Terms Used In Utah Code 31A-23a-1004

• Affiliated business: means the gross transaction revenue of a title entity's title insurance business in the state that is the result of an affiliated business arrangement. See Utah Code 31A-23a-1001
• Affiliated business arrangement: means the same as that term is defined in Utah Code 31A-23a-1001
• Associate: means the same as that term is defined in Utah Code 31A-23a-1001
• Division: means the Division of Real Estate created in Section 61-2-201. See Utah Code 31A-23a-1001
• Insurance: includes :
            (96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
            (96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
            (96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
• New or newly affiliated title entity: means a title entity that:
       (7)(a) is licensed as a title entity for the first time on or after May 14, 2019; or
       (7)(b)

            (7)(b)(i) is licensed as a title entity before May 14, 2019; and

            (7)(b)(ii) enters into an affiliated business arrangement for the first time on or after May 14, 2019. See Utah Code 31A-23a-1001
• Person: includes :
       (146)(a) an individual;
       (146)(b) a partnership;
       (146)(c) a corporation;
       (146)(d) an incorporated or unincorporated association;
       (146)(e) a joint stock company;
       (146)(f) a trust;
       (146)(g) a limited liability company;
       (146)(h) a reciprocal;
       (146)(i) a syndicate; or
       (146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
• Producer: means the same as the term "person who is in a position to refer settlement service business" is defined in Utah Code 31A-23a-1001
• Sufficient capital and net worth: means :
       (11)(a) for a new or newly affiliated title entity:

            (11)(a)(i) $100,000 for the first five years after becoming a new or newly affiliated title entity; or

            (11)(a)(ii) after the first five years after becoming a new or newly affiliated title entity, the greater of:

                 (11)(a)(ii)(A) $50,000; or

                 (11)(a)(ii)(B) on February 1 of each year, an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000; or
       (11)(b) for a title entity licensed before May 14, 2019, who is not a new or newly affiliated title entity:

            (11)(b)(i) for the time period beginning on February 1, 2020, and ending on January 31, 2029, the lesser of:

                 (11)(b)(i)(A) an amount equal to the applicable percentage of the title entity's average annual gross revenue over the two calendar years immediately preceding the February 1 on which the applicable percentage first applies; or

                 (11)(b)(i)(B) $150,000; and

            (11)(b)(ii) beginning on February 1, 2029, the greater of:

                 (11)(b)(ii)(A) $50,000; or

                 (11)(b)(ii)(B) an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000. See Utah Code 31A-23a-1001
• Title entity: means :
       (12)(a) a title licensee as defined in Section 31A-2-402; or
       (12)(b) a title insurer as defined in Section 31A-23a-415. See Utah Code 31A-23a-1001