Utah Credit Laws
| INTEREST RATE | (Legal: 10%) |
Judgments bear interest at the rate of 12%, or a lawfully agreed upon rate. There are floating rates prescribed for consumer transactions. |
| STATUTE OF LIMITATIONS | (In Years) |
Open Acct: 4 - Written Contract 6 - Domestic Judgment 8 - Foreign Judgment 8 |
| BAD CHECK LAWS | (Civil Penalty) |
Certified statutory bad check notice must be sent. Amount due, interest, court costs, reasonable attorney’s fees, plus damage equal to greater of $100 or three times check amount (not to exceed check amount plus $500) |
| GENERAL GARNISHMENT EXEMPTIONS |
$142.50 of disposable earnings for wages paid weekly |
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| HOMESTEAD EXEMPTION | Limit on real property in Utah is $20,000. A couple may double that amount. A homestead declaration must be filed before the homestead is sold | |
| ADDING FEES |
Collection Fee (2) A creditor may require a debtor to pay a collection fee in addition to any other amount owed to the creditor for a debt if: (a) imposing a collection fee on the debtor or in relation to the debt is not prohibited or otherwise restricted by another federal or state law; (b) the creditor contracts with a third party debt collection agency or licensed attorney to collect the debt; (c) the third party debt collection agency with which the creditor contracts is registered under this title; (d) there is a written agreement between the creditor and the debtor that: (i) creates the debt; and (ii) provides for the imposition of the collection fee in accordance with this section; and (e) the obligation to pay the collection fee is imposed at the time of assignment of the debt to a third party debt collection agency or licensed attorney in accordance with an agreement described in Subsection (2)(d). (3) The creditor shall establish the amount of the collection fee imposed under this section, except that the amount may not exceed the lesser of: (a) the actual amount a creditor is required to pay a third party debt collection agency or licensed attorney, regardless of whether that amount is a specific dollar amount or a percentage of the principal amount owed to the creditor for a debt; or (b) 40% of the principal amount owed to the creditor for a debt. (4) An obligation to pay a collection fee imposed under this section is in addition to any obligation to pay attorney fees that may otherwise exist. |