70C-2-103 - Deferral charges. - Utah Statutes

70C-2-103. Deferral charges.
(1) The parties to any consumer credit agreement before or after default may agree inwriting to defer all or part of one or more unpaid installments. Except in connection with anopen-end credit agreement, the parties may also agree in writing at any time that if an installmentis not paid within 10 days after its due date, the creditor may unilaterally grant a deferral. Thecreditor may collect a reasonable charge which the debtor expressly agrees to pay asconsideration for a deferral. A deferral charge may be collected at the time it accrues or at anytime thereafter.
(2) A delinquency charge made by the creditor on an installment may not be retained if adeferral charge is agreed to under this section covering the same period of delinquency. Acreditor that accelerates the maturity of a consumer credit debt may not make or collect a deferralcharge for any period following the date acceleration is declared.

Enacted by Chapter 159, 1985 General Session