Terms Used In Utah Code > Title 7 > Chapter 27 > Part 2 - Registration

• Business: means a private enterprise carried on for the purpose of gain or economic profit. See Utah Code 7-27-101
• Commercial financing transaction: means a business purpose transaction:
       (5)(a) under which a person extends a business a commercial loan or a commercial open-end credit plan; or
       (5)(b) that is an accounts receivable purchase transaction. See Utah Code 7-27-101
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• Conviction: A judgement of guilt against a criminal defendant.
• Credit union: means a cooperative, nonprofit association incorporated under:
       (6)(a) Chapter 9, Utah Credit Union Act; or
       (6)(b) Utah Code 7-1-103
• Department: means the Department of Financial Institutions. See Utah Code 7-1-103
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{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
• Provider: includes a person who, under a written agreement with a depository institution, offers one or more commercial financing products provided by the depository institution via an online platform that the person administers. See Utah Code 7-27-101
• 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