Terms Used In Utah Code > Title 61 > Chapter 2c > Part 5 - Residential Mortgage Loan Education, Research, and Recovery Fund

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Branch office: means a licensed entity's office:
            (1)(g)(i) for the transaction of the business of residential mortgage loans regulated under this chapter;
            (1)(g)(ii) other than the main office of the licensed entity; and
            (1)(g)(iii) that operates under:

                 (1)(g)(iii)(A) the same business name as the licensed entity; or

                 (1)(g)(iii)(B) another trade name that is registered with the division under the entity license. See Utah Code 61-2c-102
• Certified education provider: means a person who is certified under Section Utah Code 61-2c-102
• Civil judgment: means a judgment in a civil action that:
       (1)(a) is awarded in an action brought against a person licensed under this chapter on the basis of fraud, misrepresentation, or deceit in a residential mortgage loan transaction; and
       (1)(b) awards actual damages. See Utah Code 61-2c-501.5
• Commission: means the Residential Mortgage Regulatory Commission created in Section 61-2c-104. See Utah Code 61-2c-102
• Concurrence: means that entities given a concurring role must jointly agree for the action to be taken. See Utah Code 61-2c-102
• Continuing education: means education an individual takes in order to meet the education requirements imposed by Sections Utah Code 61-2c-102
• Criminal restitution judgment: means a judgment that, in accordance with the Utah Code of Criminal Procedure, orders criminal restitution to a person and against a person licensed under this chapter for a criminal offense involving fraud, misrepresentation, or deceit in a residential mortgage loan transaction. See Utah Code 61-2c-501.5
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Director: means the director of the division. See Utah Code 61-2c-102
• Division: means the Division of Real Estate. See Utah Code 61-2c-102
• Entity: means :
            (1)(x)(i) a corporation;
            (1)(x)(ii) a limited liability company;
            (1)(x)(iii) a partnership;
            (1)(x)(iv) a company;
            (1)(x)(v) an association;
            (1)(x)(vi) a joint venture;
            (1)(x)(vii) a business trust;
            (1)(x)(viii) a trust; or
            (1)(x)(ix) another organization. See Utah Code 61-2c-102
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Final judgment: means one of the following judgments upon termination of the proceedings related to the judgment, including appeals:
       (3)(a) a civil judgment; or
       (3)(b) a criminal restitution judgment. See Utah Code 61-2c-501.5
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the Residential Mortgage Loan Education, Research, and Recovery Fund created in Section 61-2c-501. See Utah Code 61-2c-501.5
• Licensee: means a person licensed with the division under this chapter. See Utah Code 61-2c-102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Person: means an individual or entity. See Utah Code 61-2c-102
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Residential mortgage loan: means an extension of credit, if:
            (1)(oo)(i) the loan or extension of credit is secured by a:

                 (1)(oo)(i)(A) mortgage;

                 (1)(oo)(i)(B) deed of trust; or

                 (1)(oo)(i)(C) consensual security interest; and
            (1)(oo)(ii) the mortgage, deed of trust, or consensual security interest described in Subsection (1)(oo)(i):

                 (1)(oo)(ii)(A) is on a dwelling located in the state; and

                 (1)(oo)(ii)(B) is created with the consent of the owner of the residential real property. See Utah Code 61-2c-102
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• State: means :
            (1)(tt)(i) a state, territory, or possession of the United States;
            (1)(tt)(ii) the District of Columbia; or
            (1)(tt)(iii) the Commonwealth of Puerto Rico. See Utah Code 61-2c-102
• Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:
       (42)(a) on the day on which the 1953 recodification of the Utah Code was enacted; or
       (42)(b)

            (42)(b)(i) after the day described in Subsection (42)(a); and

            (42)(b)(ii) before the most recent amendment to the referenced portion of the 1953 recodification of the Utah Code. See Utah Code 68-3-12.5
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Writ: means an order or precept in writing, issued in the name of:
       (47)(a) the state;
       (47)(b) a court; or
       (47)(c) a judicial officer. See Utah Code 68-3-12.5