Utah Administrative Code

The Utah Administrative Code is the body of all effective administrative rules as compiled and organized by the Division of Administrative Rules (see Subsection 63G-3-102(5); see also Sections 63G-3-701 and 702).

NOTE: For a list of rules that have been made effective since October 1, 2019, please see the codification segue page.

NOTE TO RULEFILING AGENCIES: Use the RTF version for submitting rule changes.


R335. Financial Institutions, Consumer Credit.

Rule R335-4. Notice Concerning Refund of Unearned Credit Insurance Premiums Upon Prepayment of a Consumer Debt.

As in effect on October 1, 2019

Table of Contents

R335-4-1. Authority, Scope and Purpose.

(1) This rule is adopted pursuant to Section 70C-8-102(1)(e).

(2) This rule shall apply to all credit transactions subject to Title 70C, Utah Consumer Credit Code.

(3) The purpose for this rule is to require all consumer creditors, including assignees or other successors in interest, to notify a borrower when a debtor may be entitled to a separate refund of unearned credit insurance premiums.

R335-4-2. Notice Concerning Separate Refund of Unearned Credit Insurance Premiums Required.

If a debtor becomes entitled to a refund of premiums paid for credit insurance, as defined in Section 70C-6-102, that terminates prior to the end of the term for which it was written, and if the debtor does not receive a refund or credit of the unearned insurance premiums at the time of prepayment or termination, the party receiving the final payment or to whom the obligation was last owed shall promptly notify the debtor of the right to a separate refund of the unearned insurance premiums. The notice shall also state the name and address of each party who should be contacted about obtaining the refund if known to the party providing the notice.

KEY

financial institutions

Date of Enactment or Last Substantive Amendment

1995

Notice of Continuation

September 20, 2017

Authorizing, Implemented, or Interpreted Law

70C-8-102(1)(e)


Additional Information

Contact

For questions regarding the content or application of rules under Title R335, please contact the promulgating agency (Financial Institutions, Consumer Credit). A list of agencies with links to their homepages is available at http://www.utah.gov/government/agencylist.html or from http://www.rules.utah.gov/contact/agencycontacts.htm.