Utah Admin. Code R704-3-9 - Recovering on Defaulted Loans
(1) Loans may be
considered in default when two consecutive payments are past due by 30 days or
more.
(2) If the loan is determined
to be in default under Subsection
R704-3-9(1),
the Division or the Division of Finance may declare the full amount of the
defaulted loan, penalty and interest immediately due.
(3) 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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