Utah Admin. Code R21-1-7 - Interest and Fees
(1) Subsection
63A-3-502(4)(g)
authorizes OSDC to assess and collect interest and fees. Interest and fee
calculation and payment priority for accounts receivable collected by OSDC
shall be applied according to the following methodology, except as specified in
Subsections R21-1-10(2) and
R21-1-10(3):
(2) A fee that covers the administrative
costs of collection shall be charged on each account referred for collection.
This fee is called the collection fee.
(a)
The cost of this fee shall be calculated as a percent of the sum of the
receivable balance referred for collection plus the late penalty described in
Subsection R21-1-7(3).
(b) This fee shall be paid first from each
payment, up to a percentage determined by OSDC.
(c) The collection fee accrues on the unpaid
principal balance of the receivable.
(3) A late penalty fee as described in
Subsection
63A-3-502(4)(g)(ii)
shall be calculated as a percent of the receivable balance referred for
collection.
(a) Two percent of each payment
shall be applied to the outstanding penalty until the penalty is paid in full.
(b) The calculated penalty amount
shall be paid after the collection fee is determined and paid.
(4) Two types of interest shall be
charged on each account referred to OSDC: postjudgment interest and OSDC
interest.
(a) Postjudgment interest applies to
a receivable with a judgment established by the courts.
(i) Postjudgment interest accrues on the
unpaid principal balance of the receivable.
(ii) Postjudgment interest that accrues on a
trust or the trust portion of a receivable shall be paid before the state's
outstanding receivable.
(b) OSDC interest applies to a receivable
without a judgment as described in Subsection
63A-3-502(4)(g)(iii)(B).
(i) OSDC accrued interest shall be paid from
each payment up to 5% of the payment after the payment of the collection fee
and 2% penalty.
(ii) OSDC interest
accrues on the unpaid principal balance of the receivable.
Notes
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