Utah Code 70C-4-105. Class actions
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(1) In accordance with this section, a creditor may contract with the debtor of an open-end consumer credit contract for a waiver by the debtor of the right to initiate or participate in a class action related to the open-end consumer credit contract.
Terms Used In Utah Code 70C-4-105
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means a document containing written terms and conditions of a credit agreement. See Utah Code 70C-1-302
- 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(2) To contract for the waiver described in Subsection
(1) , the creditor shall disclose the waiver:(2)(a) to the debtor;(2)(b) in the open-end consumer credit contract; and(2)(c) for an open-end consumer credit contract entered into on or after August 1, 2006, in:(2)(c)(i) bold type; or(2)(c)(ii) all capital letters.