Section R434-40-8 - Eligible Bona Fide Loans(1) An eligible bona fide loan is a loan used to pay for educational expenses leading to a qualifying recipient's professional degree approved by the Department.(2) A bona fide loan includes the following:(a) a commercial loan made by a bank, credit union, savings and loan association, insurance company, school, or credit institution;(b) a governmental loan made by a federal, state, county, or city agency;(c) a loan made by another person that is documented by a contract notarized at the time of the making of the loan, indicative of an arm's length transaction, and with competitive term and rate as other loans available to students; or(d) a loan that the applicant conclusively demonstrates to the Department is a bona fide loan.Utah Admin. Code R434-40-8
Amended by Utah State Bulletin Number 2021-13, effective 6/24/2021Amended by Utah State Bulletin Number 2022-12, effective 6/7/2022Amended by Utah State Bulletin Number 2024-03, effective 1/11/2024