Utah Code 70C-6-101. Scope — Relation to credit insurance — Applicability to parties
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(1) Except as provided in Subsection (2) , this chapter applies to insurance provided or to be provided in connection with any consumer credit transaction subject to this title.
Terms Used In Utah Code 70C-6-101
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) The provision on cancellation by a creditor under Section70C-6-304 applies to extensions of credit, the primary purpose of which is the financing of insurance. No other provision of this chapter applies to insurance so financed.(3) Except as provided elsewhere under this title, this chapter supplements and does not supersedeTitle 31A, Chapter 22, Part 8, Credit Life and Accident and Health Insurance . The provisions of this title concerning administrative controls, liabilities, and penalties do not apply to persons acting as insurers, and the similar provisions of the Credit Insurance Act do not apply to creditors and debtors.