(1) Except as otherwise provided in this chapter, a creditor may agree to provide insurance. If insurance is not required, a charge for such insurance shall be separate from and in addition to other charges. A creditor shall separately disclose any charge for insurance required and provided by it. This title does not authorize the issuance of any insurance prohibited under any statute, rule, or regulation.
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Terms Used In Utah Code 70C-6-103

  • 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
  • Statute: A law passed by a legislature.
(2) A charge for insurance which exceeds the maximum authorized by Section 70C-6-105 is an excess charge for the purposes of Chapter 7, Remedies and Penalties, on remedies and penalties, as to effect of violations on rights of parties under Section 70C-7-201, and of Chapter 8, Administration, on administration.

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