70C-3-102 - Balloon payment. - Utah Statutes

70C-3-102. Balloon payment.
If any scheduled payment of a closed-end consumer credit debt is more than twice aslarge as the average of all earlier scheduled payments, the debtor has the right to refinance theamount of that payment at the time it is due if the creditor is still offering that type of credit andthe debtor is credit worthy. Credit terms may be no less favorable than those offered to thegeneral public by the creditor for the same type of credit at the time a request for refinancing isaccepted.

Enacted by Chapter 159, 1985 General Session