R335-2-1. Authority, Scope, and Purpose

(1) This rule is adopted pursuant to Section 70C-8-102(1)(e). (2) This rule shall apply to all credit transactions subject to the provisions of Title 70C, Utah Consumer Credit Code. (3) The purpose for this rule is (a) to distinguish variable or adjustable interest rates from other kinds of rate formulas or provisions, such as a demand note or a unilateral right to change terms, (b) to specify what must be included in rate formulas represented to be variable or adjustable, and (c) to specify certain disclosure requirements under state and federal law applicable to variable or adjustable rate and other formulas.