There is a newer version of the Utah Code
2023
2022
2021
2020
2019
Other previous versions
View our newest version here

2016 Utah Code
Title 7 - Financial Institutions Act
Chapter 8 - Industrial Banks
Section 15 - Bad debts.

UT Code § 7-8-15 (2016) What's This?
7-8-15. Bad debts.
  • (1) All demand and matured debts due to any industrial bank on which interest is past due and has not been paid for a period of six months, unless they are well secured and in the process of collection, are considered bad debts and shall be charged off to the profit and loss account.
  • (2) The industrial bank shall maintain in its files documentation to support its evaluation of the security and monthly reports of its collection efforts and a plan of collection.


Amended by Chapter 92, 2004 General Session

Disclaimer: These codes may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.