70C-7-206 - Creditor's defenses. - Utah Statutes

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Statutes > Utah > Title-70c > Chapter-07 > 70c-7-206

70C-7-206. Creditor's defenses.
(1) If a creditor establishes by a preponderance of evidence that a violation of this title isunintentional or the result of a bona fide error, no penalty as specified in Sections 70C-7-201 and70C-7-204 may be imposed and the validity of the transaction is not affected.
(2) A creditor or assignee has no liability under this part for any failure to comply withany requirement imposed under this title if within 60 days after discovering an error, and prior tothe institution of an action under this chapter or the receipt of written notice of the error from thedebtor, the creditor or assignee notifies the person concerned of the error and makes whateveradjustments in the appropriate account are necessary to assure that the person will not be requiredto pay an amount in excess of the charge actually disclosed, or the dollar equivalent of the annualpercentage rate actually disclosed, whichever is lower.
(3) No provision of this part imposing any penalty applies to any action done or omittedin good faith in conformity with some provision of this title, notwithstanding that after the actionor omission has occurred the provision is amended, rescinded, or determined by judicial or othercompetent authority to be invalid for any reason.

Enacted by Chapter 159, 1985 General Session

State Codes and Statutes

Statutes > Utah > Title-70c > Chapter-07 > 70c-7-206

70C-7-206. Creditor's defenses.
(1) If a creditor establishes by a preponderance of evidence that a violation of this title isunintentional or the result of a bona fide error, no penalty as specified in Sections 70C-7-201 and70C-7-204 may be imposed and the validity of the transaction is not affected.
(2) A creditor or assignee has no liability under this part for any failure to comply withany requirement imposed under this title if within 60 days after discovering an error, and prior tothe institution of an action under this chapter or the receipt of written notice of the error from thedebtor, the creditor or assignee notifies the person concerned of the error and makes whateveradjustments in the appropriate account are necessary to assure that the person will not be requiredto pay an amount in excess of the charge actually disclosed, or the dollar equivalent of the annualpercentage rate actually disclosed, whichever is lower.
(3) No provision of this part imposing any penalty applies to any action done or omittedin good faith in conformity with some provision of this title, notwithstanding that after the actionor omission has occurred the provision is amended, rescinded, or determined by judicial or othercompetent authority to be invalid for any reason.

Enacted by Chapter 159, 1985 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-70c > Chapter-07 > 70c-7-206

70C-7-206. Creditor's defenses.
(1) If a creditor establishes by a preponderance of evidence that a violation of this title isunintentional or the result of a bona fide error, no penalty as specified in Sections 70C-7-201 and70C-7-204 may be imposed and the validity of the transaction is not affected.
(2) A creditor or assignee has no liability under this part for any failure to comply withany requirement imposed under this title if within 60 days after discovering an error, and prior tothe institution of an action under this chapter or the receipt of written notice of the error from thedebtor, the creditor or assignee notifies the person concerned of the error and makes whateveradjustments in the appropriate account are necessary to assure that the person will not be requiredto pay an amount in excess of the charge actually disclosed, or the dollar equivalent of the annualpercentage rate actually disclosed, whichever is lower.
(3) No provision of this part imposing any penalty applies to any action done or omittedin good faith in conformity with some provision of this title, notwithstanding that after the actionor omission has occurred the provision is amended, rescinded, or determined by judicial or othercompetent authority to be invalid for any reason.

Enacted by Chapter 159, 1985 General Session