State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-22 > 31a-22-802

31A-22-802. Definitions.
As used in this Part 8:
(1) "Credit accident and health insurance" means insurance on a debtor to provideindemnity for payments coming due on a specific loan or other credit transaction while the debtoris disabled.
(2) "Credit life insurance" means life insurance on the life of a debtor in connection witha specific loan or credit transaction.
(3) "Credit transaction" means any transaction under which the payment for moneyloaned or for goods, services, or properties sold or leased is to be made on future dates.
(4) "Creditor" means the lender of money or the vendor or lessor of goods, services, orproperty, for which payment is arranged through a credit transaction, or any successor to theright, title, or interest of any lender or vendor.
(5) "Debtor" means a borrower of money or a purchaser, including a lessee under a leaseintended as security, of goods, services, or property, for which payment is arranged through acredit transaction.
(6) "Indebtedness" means the total amount payable by a debtor to a creditor in connectionwith a credit transaction, including principal finance charges and interest.
(7) "Net indebtedness" means the total amount required to liquidate the indebtedness,exclusive of any unearned interest, any insurance on the monthly outstanding balance coverage,or any finance charge.
(8) "Net written premiums" means gross written premiums minus refunds ontermination.

Amended by Chapter 90, 2004 General Session