Terms Used In Utah Code 61-2c-501.5

• 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
• 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.
• 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
• 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
• 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.
• 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