H.B. 235 Enrolled

CONSUMER CREDIT CODE AMENDMENTS
1998 GENERAL SESSION
STATE OF UTAH
Sponsor: Kevin S. Garn
AN ACT RELATING TO THE UTAH CONSUMER CREDIT CODE; INCREASING THE
AMOUNT OF THE DELINQUENCY CHARGE WHICH MAY BE ASSESSED IN A
CONSUMER CREDIT AGREEMENT; AND ELIMINATING THE GRACE PERIOD FOR
LATE INSTALLMENT PAYMENTS.
This act affects sections of Utah Code Annotated 1953 as follows:
AMENDS:
70C-2-102, as last amended by Chapter 133, Laws of Utah 1991
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 70C-2-102 is amended to read:
70C-2-102. Delinquency charges.
(1) The parties to any consumer credit agreement may contract for a delinquency charge
on any installment not paid in full [within ten days after] by its scheduled due date in an amount
not exceeding the greater of [$20] $30 or 5% of the delinquent unpaid amount of the installment.
This section may not be interpreted to require a creditor to accept a partial payment for an
installment.
(2) A delinquency charge as authorized by this section may be collected only once on each
installment, however long it remains delinquent. No delinquency charge may be collected if the
installment [is paid in full within ten days after its scheduled due date or if it] has been deferred
and a deferral charge under Section 70C-2-103 has been paid or incurred. A delinquency charge
may be collected at the time it accrues or at any time thereafter.