Terms Used In Utah Code > Title 31A > Chapter 8 > Part 2 - Domestic Organizations

• Adjudicative proceeding: means :
       (2)(a) an action by a board, commission, department, officer, or other administrative unit of the state that determines the legal rights, duties, privileges, immunities, or other legal interests of one or more identifiable persons, including an action to grant, deny, revoke, suspend, modify, annul, withdraw, or amend an authority, right, or license; and
       (2)(b) judicial review of an action described in Subsection (2)(a). See Utah Code 68-3-12.5
• Adult: means an individual who is 18 years old or older. See Utah Code 31A-1-301
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Allegation: something that someone says happened.
• Applicable appraisal standards: means :
       (1)(a) the Uniform Standards for Professional Appraisal Practice:

            (1)(a)(i) published by the Appraisal Foundation; and

            (1)(a)(ii) as adopted under Section 61-2g-403;
       (1)(b) Chapter 2g, Real Estate Appraiser Licensing and Certification Act; and
       (1)(c) rules made by the board under Chapter 2g, Real Estate Appraiser Licensing and Certification Act. See Utah Code 61-2e-102
• Application: means a document:
       (10)(a)

            (10)(a)(i) completed by an applicant to provide information about the risk to be insured; and

            (10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:

                 (10)(a)(ii)(A) insure the risk under:

                      (10)(a)(ii)(A)(I) the coverage as originally offered; or

                      (10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or

                 (10)(a)(ii)(B) decline to insure the risk; or
       (10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
• Appraisal: A determination of property value.
• Appraisal: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
• Appraisal management service: means :
       (5)(a) recruiting, selecting, or retaining an appraiser;
       (5)(b) contracting with an appraiser to perform a real estate appraisal activity for a client;
       (5)(c) managing the appraisal process, including one or more of the following administrative services:

            (5)(c)(i) receiving an appraisal order or an appraisal report;

            (5)(c)(ii) submitting a completed appraisal report to a client;

            (5)(c)(iii) collecting a fee from a client for a service provided; or

            (5)(c)(iv) paying an appraiser for a real estate appraisal activity; or
       (5)(d) reviewing or verifying the work of an appraiser. See Utah Code 61-2e-102
• Appraisal report: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
• Appraisal Subcommittee: means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. See Utah Code 61-2e-102
• Appraiser: means an individual who engages in a real estate appraisal activity. See Utah Code 61-2e-102
• Appraiser panel: includes an appraiser whom the appraisal management company has:
            (9)(b)(i) accepted for consideration for a future appraisal assignment:

                 (9)(b)(i)(A) in a residential mortgage loan transaction; or

                 (9)(b)(i)(B) for a secondary mortgage market participant in connection with a residential mortgage loan transaction; or
            (9)(b)(ii) engaged to perform an appraisal:

                 (9)(b)(ii)(A) in a residential mortgage loan transaction; or

                 (9)(b)(ii)(B) for a secondary mortgage market participant in connection with a residential mortgage loan transaction. See Utah Code 61-2e-102
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associate broker: means an individual who is:
       (1)(a) employed or engaged as an independent contractor by or on behalf of a principal broker to perform an act described in Subsection (20) for valuable consideration; and
       (1)(b) licensed under this chapter as an associate broker. See Utah Code 61-2f-102
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102
• Branch office: means a principal broker's real estate brokerage office that is not the principal broker's main office. See Utah Code 61-2f-102
• Business opportunity: means the sale, lease, or exchange of any business that includes an interest in real estate. See Utah Code 61-2f-102
• Business plan: means the information required to be supplied to the commissioner under Subsections 31A-5-204(2)(i) and (j), including the information required when these subsections apply by reference under:
       (19)(a) Section 31A-8-205; or
       (19)(b) Subsection 31A-9-205(2). See Utah Code 31A-1-301
• Certificate: means evidence of insurance given to:
       (23)(a) an insured under a group insurance policy; or
       (23)(b) a third party. See Utah Code 31A-1-301
• Client: means a person that enters into an agreement with an appraisal management company for the performance of a real estate appraisal activity. See Utah Code 61-2e-102
• Commission: means the Real Estate Commission established under this chapter. See Utah Code 61-2f-102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Concurrence: means that the entities that are given a concurring role must jointly agree before an action may be taken. See Utah Code 61-2e-102
• Concurrence: means the entities given a concurring role must jointly agree for action to be taken. See Utah Code 61-2f-102
• Condominium unit: means the same as that term is defined in Section 57-8-3. See Utah Code 61-2f-102
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means :
       (13)(a) an owner, officer, or director of an entity seeking to offer appraisal management services;
       (13)(b) an individual employed, appointed, or authorized by an appraisal management company who has the authority to:

            (13)(b)(i) enter into a contractual relationship with a client for the performance of an appraisal management service; and

            (13)(b)(ii) enter into an agreement with an appraiser for the performance of a real estate appraisal activity; or
       (13)(c) a person who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. See Utah Code 61-2e-102
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: means an insurance corporation, except when referring to:
            (34)(a)(i) a corporation doing business:

                 (34)(a)(i)(A) as:

                      (34)(a)(i)(A)(I) an insurance producer;

                      (34)(a)(i)(A)(II) a surplus lines producer;

                      (34)(a)(i)(A)(III) a limited line producer;

                      (34)(a)(i)(A)(IV) a consultant;

                      (34)(a)(i)(A)(V) a managing general agent;

                      (34)(a)(i)(A)(VI) a reinsurance intermediary;

                      (34)(a)(i)(A)(VII) a third party administrator; or

                      (34)(a)(i)(A)(VIII) an adjuster; and

                 (34)(a)(i)(B) under:

                      (34)(a)(i)(B)(I) Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries;

                      (34)(a)(i)(B)(II) Chapter 25, Third Party Administrators; or

                      (34)(a)(i)(B)(III) Chapter 26, Insurance Adjusters; or
            (34)(a)(ii) a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301
• Creditor: means :
       (14)(a) a person who regularly extends credit that, under a written agreement, is subject to a finance charge or is payable in more than four installments, not including any down payment; and
       (14)(b) a person to whom the obligation described in Subsection (14)(a) is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract. See Utah Code 61-2e-102
• Director: means the director of the division. See Utah Code 61-2e-102
• Director: means the director of the Division of Real Estate. See Utah Code 61-2f-102
• Division: means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-102
• Division: means the Division of Real Estate. See Utah Code 61-2f-102
• Dual broker: means a principal broker of a real estate sales brokerage who obtains from the division a dual broker license in order to function as the principal broker of a property management company that is a separate entity from the real estate sales brokerage. See Utah Code 61-2f-102
• Dwelling: means a residential structure that contains up to four units, regardless of whether the structure is attached to real property, including:
       (17)(a) an individual condominium unit;
       (17)(b) a cooperative unit;
       (17)(c) a mobile home; or
       (17)(d) a trailer, if the trailer is used as a residence. See Utah Code 61-2e-102
• Entity: means :
       (18)(a) a corporation;
       (18)(b) a partnership;
       (18)(c) a sole proprietorship;
       (18)(d) a limited liability company;
       (18)(e) another business entity; or
       (18)(f) a subsidiary or unit of an entity described in Subsections (18)(a) through (e). See Utah Code 61-2e-102
• Entity: means :
       (14)(a) a corporation;
       (14)(b) a partnership;
       (14)(c) a limited liability company;
       (14)(d) a company;
       (14)(e) an association;
       (14)(f) a joint venture;
       (14)(g) a business trust;
       (14)(h) a trust; or
       (14)(i) any organization similar to an entity described in Subsections (14)(a) through (h). See Utah Code 61-2f-102
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Federally regulated appraisal management company: means an appraisal management company that is:
       (19)(a) owned and controlled by an insured depository institution, as defined in Utah Code 61-2e-102
• Filed: means that a filing is:
            (69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;
            (69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and
            (69)(a)(iii) accompanied by the appropriate fee in accordance with:

                 (69)(a)(iii)(A) Section 31A-3-103; or

                 (69)(a)(iii)(B) rule. See Utah Code 31A-1-301
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Foreclosure rescue: means , for compensation or with the expectation of receiving valuable consideration, to:
       (16)(a) engage, or offer to engage, in an act that:

            (16)(a)(i) the person represents will assist a borrower in preventing a foreclosure; and

            (16)(a)(ii) relates to a transaction involving the transfer of title to residential real property; or
       (16)(b) as an employee or agent of another person:

            (16)(b)(i) solicit, or offer that the other person will engage in an act described in Subsection (16)(a); or

            (16)(b)(ii) negotiate terms in relationship to an act described in Subsection (16)(a). See Utah Code 61-2f-102
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Health care: means any of the following intended for use in the diagnosis, treatment, mitigation, or prevention of a human ailment or impairment:
       (83)(a) a professional service;
       (83)(b) a personal service;
       (83)(c) a facility;
       (83)(d) equipment;
       (83)(e) a device;
       (83)(f) supplies; or
       (83)(g) medicine. See Utah Code 31A-1-301
• Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301
• Independent contractor: means an appraiser whom an appraisal management company treats as an independent contractor for purposes of federal income taxation. See Utah Code 61-2e-102
• Individual: means a natural person. See Utah Code 31A-1-301
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insurance: includes :
            (96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
            (96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
            (96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
• Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
            (103)(a)(i) a policyholder;
            (103)(a)(ii) a subscriber;
            (103)(a)(iii) a member; and
            (103)(a)(iv) a beneficiary. See Utah Code 31A-1-301
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Main office: means the address which a principal broker designates with the division as the principal broker's primary brokerage office. See Utah Code 61-2f-102
• minimum required capital: means the capital that must be constantly maintained by a stock insurance corporation as required by statute. See Utah Code 31A-1-301
• 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}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Order: means an order of the commissioner. See Utah Code 31A-1-301
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Permanent surplus: means the surplus of an insurer or organization that is designated by the insurer or organization as permanent. See Utah Code 31A-1-301
• Person: means an individual or an entity. See Utah Code 61-2e-102
• Person: means an individual or entity. See Utah Code 61-2f-102
• 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
• Person who regularly extends credit: means a person who:
       (22)(a) extends credit, other than credit subject to the requirements of Utah Code 61-2e-102
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Policy: includes a service contract issued by:
            (150)(b)(i) a motor club under Chapter 11, Motor Clubs;
            (150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and
            (150)(b)(iii) a corporation licensed under:

                 (150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or

                 (150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301
• Premium: includes , however designated:
            (156)(b)(i) an assessment;
            (156)(b)(ii) a membership fee;
            (156)(b)(iii) a required contribution; or
            (156)(b)(iv) monetary consideration. See Utah Code 31A-1-301
• Principal broker: means an individual who is licensed or required to be licensed as a principal broker under this chapter who:
       (20)(a) sells or lists for sale real estate, including real estate being sold as part of a foreclosure rescue, or a business opportunity with the expectation of receiving valuable consideration;
       (20)(b) buys, exchanges, or auctions real estate, an option on real estate, a business opportunity, or an improvement on real estate with the expectation of receiving valuable consideration;
       (20)(c) advertises, offers, attempts, or otherwise holds the individual out to be engaged in the business described in Subsection (20)(a) or (b);
       (20)(d) is employed by or on behalf of the owner of real estate or by a prospective purchaser of real estate and performs an act described in Subsection (20)(a), whether the individual's compensation is at a stated salary, a commission basis, upon a salary and commission basis, or otherwise;
       (20)(e) with the expectation of receiving valuable consideration, manages property owned by another person;
       (20)(f) advertises or otherwise holds the individual out to be engaged in property management;
       (20)(g) with the expectation of receiving valuable consideration, assists or directs in the procurement of prospects for or the negotiation of a transaction listed in Subsections (20)(a) and (e);
       (20)(h) except for a mortgage lender, title insurance producer, or an employee of a mortgage lender or title insurance producer, assists or directs in the closing of a real estate transaction with the expectation of receiving valuable consideration;
       (20)(i) engages in foreclosure rescue; or
       (20)(j) advertises, offers, attempts, or otherwise holds the person out as being engaged in foreclosure rescue. See Utah Code 61-2f-102
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Property management: means engaging in, with the expectation of receiving valuable consideration, the management of real estate owned by another person or advertising or otherwise claiming to be engaged in property management by:
            (21)(a)(i) advertising for, arranging, negotiating, offering, or otherwise attempting or participating in a transaction calculated to secure the rental or leasing of real estate;
            (21)(a)(ii) collecting, agreeing, offering, or otherwise attempting to collect rent for the real estate and accounting for and disbursing the money collected; or
            (21)(a)(iii) authorizing expenditures for repairs to the real estate. See Utah Code 61-2f-102
• Property management sales agent: means a sales agent who:
       (22)(a) is affiliated with a dual broker through the dual broker's property management company; and
       (22)(b) is designated by the dual broker as a property management sales agent. See Utah Code 61-2f-102
• Quorum: The number of legislators that must be present to do business.
• Real estate: includes leaseholds and business opportunities involving real property. See Utah Code 61-2f-102
• Real estate appraisal activity: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: includes :
       (31)(a) land;
       (31)(b) a tenement;
       (31)(c) a hereditament;
       (31)(d) a water right;
       (31)(e) a possessory right; and
       (31)(f) a claim. See Utah Code 68-3-12.5
• Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Residential mortgage loan: means the same as that term is defined in Section 61-2c-102. See Utah Code 61-2e-102
• Sales agent: means an individual who is:
       (28)(a) affiliated with a principal broker, either as an independent contractor or an employee as provided in Section 61-2f-303, to perform for valuable consideration an act described in Subsection (20); and
       (28)(b) licensed under this chapter as a sales agent. See Utah Code 61-2f-102
• Secondary mortgage market participant: includes an individual investor in a mortgage-backed security, if the investor is also the guarantor, insurer, underwriter, or issuer of the mortgage-backed security. See Utah Code 61-2e-102
• Security: means a:
            (176)(a)(i) note;
            (176)(a)(ii) stock;
            (176)(a)(iii) bond;
            (176)(a)(iv) debenture;
            (176)(a)(v) evidence of indebtedness;
            (176)(a)(vi) certificate of interest or participation in a profit-sharing agreement;
            (176)(a)(vii) collateral-trust certificate;
            (176)(a)(viii) preorganization certificate or subscription;
            (176)(a)(ix) transferable share;
            (176)(a)(x) investment contract;
            (176)(a)(xi) voting trust certificate;
            (176)(a)(xii) certificate of deposit for a security;
            (176)(a)(xiii) certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
            (176)(a)(xiv) commodity contract or commodity option;
            (176)(a)(xv) certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (176)(a)(i) through (xiv); or
            (176)(a)(xvi) another interest or instrument commonly known as a security. See Utah Code 31A-1-301
• Service of process: The service of writs or summonses to the appropriate party.
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
• Territory: means any of the following United States territories:
       (26)(a) Guam;
       (26)(b) Northern Mariana Islands;
       (26)(c) Puerto Rico; or
       (26)(d) United States Virgin Islands. See Utah Code 61-2e-102
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Writing: includes :
       (48)(a) printing;
       (48)(b) handwriting; and
       (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5