Section R305-4-11 - Recovering on Defaulted Loans(1) Loans may be considered in default when three consecutive payments are past due by 30 days or more.(2) If the loan is determined to be in default under Subsection R305-4-11(1), the department or Division of Finance may declare the full amount of the defaulted loan, penalty, and interest immediately due.(3) The department or Division of Finance need not give notice of default before declaring the full amount due and payable.(4) The borrower shall be liable for attorney's fees and collection costs for defaulted loans, whether incurred before or after court action.Utah Admin. Code R305-4-11
Amended by Utah State Bulletin Number 2023-04, effective 2/2/2023