Consumer Credit Amendments

Summary

The bill amends the Utah Consumer Credit Code to prohibit creditors from charging a pre‑payment penalty on closed‑end consumer credit debts, removing a prior exception. It also defines key terms and limits third‑party rebates to cases where the creditor itself receives a rebate from the prepayment. The changes affect both borrowers and lenders by altering how balances and fees are calculated when a loan is paid off early.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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