From Utah Title 15 Chapter 1 Section 1: INTEREST
15-1-1. Interest rates — Contracted rate — Legal rate.
(1) The parties to a lawful written, verbal, or implied contract may agree upon any rate of interest for the contract, including a contract for services, a loan or forbearance of any money, goods, or services, or a claim for breach of contract.
(2) Unless the parties to a lawful written, verbal, or implied contract expressly specify a different rate of interest, the legal rate of interest for the contract, including a contract for services, a loan or forbearance of any money, goods, or services, or a claim for breach of contract is 10% per annum.
(3) Nothing in this section may be construed in any way to affect any penalty or interest charge that by law applies to delinquent or other taxes or to any contract or obligations made before May 14, 1981.
Disclaimer
This information may or may not be the full scope of Utah’s interest and usury laws. Many States may, from time to time, adjust their statutes pertaining to allowable interest and usury rates as well as exceptions. Be sure to review the Utah Interest & Usury statute in its entirety and consult with a relevant attorney if you have any specific questions.
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