Terms Used In Utah Code > Title 11 > Chapter 50 > Part 2 - Certification Required

• Annual financial report: means a comprehensive annual financial report or similar financial report required by Section 51-2a-201. See Utah Code 11-50-102
• Cash price: means the price at which the lessor would have sold the property to the consumer for cash on the date of the rental purchase agreement. See Utah Code 15-8-3
• Chief administrative officer: means the chief administrative officer designated in accordance with Section 11-50-202. See Utah Code 11-50-102
• Chief financial officer: means the chief financial officer designated in accordance with Section 11-50-202. See Utah Code 11-50-102
• Consumer: means a natural person who rents personal property under a rental purchase agreement to be used primarily for personal, family, or household purposes. See Utah Code 15-8-3
• Consummation: means the time at which a consumer becomes contractually obligated on a rental purchase agreement. See Utah Code 15-8-3
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Governing body: means :
       (4)(a) for a county, city, or town, the legislative body of the county, city, or town;
       (4)(b) for a special district, the board of trustees of the special district;
       (4)(c) for a school district, the local board of education; or
       (4)(d) for a special service district under Title 17D, Chapter 1, Special Service District Act:

            (4)(d)(i) the governing body of the county or municipality that created the special service district, if no administrative control board has been established under Section 17D-1-301; or

            (4)(d)(ii) the administrative control board, if one has been established under Section 17D-1-301. See Utah Code 11-50-102
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lessor: means a person who regularly provides the use of property through rental purchase agreements and to whom rental payments are initially payable on the face of a rental purchase agreement. See Utah Code 15-8-3
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Political subdivision: means any county, city, town, school district, community reinvestment agency, special improvement or taxing district, special district, special service district, an entity created by an interlocal agreement adopted under Title 11, Chapter 13, Interlocal Cooperation Act, or other governmental subdivision or public corporation. See Utah Code 11-50-102
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Rental purchase agreement: means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes for an initial period of four months or less that is automatically renewable with each payment after the initial period, but which does not obligate or require the consumer to continue renting or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Utah Code 15-8-3
• Statute: A law passed by a legislature.