70C-8-201. Applicability.

115 words·~1 min read·/ut/title-70c/chapter-8/70c-8-201

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Except as provided in Subsection

(2), this part applies to:

(a)a creditor that is subject to this title; and

(b)a party who:

(i)has an office or place of business in this state; and

(ii)takes an assignment of or undertakes direct collection of a payment from or enforcement of a right against a debtor arising from a consumer credit transaction.

(2)Except where otherwise indicated, the following are exempt from this part:

(a)a depository institution as defined in Section 7-1-103 that is federally insured; and

(b)a wholly owned subsidiary of a depository institution described in Subsection (2)(a) .

Amended by Chapter 72 , 2009 General Session