Utah Admin. Code R311-212-9 - Recovering on Defaulted Loans
(1) Loans
may be considered in default when:
(a) two
consecutive payments are past due by 30 days or more;
(b) when the applicant's ability to receive
payments for claims against the Fund lapses; or
(c) if the certificate of compliance lapses
or is revoked.
(2)
Lapsing under Subsection
R311-206-7(5)
will not be considered as grounds for default for USTs which are permanently
closed.
(3) The director may
declare the full amount of the defaulted loan, penalty, and interest
immediately due.
(4) The director
need not give notice of default before declaring the full amount due and
payable.
(5) The borrower is liable
for attorney's fees and collection costs for defaulted loans whether incurred
before or after court action.
Notes
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