78-12-25. Within four years.
- An action may be brought within four years:
- upon a contract, obligation, or liability not founded upon an instrument
in writing; also on an open account for goods, wares, and merchandise,
and for any article charged on a store account; also on an open account for
work, labor or services rendered, or materials furnished; provided, that action
in all of the foregoing cases may be commenced at any time within four years
after the last charge is made or the last payment is received;
- (3) for relief not otherwise provided for by law.
25-5-4 Certain agreements void unless written and signed.
(1) The following agreements are void unless the agreement, or some note
or memorandum of the agreement, is in writing, signed by the party to be
charged with the agreement:
(a) every agreement that by its terms is not to be performed within one
year from the making of the agreement;
(f) every credit agreement.
(2) (a) As used in Subsections (1)(f) and this Subsection (2):
(i) (A) "Credit agreement" means an agreement by a financial institution
(I) lend, delay, or otherwise modify an obligation to repay money, goods,
or things in action;
(II) otherwise extend credit; or
(III) make any other financial accommodation.
(ii) "Creditor" means a financial institution which extends credit or
extends a financial accommodation under a credit agreement with a debtor.
(iii) "Debtor" means a person who seeks or obtains credit, or seeks or
receives a financial accommodation, under a credit agreement with a financial
(i) Except as provided in Subsection (2)(e), a debtor or a creditor may not
maintain an action on a credit agreement unless the agreement:
(A) is in writing;
sets forth the relevant terms and conditions; and
is signed by the party against whom enforcement of the agreement would be
(ii) For purposes of this act, a signed application constitutes a signed
agreement, if the creditor does not customarily obtain an additional signed
agreement from the debtor when granting the application.
(d) Each credit agreement shall contain a clearly stated typewritten or
printed provision giving notice to the debtor that the written agreement is
a final expression of the agreement between the creditor and debtor and the
written agreement may not be contradicted by evidence of any alleged oral
agreement. The provision does not have to be on the promissory note or other
evidence of indebtedness that is tied to the credit agreement.
(e) A credit agreement is binding and enforceable without any signature by
the party to be charged if:
(i) the debtor is provided with a written copy of the terms of the agreement;
(ii) the agreement provides that any use of the credit offered shall
constitute acceptance of those terms; and
(iii) after the debtor receives the agreement, the debtor, or a person
authorized by the debtor, requests funds pursuant to the credit agreement or
otherwise uses the credit offered.
78-12-35. Effect of absence from state.
- Where a cause of action accrues against a person when he is out of the
state, the action may be commenced within the term as limited by this chapter
after his return to the state.
- If after a cause of action accrues he departs
from the state, the time of his absence is not part of the time limited for the
commencement of the action.
COLLECTION AGENCY BOND AND LICENSE
12-1-1. Registration and bond required.
- No person shall conduct a collection agency, collection bureau, or
collection office in this state, or engage in this state in the business
of soliciting the right to collect or receive payment for another of any
account, bill, or other indebtedness, or advertise for or solicit in print
the right to collect or receive payment for another of any account, bill,
or other indebtedness, unless at the time of conducting the collection agency,
collection bureau, collection office, or collection business, or of advertising
or soliciting, that person or the person for whom he may be acting as agent,
is registered with the Division of Corporations and Commercial Code and has on
file a good and sufficient bond as hereinafter specified.