Terms Used In Utah Code 31A-35-102

• Agency: means :
       (6)(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and
       (6)(b) an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Bail bond: means a bail bond insurance product for a specified monetary amount that is:
       (1)(a) executed by a bail bond producer licensed in accordance with Section 31A-35-401; and
       (1)(b) issued to a court, magistrate, or authorized officer to secure:

            (1)(b)(i) the release of a person from incarceration; and

            (1)(b)(ii) the appearance of the released person at court hearings the person is required to attend. See Utah Code 31A-35-102
• Bail bond agency: means any sole proprietor or entity that:
       (2)(a) is licensed under Subsection 31A-35-404(1) or (2);
       (2)(b)

            (2)(b)(i) is the agent of a surety insurer that sells a bail bond in connection with judicial proceedings;

            (2)(b)(ii) pledges the assets of a letter of credit from a Utah depository institution for a bail bond in connection with judicial proceedings; or

            (2)(b)(iii) pledges personal or real property, or both, as security for a bail bond in connection with judicial proceedings; and
       (2)(c) receives or is promised money or other things of value for a service described in Subsection (2)(b). See Utah Code 31A-35-102
• Bail bond insurance: means a guarantee that a person will attend court when required, up to and including surrender of the person in execution of a sentence imposed under Subsection 77-20-501(1), as a condition to the release of that person from confinement. See Utah Code 31A-1-301
• Board: means the Bail Bond Oversight Board created in Section 31A-35-201. See Utah Code 31A-35-102
• Certificate: means a certificate of authority issued under this chapter to allow an insurer to operate as a surety insurer. See Utah Code 31A-35-102
• Individual: means a natural person. See Utah Code 31A-1-301
• 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
• Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
• Oversight: Committee review of the activities of a Federal agency or program.
• 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
• Principal: means a person that:
       (10)(a) guarantees the performance of a bail bond; or
       (10)(b) owns not less than 10% of the bail bond agency. See Utah Code 31A-35-102
• producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
• Security: means a:
            (176)(a)(i) note;
            (176)(a)(ii) stock;
            (176)(a)(iii) bond;
            (176)(a)(iv) debenture;
            (176)(a)(v) evidence of indebtedness;
            (176)(a)(vi) certificate of interest or participation in a profit-sharing agreement;
            (176)(a)(vii) collateral-trust certificate;
            (176)(a)(viii) preorganization certificate or subscription;
            (176)(a)(ix) transferable share;
            (176)(a)(x) investment contract;
            (176)(a)(xi) voting trust certificate;
            (176)(a)(xii) certificate of deposit for a security;
            (176)(a)(xiii) certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
            (176)(a)(xiv) commodity contract or commodity option;
            (176)(a)(xv) certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (176)(a)(i) through (xiv); or
            (176)(a)(xvi) another interest or instrument commonly known as a security. See Utah Code 31A-1-301
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• Surety insurer: means an insurer that:
       (11)(a) is licensed under Chapter 4, Insurers in General, Chapter 5, Domestic Stock and Mutual Insurance Corporations, or Chapter 14, Foreign Insurers;
       (11)(b) receives a certificate under this title; and
       (11)(c) sells bail bonds in connection with judicial proceedings. See Utah Code 31A-35-102
• Utah depository institution: means a depository institution, as defined in Section 7-1-103, that:
       (12)(a) has Utah as its home state; or
       (12)(b) operates a branch in Utah. See Utah Code 31A-35-102