Terms Used In Utah Code > Title 70C > Chapter 7 > Part 2 - Debtors' Remedies

• Agreement: means the bargain of the parties in fact as stated in a written contract or otherwise as found in the parties' language or by implication from other circumstances, including:
       (1)(a) course of dealing;
       (1)(b) usage of trade; or
       (1)(c) course of performance. See Utah Code 70C-1-302
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Creditor: means :
            (4)(a)(i) a party:

                 (4)(a)(i)(A) who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments, not including a down payment; and

                 (4)(a)(i)(B) to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract;
            (4)(a)(ii) an issuer of a credit card that extends either open-end credit or credit that:

                 (4)(a)(ii)(A) is not subject to a finance charge; and

                 (4)(a)(ii)(B) is not payable by written agreement in more than four installments; and
            (4)(a)(iii) an issuer of a credit card that extends closed-end credit that:

                 (4)(a)(iii)(A) is subject to a finance charge; or

                 (4)(a)(iii)(B) is payable by written agreement in more than four installments. See Utah Code 70C-1-302
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Party: means an individual and any other entity legally capable of entering into a binding contract. See Utah Code 70C-1-302
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5