Utah Statutes
§ 7-24-204 — Remedy for default.
Utah·Title 7 Financial Institutions Act·Ch. 7-24 Title Lending Registration Act·Part 7-24-2 Requirements
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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Utah § 7-24-204 (Remedy for default.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Enacted by Chapter 236, 2003 General Session
Nearby Sections
15
§ 7-1-1001
Definitions -- Written consent or court order for disclosure by financial institution -- Exception.§ 7-1-1005
Admissibility of information restricted.§ 7-1-1007
Liability of financial institutions.§ 7-1-101
Title.§ 7-1-103
Definitions.§ 7-1-103.5
Control.