Terms Used In Utah Code > Title 7 > Chapter 23 > Part 4 - Deferred Deposit Lending Operations

• Allegation: something that someone says happened.
• Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
• Check: is a s defined in Section 70A-3-104. See Utah Code 7-23-102
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deferred deposit lender: means a person that engages in the business of deferred deposit lending. See Utah Code 7-23-102
• Deferred deposit loan: means a transaction where:
       (7)(a) a person:

            (7)(a)(i) presents to a deferred deposit lender a check written on that person's account; or

            (7)(a)(ii) provides written or electronic authorization to a deferred deposit lender to effect a debit from that person's account using an electronic payment; and
       (7)(b) the deferred deposit lender:

            (7)(b)(i) provides the person described in Subsection (7)(a) an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction; and

            (7)(b)(ii) agrees not to cash the check or process the debit until a specific date. See Utah Code 7-23-102
• Department: means the Department of Financial Institutions. See Utah Code 7-1-103
• Electronic payment: includes a payment made through:
            (8)(b)(i) an automated clearing house transaction;
            (8)(b)(ii) an electronic check;
            (8)(b)(iii) a stored value card; or
            (8)(b)(iv) an Internet transfer. See Utah Code 7-23-102
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. ^{Source: OCC}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Person: means :
       (27)(a) an individual;
       (27)(b) a corporation;
       (27)(c) a limited liability company;
       (27)(d) a partnership;
       (27)(e) a trust;
       (27)(f) an association;
       (27)(g) a joint venture;
       (27)(h) a pool;
       (27)(i) a syndicate;
       (27)(j) a sole proprietorship;
       (27)(k) an unincorporated organization; or
       (27)(l) any form of business entity. See Utah Code 7-1-103
• Probate: Proving a will
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Refinance: means a new deferred deposit loan transaction whose proceeds are meant to satisfy the term or amount owed on an existing deferred deposit loan. See Utah Code 7-23-102
• Rollover: means the extension or renewal of the term of a deferred deposit loan. See Utah Code 7-23-102
• Service of process: The service of writs or summonses to the appropriate party.
• State: means , unless the context demands otherwise:
       (33)(a) a state;
       (33)(b) the District of Columbia; or
       (33)(c) the territories of the United States. See Utah Code 7-1-103
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust business: means , except as provided in Subsection (1)(c), a business in which one acts in any agency or fiduciary capacity, including that of personal representative, executor, administrator, conservator, guardian, assignee, receiver, depositary, or trustee under appointment as trustee for any purpose permitted by law, including the definition of "trust" set forth in Subsection 75-1-201(55). See Utah Code 7-5-1
• Trust company: means an institution authorized to engage in the trust business under this chapter. See Utah Code 7-5-1
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Venue: The geographical location in which a case is tried.
• Writing: includes :
       (48)(a) printing;
       (48)(b) handwriting; and
       (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5