Utah § 7-24-204 Remedy for default.

Utah Statutes

§ 7-24-204 — Remedy for default.

Utah § 7-24-204

Title 7Financial Institutions Act

Ch. 7-24Title Lending Registration Act

Part 7-24-2Requirements

This text of Utah § 7-24-204 (Remedy for default.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 7-24-204 (2026).

Text

Except in the event of fraud by a borrower, if a borrower defaults on a title loan:

(1)the title lender's sole remedy is to seek repossession and sale of the property securing the title loan;

(2)the title lender may not pursue the borrower personally for:

(2)(a) repayment of the loan; or

(2)(b) any deficiency after repossession and sale of the property securing the loan; and

(3)after repossession and sale of the property securing the title loan, the title lender shall return to the borrower any proceeds from the sale in excess of the amount owed on the title loan.

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Except in the event of fraud by a borrower, if a borrower defaults on a title loan:
(1) the title lender's sole remedy is to seek repossession and sale of the property securing the title loan;
(2) the title lender may not pursue the borrower personally for:

(2)(a) repayment of the loan; or
(2)(b) any deficiency after repossession and sale of the property securing the loan; and
(3) after repossession and sale of the property securing the title loan, the title lender shall return to the borrower any proceeds from the sale in excess of the amount owed on the title loan.