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 7 – Seals.
15-7-7. Seals. If a seal is required or permitted in the execution of a certificated registered public obligation, an authorized officer may cause a facsimile of the seal to be placed on such obligation. Use of a facsimile of the seal has the same legal effect as the impression of the seal. Enacted by Chapter […]
Section 8 – Agents of issuer.
15-7-8. Agents of issuer. (1) An issuer may appoint for such term as may be agreed, including for so long as a registered public obligation may be outstanding, corporate or other authenticating agents, transfer agents, registrars, paying or other agents and specify the terms of their appointment, including their rights, their compensation and duties, limits […]
Section 9 – Transfer costs — Agreements as to payment of costs.
15-7-9. Transfer costs — Agreements as to payment of costs. (1) An issuer, before or at original issuance of registered public obligations, may as part of a system of registration provide that the transferor or transferee of the registered public obligations pay all or a designated part of the costs of the system as a […]