Utah Admin. Code R305-4-11 - Recovering on Defaulted Loans
(1) Loans
may be considered in default when three consecutive payments are past due by 30
days or more.
(2) If the loan is
determined to be in default under Subsection
R305-4-11(1),
the department or Division of Finance may declare the full amount of the
defaulted loan, penalty, and interest immediately due.
(3) The department or Division of Finance
need not give notice of default before declaring the full amount due and
payable.
(4) The borrower shall be
liable for attorney's fees and collection costs for defaulted loans, whether
incurred before or after court action.
Notes
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