Section 108 – Charge for insurance in connection with a deferral, refinancing, or consolidation — Duplicate charges.
70C-6-108. Charge for insurance in connection with a deferral, refinancing, or consolidation — Duplicate charges. A creditor may contract for and receive a separate charge for insurance in connection with a deferral, a refinancing, or a consolidation if: (1) the debtor agrees at or before the time of the deferral, refinancing, or consolidation that the […]
Section 201 – Term of insurance.
70C-6-201. Term of insurance. (1) Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not this evidence is required, the term of the insurance shall commence no later than when the debtor becomes obligated to the creditor or when the debtor […]
Section 202 – Maximum amount of insurance.
70C-6-202. Maximum amount of insurance. (1) With respect to a closed-end credit agreement: (a) in the case of consumer credit insurance providing life coverage, the amount of insurance may not initially exceed the debt and, if the debt is payable in installments, may not at any time exceed the greater of the scheduled or actual […]
Section 203 – Filing and approval of rates and forms.
70C-6-203. Filing and approval of rates and forms. (1) A creditor may use a form or a schedule of premium rates or charges concerning consumer credit insurance only if the form or schedule has been on file with the Insurance Department for at least 30 days and has not been disapproved by the Insurance Department […]
Section 301 – Property insurance.
70C-6-301. Property insurance. (1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property related to the credit transaction unless: (a) the insurance covers a significant risk of loss of or damage to the property; (b) the amount, terms, and conditions of the insurance are […]
Section 103 – Finance charge for open-end accounts.
70C-4-103. Finance charge for open-end accounts. With respect to an open-end consumer credit contract, a finance charge may only be calculated during any particular billing cycle on the basis of either: (1) the average or actual daily balance of the account; or (2) the unpaid balance of the account on the last day of the […]
Section 104 – Redundant delinquency charges prohibited.
70C-4-104. Redundant delinquency charges prohibited. With respect to an open-end account, no delinquency charge may be assessed on a payment that is otherwise a payment in full for the applicable period solely because of an unpaid delinquency charge relating to an earlier installment. Enacted by Chapter 133, 1991 General Session
Section 105 – Class actions.
70C-4-105. Class actions. (1) 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. (2) To contract for the waiver described in Subsection […]
Section 101 – Definition — Home solicitation sale.
70C-5-101. Definition — Home solicitation sale. As used in this chapter, “home solicitation sale” means a consumer credit sale of goods or services in which the seller or a person acting for him engages in a face-to-face solicitation of the sale at a residence or place of employment of the buyer and the buyer’s agreement […]
Section 102 – Buyer’s right to cancel.
70C-5-102. Buyer’s right to cancel. (1) Except as provided in Subsection (5), in addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase which […]