Utah Code 61-2c-501. Fund created
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(1) There is created an expendable special revenue fund known as the “Residential Mortgage Loan Education, Research, and Recovery Fund.”
Terms Used In Utah Code 61-2c-501
- Division: means the Division of Real Estate. See Utah Code 61-2c-102
- 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.
- Fund: means the Residential Mortgage Loan Education, Research, and Recovery Fund created in Section
61-2c-501 . See Utah Code 61-2c-501.5 - Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means an individual or entity. See Utah Code 61-2c-102
(2) The interest earned on the fund shall be deposited into the fund.
(3) At the beginning of each fiscal year, the division shall make available
$100,000 in the fund to satisfy final judgments rendered against a person licensed under this chapter.