Terms Used In Utah Code > Title 70C > Chapter 1 > Part 3 - Definitions

• Agreement: means the bargain of the parties in fact as stated in a written contract or otherwise as found in the parties' language or by implication from other circumstances, including:
       (1)(a) course of dealing;
       (1)(b) usage of trade; or
       (1)(c) course of performance. See Utah Code 70C-1-302
• Commissioner: means the commissioner of financial institutions appointed under Section 7-1-202. See Utah Code 70C-1-302
• Contract: A legal written agreement that becomes binding when signed.
• Contract: means a document containing written terms and conditions of a credit agreement. See Utah Code 70C-1-302
• Dwelling: means a residential structure attached to real property that contains one to four units including any of the following if used as a residence:
       (5)(a) a condominium unit;
       (5)(b) a cooperative unit;
       (5)(c) a manufactured home; or
       (5)(d) a house. See Utah Code 70C-1-302
• 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}
• 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.
• 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}
• Party: means an individual and any other entity legally capable of entering into a binding contract. See Utah Code 70C-1-302
• 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