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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-17-8

A lender that violates the act is liable to the borrower for actual damages or $100, whichever is greater, unless a stated exception applies.

Source excerpt

attorney's feesborrower damageslender liability
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“A lender that violates the act is liable to the borrower for actual damages or $100, whichever is greater, unless a stated exception applies.”

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02

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Subsection 7-17-8(1)

Except as otherwise provided in this act, a lender who violates this act is liable to the borrower, his successors or assigns, for the actual damages suffered by the borrower, his assigns or successors, or $100, whichever is greater. If an

Section 7-17-8(1)

Subsection 7-17-8(3)

A lender is exempt from liability under this section for a violation of the act if the lender proves the violation was unintentional and due to a bona fide error, even though procedures to prevent such errors were maintained.

Section 7-17-8(3)

Subsection 7-17-8(4)

A reserve account made or kept in violation of the act may be voided by the borrower, his successors, or assigns at any time.

Section 7-17-8(4)

Subsection 7-17-8(5)

An action under this section must be brought within one year after the violation.

Section 7-17-8(5)

04

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 6 of 6 provisions

Commencement 3Provision 3
§ 7-17-8Damages for lender's violation of act -- Limitations on recovery.Commencement

Source excerpt

A lender that violates the act is liable to the borrower for actual damages or $100, whichever is greater, unless a stated exception applies.

Damages for lender's violation of act -- Limitations on recovery. Except as otherwise provided in this act, a lender who violates this act is liable to the borrower, his successors or assigns, for the actual damages suffered by the borrower, his assigns or successors, or $100, whichever is greater. If an action is commenced, the prevailing party may be awarded reasonable attorney's fees as determined by the court. A lender has no liability under this section if the court finds that written demand for payment of the claim of the borrower, his successors or assigns, was made on the lender not less than 30 days before commencement of the action and that the lender tendered to the borrower, his successors or assigns, prior to the commencement of the action, an amount not less than the damages awarded. A lender may not be held liable under this section for a violation of this act if the lender shows that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures to avoid such errors. A reserve account established or maintained in violation of this act is voidable, at the option of the borrower, his successors or assigns, at any time, but does not otherwise affect the validity of the loan, the security interest in the real property or any other obligation of the borrower. No action under this section may be brought more than one year after the date of the violation.
Section 7-17-8Verify source
§ 7-17-8(1)Subsection 7-17-8(1)Commencement

Source excerpt

Except as otherwise provided in this act, a lender who violates this act is liable to the borrower, his successors or assigns, for the actual damages suffered by the borrower, his assigns or successors, or $100, whichever is greater. If an

Except as otherwise provided in this act, a lender who violates this act is liable to the borrower, his successors or assigns, for the actual damages suffered by the borrower, his assigns or successors, or $100, whichever is greater. If an action is commenced, the prevailing party may be awarded reasonable attorney's fees as determined by the court.
Section 7-17-8(1)Verify source
§ 7-17-8(2)Subsection 7-17-8(2)Commencement

Source excerpt

A lender has no liability under this section if the court finds the borrower made a written demand at least 30 days before the action began and the lender tendered at least the damages awarded before the action began.

A lender has no liability under this section if the court finds that written demand for payment of the claim of the borrower, his successors or assigns, was made on the lender not less than 30 days before commencement of the action and that the lender tendered to the borrower, his successors or assigns, prior to the commencement of the action, an amount not less than the damages awarded.
Section 7-17-8(2)Verify source
§ 7-17-8(3)Subsection 7-17-8(3)Provision

Source excerpt

A lender is exempt from liability under this section for a violation of the act if the lender proves the violation was unintentional and due to a bona fide error, even though procedures to prevent such errors were maintained.

A lender may not be held liable under this section for a violation of this act if the lender shows that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures to avoid such errors.
Section 7-17-8(3)Verify source
§ 7-17-8(4)Subsection 7-17-8(4)Provision

Source excerpt

A reserve account made or kept in violation of the act may be voided by the borrower, his successors, or assigns at any time.

A reserve account established or maintained in violation of this act is voidable, at the option of the borrower, his successors or assigns, at any time, but does not otherwise affect the validity of the loan, the security interest in the real property or any other obligation of the borrower.
Section 7-17-8(4)Verify source
§ 7-17-8(5)Subsection 7-17-8(5)Provision

Source excerpt

An action under this section must be brought within one year after the violation.

No action under this section may be brought more than one year after the date of the violation.
Section 7-17-8(5)Verify source

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