Senator Curtis S. Bramble proposes the following substitute bill:


1     
INTEREST RATES AMENDMENTS

2     
2019 GENERAL SESSION

3     
STATE OF UTAH

4     
Chief Sponsor: Curtis S. Bramble

5     
House Sponsor: Craig Hall

6     

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
22     

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 [chose in action that is the subject of their contract] a claim for
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 [chose in action shall be] a
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.