Utah Admin. Code R311-212-8 - Servicing the Loans
(1) The director
shall establish a repayment schedule for each loan based on the financial
situation and income circumstances of the borrower and the term of loans
allowed by Subsection
19-6-409(8)(b)(ii).
(2) Loans shall be amortized with equal
payment amounts and payments shall be of such amount to pay interest and
principal in full.
(a) the initial installment
payment shall be due on a date established by the director.
(b) subsequent installment payments shall be
due on the first day of each month.
(i) a
notice of payment and due date shall be sent for each subsequent
payment.
(c) non-receipt
of the statement of account or notice of payment shall not be a defense for
non-payment or late payment.
(3) The director shall apply loan payments
received first to penalty, next to interest, and then to principal.
(4) Loan payments may be made in advance, and
the remaining principal balance of the loan may be paid in full at any time
without penalty.
(5) Notices of
late payment penalty assessed with amounts of penalty and the total payment due
shall be sent to the borrower.
(6)
The penalty for late loan payments shall be 10% of the payment due.
(a) the penalty shall be assessed and payable
on payments received by the director more than five days after the due
date.
(b) a penalty shall be
assessed only once on a given late payment.
(7) Payments are considered received the day
of the U.S. Postal Service postmark date or receipt date for payments delivered
to the director by methods other than the U.S. Postal Service.
(8) If a loan payment check is returned due
to insufficient funds, a service charge in the amount allowed by law shall be
added to the payment amount due.
(9) Notice of loans paid in full shall be
sent after penalties, interest, and principal have been paid.
(10) Releases of the director's interest in
security shall be prepared and sent to the borrower or filed for public notice
as applicable.
Notes
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