Utah Code 7-24-102. Definitions
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As used in this chapter:
(1) “Nationwide database” means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U.S.C. § 5101 for federal licensing of mortgage loan originators.
Terms Used In Utah Code 7-24-102
- Institution: means :(19)(a) a corporation;(19)(b) a limited liability company;(19)(c) a partnership;(19)(d) a trust;(19)(e) an association;(19)(f) a joint venture;(19)(g) a pool;(19)(h) a syndicate;(19)(i) an unincorporated organization; or(19)(j) any form of business entity. See Utah Code 7-1-103
- 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 :
(27)(a) an individual;(27)(b) a corporation;(27)(c) a limited liability company;(27)(d) a partnership;(27)(e) a trust;(27)(f) an association;(27)(g) a joint venture;(27)(h) a pool;(27)(i) a syndicate;(27)(j) a sole proprietorship;(27)(k) an unincorporated organization; or(27)(l) any form of business entity. See Utah Code 7-1-103- Title lender: includes a person that:
(3)(b)(i) arranges a title loan on behalf of a title lender;(3)(b)(ii) acts as an agent for a title lender; or(3)(b)(iii) assists a title lender in the extension of a title loan. See Utah Code 7-24-102- Title loan: includes a title loan extended at the same premise on which any of the following are sold:
(4)(b)(i) a motor vehicle, as defined in Section 41-6a-102;(4)(b)(ii) a mobile home, as defined in Section 41-6a-102; or(4)(b)(iii) a motorboat, as defined in Section 73-18-2. See Utah Code 7-24-102(2) “Rollover” means the extension or renewal of the term of a title loan.(3)(3)(a) “Title lender” means a person that extends a title loan.(3)(b) “Title lender” includes a person that:(3)(b)(i) arranges a title loan on behalf of a title lender;(3)(b)(ii) acts as an agent for a title lender; or(3)(b)(iii) assists a title lender in the extension of a title loan.(4)(4)(a) “Title loan” means a loan secured by the title to a:(4)(a)(i) motor vehicle, as defined in Section 41-6a-102;(4)(a)(ii) mobile home, as defined in Section 41-6a-102; or(4)(a)(iii) motorboat, as defined in Section 73-18-2.(4)(b) “Title loan” includes a title loan extended at the same premise on which any of the following are sold:(4)(b)(i) a motor vehicle, as defined in Section 41-6a-102;(4)(b)(ii) a mobile home, as defined in Section 41-6a-102; or(4)(b)(iii) a motorboat, as defined in Section 73-18-2.(4)(c) “Title loan” does not include:(4)(c)(i) a purchase money loan;(4)(c)(ii) a loan made in connection with the sale of a:(4)(c)(ii)(A) motor vehicle, as defined in Section 41-6a-102;(4)(c)(ii)(B) mobile home, as defined in Section 41-6a-102; or(4)(c)(ii)(C) motorboat, as defined in Section 73-18-2; or(4)(c)(iii) a loan extended by an institution listed in Section 7-24-305.