclosures, but all lessors shall be bound by the disclosures. (2) The disclosures shall be made at or before consummation of […]
Section 6 – Disclosures.
15-8-6. Disclosures. (1) For each rental purchase agreement, the lessor shall disclose in the agreement the following items, as applicable: (a) the total number, total dollar amount, and timing of all payments necessary to acquire ownership of the property; (b) a statement that the consumer will not own the property until the consumer has made […]
Section 10 – Investment of public funds in registered obligations of public entities of other states.
15-7-10. Investment of public funds in registered obligations of public entities of other states. Obligations issued by public entities under the laws of another state, the District of Columbia, or by territories or possessions of the United States, which are in registered form, whether or not represented by an instrument, and which, except for their […]
Section 3 – Purpose.
15-7-3. Purpose. (1) The Code provides that interest with respect to certain obligations may not be exempt from federal income taxation unless they are in registered form. It is therefore a matter of state concern that public entities be authorized to provide for the issuance of obligations in registered form. It is a purpose of […]
Section 4 – Registration system established by issuer.
Effective 5/12/2015 15-7-4. Registration system established by issuer. (1) (a) Each issuer is authorized to establish and maintain a system of registration with respect to each obligation it issues. (b) The system described in this Subsection (1) may either be: (i) a system pursuant to which only certificated registered public obligations are issued; (ii) a […]