15-1-1 - Interest rates -- Contracted rate -- Legal rate. - Utah Statutes

15-1-1. Interest rates -- Contracted rate -- Legal rate.
(1) The parties to a lawful contract may agree upon any rate of interest for the loan orforbearance of any money, goods, or chose in action that is the subject of their contract.
(2) Unless parties to a lawful contract specify a different rate of interest, the legal rate ofinterest for the loan or forbearance of any money, goods, or chose in action shall be 10% perannum.
(3) Nothing in this section may be construed in any way to affect any penalty or interestcharge that by law applies to delinquent or other taxes or to any contract or obligations madebefore May 14, 1981.

Amended by Chapter 79, 1989 General Session