Utah Code 7-27-101. Definitions
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As used in this chapter:
(1) “Accounts receivable purchase transaction” means a transaction in which a business forwards or otherwise sells to a person all or a portion of the business’s accounts, as defined in Section 70A-9a-102 , or payment intangibles, as defined in Section 70A-9a-102 , at a discount to the accounts’ or payment intangibles’ expected value.
Terms Used In Utah Code 7-27-101
- Accounts receivable purchase transaction: means a transaction in which a business forwards or otherwise sells to a person all or a portion of the business's accounts, as defined in Section
70A-9a-102 , or payment intangibles, as defined in Section70A-9a-102 , at a discount to the accounts' or payment intangibles' expected value. See Utah Code 7-27-101 - Business: means a private enterprise carried on for the purpose of gain or economic profit. See Utah Code 7-27-101
- Business purpose transaction: means a transaction from which the resulting proceeds that a business receives are:(4)(a)(i) provided to the business; or(4)(a)(ii) intended to be used to carry on the business. See Utah Code 7-27-101
- Commercial loan: means a loan to a business, regardless of whether the loan is secured. See Utah Code 7-27-101
- Dependent: A person dependent for support upon another.
- Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(8)(a) holds or receives deposits, savings, or share accounts;(8)(b) issues certificates of deposit; or(8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103- 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- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) 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- Provider: includes a person who, under a written agreement with a depository institution, offers one or more commercial financing products provided by the depository institution via an online platform that the person administers. See Utah Code 7-27-101
- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103(2)(2)(a) “Broker” means a person who:(2)(a)(i) for compensation or the expectation of compensation, obtains a commercial financing product or an offer for a commercial financing product from a third party that, if executed, would bind the third party; and(2)(a)(ii) communicates the offer described in Subsection (2)(a)(i) to a business located in the state.(2)(b) “Broker” does not include:(2)(b)(i) a provider; or(2)(b)(ii) a person whose compensation is not based or dependent on the terms of a specific commercial financing product that the person obtains or offers.(3) “Business” means a private enterprise carried on for the purpose of gain or economic profit.(4)(4)(a) “Business purpose transaction” means a transaction from which the resulting proceeds that a business receives are:(4)(a)(i) provided to the business; or(4)(a)(ii) intended to be used to carry on the business.(4)(b) “Business purpose transaction” does not include a transaction from which the resulting proceeds are intended to be used for personal, family, or household purposes.(4)(c) For purposes of determining whether a transaction is a business purpose transaction, a provider may rely on a written statement of intended purpose, signed by an individual authorized to sign on behalf of the business. The written statement may be contained in an application, agreement, or other document signed by an individual authorized to sign on behalf of the business.(5) “Commercial financing transaction” means a business purpose transaction:(5)(a) under which a person extends a business a commercial loan or a commercial open-end credit plan; or(5)(b) that is an accounts receivable purchase transaction.(6) “Commercial loan” means a loan to a business, regardless of whether the loan is secured.(7) “Commercial open-end credit plan” means commercial financing extended to a business on terms under which:(7)(a) the creditor reasonably contemplates repeat transactions; and(7)(b) subject to any limit set by the creditor, the amount of financing that the creditor may extend to the business during the term of the plan is made available to the extent that any outstanding balance is repaid.(8) “Motor vehicle dealer” means a dealer as defined in Section41-3-102 .(9)(9)(a) “Provider” means a person who consummates more than five commercial financing transactions in the state during any calendar year.(9)(b) “Provider” includes a person who, under a written agreement with a depository institution, offers one or more commercial financing products provided by the depository institution via an online platform that the person administers.