2006 Utah Code - 70C-1-302 — Definitions.

     70C-1-302.   Definitions.
     As used in this title:
     (1) "Agreement" means the bargain of the parties in fact as stated in a written contract or otherwise as found in the parties' language or by implication from other circumstances, including, but not limited to, course of dealing, usage of trade, or course of performance.
     (2) "Contract" means a document containing written terms and conditions of a credit agreement.
     (3) "Creditor" means:
     (a) a party (i) who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments, not including a down payment, and (ii) to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract. For purposes of this definition, a party is deemed to extend consumer credit regularly only if it extended credit more than 25 times, or more than five times for transactions secured by a dwelling, in the preceding calendar year. If a person did not meet these numerical standards in the preceding calendar year, the numerical standards shall be applied to the current calendar year;
     (b) any issuer of credit cards that extends either open-end credit or credit that is not subject to a finance charge and is not payable by written agreement in more than four installments; and
     (c) any credit card issuer that extends closed-end credit that is subject to a finance charge or is payable by written agreement in more than four installments.
     (4) "Earnings" means compensation paid or payable to an individual or for his account for personal services rendered or to be rendered by him whether denominated as wages, salary, commission, bonus, or otherwise, and includes periodic payments pursuant to a pension, retirement, or disability program.
     (5) "Installment" means a payment upon a debt that is part of a series of payments, each of which is less than the original amount of the debt and scheduled as to a specific amount and due date by agreement of the parties for the purpose of repaying the debt.
     (6) "Party" means any individual person and any other entity legally capable of entering into a binding contract.

Enacted by Chapter 159, 1985 General Session