Full text of Utah Utah Code § 7-1-324 — Debt cancellation agreements and debt suspension agreements., with citation guidance and answers to common questions.
§ 7-1-324. Debt cancellation agreements and debt suspension agreements.
7-1-324.
Debt cancellation agreements and debt suspension agreements.
(1)
As used in this section:
(a)
"Class of depository institution" means a class consisting of:
(i)
banks;
(ii)
credit unions;
(iii)
industrial banks; or
(iv)
wholly owned subsidiaries of a depository institution listed in this Subsection (1)(a).
(b)
"Debt cancellation agreement" is as defined in Section 31A-21-109.
(c)
"Debt suspension agreement" is as defined in Section 31A-21-109.
authorize any member of a class of depository institution that is subject to the jurisdiction of the department to issue:
(i)
a debt cancellation agreement; or
(ii)
a debt suspension agreement; and
(b)
regulate the issuance of a debt cancellation agreement or a debt suspension agreement issued in this state by a member of a class of depository institution.
(3)
(a)
Any rule adopted by the commissioner under this section as applied to a class of depository institution shall be substantially similar to any federal regulation applying to the same class of depository institution.
(b)
Any rule adopted by the commissioner applicable to a class of depository institution described in this Subsection (3)(b) shall be substantially similar to any federal regulation applicable to a bank if no federal regulation authorizes or regulates the issuance of a debt cancellation agreement or debt suspension agreement for that class of depository institution.
(4)
(a)
An out-of-state depository institution may issue a debt cancellation agreement or debt suspension agreement in this state if:
(i)
the home state of the out-of-state depository institution authorizes and regulates the issuance of a debt cancellation agreement or debt suspension agreement by the out-of-state depository institution; and
(ii)
subject to Subsection (4)(b), the out-of-state depository institution complies with regulations from the out-of-state depository institution's home state that regulate the issuance of a debt cancellation agreement or a debt suspension agreement.
(b)
Notwithstanding Subsection (4)(a), an out-of-state depository institution described in Subsection (4)(a) shall comply with rules adopted by the commissioner under this section that regulate the issuance of a debt cancellation agreement or a debt suspension agreement in this state by the class of depository institution to which the out-of-state depository institution belongs if the regulations of the out-of-state depository institution's home state do not provide at least the same level of protection with respect to a debt cancellation agreement or debt suspension agreement as the rules adopted by the commissioner under this section with respect to the same class of depository institution:
(i)
for the safety and soundness of the depository institution; and
(ii)
for consumer protections for the borrowers of the depository institution.
Section 7-1-324 ("Debt cancellation agreements and debt suspension agreements.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 7-1-324?
A common citation format is "Utah Code § 7-1-324" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 7-1-324 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
