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7 LONG TITLE
8 General Description:
9 This bill amends interest rate provisions in Title 15, Contracts and Obligations in
10 General.
11 Highlighted Provisions:
12 This bill:
13 ▸ amends provisions regarding interest rates, including contracted and legal interest
14 rates.
15 Money Appropriated in this Bill:
16 None
17 Other Special Clauses:
18 None
19 Utah Code Sections Affected:
20 AMENDS:
21 15-1-1, as last amended by Laws of Utah 1989, Chapter 79
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23 Be it enacted by the Legislature of the state of Utah:
24 Section 1. Section 15-1-1 is amended to read:
25 15-1-1. Interest rates -- Contracted rate -- Legal rate.
26 (1) The parties to a lawful written, verbal, or implied contract may agree upon any rate
27 of interest for the contract, including a contract for services, a loan or forbearance of any
28 money, goods, or services, or [
29 breach of contract.
30 (2) Unless the parties to a lawful written, verbal, or implied contract expressly specify
31 a different rate of interest, the legal rate of interest for the contract, including a contract for
32 services, a loan or forbearance of any money, goods, or services, or [
33 claim for breach of contract is 10% per annum.
34 (3) Nothing in this section may be construed in any way to affect any penalty or interest
35 charge that by law applies to delinquent or other taxes or to any contract or obligations made
36 before May 14, 1981.