70C-1-106 - Determination of interest rate.
70C-1-106. Determination of interest rate.
For purposes of determining the interest rate allowed by the laws of this state underSection 85 of the National Bank Act and Sections 521 and 522 of the Depository InstitutionsDeregulation and Monetary Control Act of 1980, all finance charges, all fees charged forparticipation in a credit plan, whether assessed on an annual or other periodic basis, all transactionfees, all delinquency and deferral fees, all fees charged for exceeding a designated credit limit, allfees charged for each return of a dishonored check or negotiable order of withdrawal or draft, allfees charged for stopping payment, and all other charges permitted under Section 70C-2-101 areconsidered to be interest under the laws of the state of Utah. Notwithstanding the foregoing, acredit plan agreement that provides for any such fees shall disclose them separately from theinterest rate in a manner consistent with Regulation Z of the Board of Governors of the FederalReserve System.
Amended by Chapter 177, 1990 General Session