Utah Admin. Code 590-91-3

Current through Bulletin 2024-23, December 1, 2024

Section R590-91-3 - Definitions

Terms used in this rule are defined in Sections 31A-1-301 and 31A-22-802. Additional terms are defined as follows:

(1) "Credit insurance" means credit life insurance and credit accident and health insurance.

(2) "Open-end credit" means credit extended by a creditor under an agreement in which:

(a) the creditor reasonably contemplates repeated transactions;

(b) the creditor imposes a finance charge from time to time on an outstanding unpaid balance; and

(c) the credit available to the debtor is self-replenishing as the debtor repays amounts previously drawn.

Utah Admin. Code R590-91-3

Adopted by Utah State Bulletin Number 2022-07, effective 3/25/2022