Section R311-212-9 - Recovering on Defaulted Loans(1) Loans may be considered in default when: (a) two consecutive payments are past due by 30 days or more;(b) when the applicant's ability to receive payments for claims against the Fund lapses; or(c) if the certificate of compliance lapses or is revoked.(2) Lapsing under Subsection R311-206-7(5) will not be considered as grounds for default for USTs which are permanently closed.(3) The director may declare the full amount of the defaulted loan, penalty, and interest immediately due.(4) The director need not give notice of default before declaring the full amount due and payable.(5) The borrower is liable for attorney's fees and collection costs for defaulted loans whether incurred before or after court action.Utah Admin. Code R311-212-9
Amended by Utah State Bulletin Number 2016-24, effective 1/1/2017Amended by Utah State Bulletin Number 2021-18, effective 9/13/2021Amended by Utah State Bulletin Number 2022-15, effective 7/15/2022