Terms Used In Utah Code > Title 70D > Chapter 3 - Financial Institution Loan Originator Licensing Act

• 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
• Alcoholic product: includes an alcoholic beverage. See Utah Code 32B-1-102
• Allegation: something that someone says happened.
• Applicant: means an individual applying for a license under this chapter. See Utah Code 70D-3-102
• Appraisal: A determination of property value.
• Approved examination provider: means a person approved by the nationwide database as an approved test provider. See Utah Code 70D-3-102
• Clerical or support duties: includes after the receipt of an application for a residential mortgage loan:
       (6)(a) the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan; and
       (6)(b) communicating with a consumer to obtain the information necessary for the processing or underwriting of the residential mortgage loan, to the extent that the communication does not include:

            (6)(b)(i) offering or negotiating a residential mortgage loan rate or term; or

            (6)(b)(ii) counseling a consumer about a residential mortgage loan rate or term. See Utah Code 70D-3-102
• Commission: means the Alcoholic Beverage Services Commission created in Section 32B-2-201. See Utah Code 32B-1-102
• Commissioner: means the commissioner of the department. See Utah Code 70D-1-102
• Compensation: means anything of economic value that is paid, loaned, granted, given, donated, or transferred to an individual or entity for or in consideration of:
       (7)(a) services;
       (7)(b) personal or real property; or
       (7)(c) another thing of value. See Utah Code 70D-3-102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuing education: means education taken by an individual licensed under this chapter in order to meet the education requirements imposed by Section 70D-3-303 to renew a license under this chapter. See Utah Code 70D-3-102
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Covered subsidiary: means a subsidiary that is:
       (9)(a) owned and controlled by a depository institution; and
       (9)(b) regulated by a federal banking agency. See Utah Code 70D-3-102
• Department: means the Department of Alcoholic Beverage Services created in Section 32B-2-203. See Utah Code 32B-1-102
• Depository institution: is a s defined in Section 7-1-103. See Utah Code 70D-1-102
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• 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:
       (4)(a) a condominium unit;
       (4)(b) a cooperative unit;
       (4)(c) a manufactured home; or
       (4)(d) a house. See Utah Code 70D-1-102
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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 banking agency: means :
       (10)(a) the Board of Governors of the Federal Reserve System;
       (10)(b) the Comptroller of the Currency;
       (10)(c) the National Credit Union Administration; or
       (10)(d) the Federal Deposit Insurance Corporation. See Utah Code 70D-3-102
• 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}
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• 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.
• Licensee: means an individual licensed under this chapter. See Utah Code 70D-3-102
• loan originator: means an individual who for compensation or in the expectation of compensation:
            (12)(a)(i) takes a residential mortgage loan application; or
            (12)(a)(ii) offers or negotiates a term of a residential mortgage loan. See Utah Code 70D-3-102
• Loan processor or underwriter: means an individual who as an employee performs clerical or support duties:
       (13)(a) at the direction of and subject to the supervision and instruction of:

            (13)(a)(i) a licensee; or

            (13)(a)(ii) a registered loan originator; and
       (13)(b) as an employee of:

            (13)(b)(i) the licensee; or

            (13)(b)(ii) a registered loan originator. See Utah Code 70D-3-102
• Local authority: means :
       (70)(a) for premises that are located in an unincorporated area of a county, the governing body of a county;
       (70)(b) for premises that are located in an incorporated city or town, the governing body of the city or town; or
       (70)(c) for premises that are located in a project area as defined in Section 63H-1-102 and in a project area plan adopted by the Military Installation Development Authority under Title 63H, Chapter 1, Military Installation Development Authority Act, the Military Installation Development Authority. See Utah Code 32B-1-102
• Mortgage: means a mortgage or deed of trust affecting real property located in this state. See Utah Code 70D-1-102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: means a loan:
            (6)(a)(i) secured by a mortgage; and
            (6)(a)(ii) made for personal, family, or household purposes. See Utah Code 70D-1-102
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under Secure and Fair Enforcement for Mortgage Licensing, Utah Code 70D-3-102
• 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.
• 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
• Prelicensing education: means education taken by an individual seeking to be licensed under this chapter in order to meet the education requirements imposed by Section 70D-3-301 for an individual to obtain a license under this chapter. See Utah Code 70D-3-102
• 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
• Record: includes :
            (103)(b)(i) a book;
            (103)(b)(ii) a book of account;
            (103)(b)(iii) a paper;
            (103)(b)(iv) a contract;
            (103)(b)(v) an agreement;
            (103)(b)(vi) a document; or
            (103)(b)(vii) a recording in any medium. See Utah Code 32B-1-102
• Record: means information that is:
       (8)(a) inscribed on a tangible medium; or
       (8)(b) stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 70D-1-102
• Registered loan originator: means an individual who:
       (18)(a) engages in an act as a loan originator only as an employee of:

            (18)(a)(i) a depository institution;

            (18)(a)(ii) a covered subsidiary; or

            (18)(a)(iii) an institution regulated by the Farm Credit Administration; and
       (18)(b) is registered with, and maintains a unique identifier through, the nationwide database. See Utah Code 70D-3-102
• residential mortgage loan: means :
            (19)(a)(i) a mortgage loan; or
            (19)(a)(ii) a loan that is:

                 (19)(a)(ii)(A) secured by a mortgage; and

                 (19)(a)(ii)(B) subject to Title 70C, Utah Consumer Credit Code. See Utah Code 70D-3-102
• Staff: includes :
            (128)(b)(i) an officer;
            (128)(b)(ii) a director;
            (128)(b)(iii) an employee;
            (128)(b)(iv) personnel management;
            (128)(b)(v) an agent of the licensee, including a managing agent;
            (128)(b)(vi) an operator; or
            (128)(b)(vii) a representative. See Utah Code 32B-1-102
• State: means :
       (10)(a) a state, territory, or possession of the United States;
       (10)(b) the District of Columbia; or
       (10)(c) the Commonwealth of Puerto Rico. See Utah Code 70D-1-102
• 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
• Subpoena: A command to a witness to appear and give testimony.
• Unique identifier: is a s defined in Utah Code 70D-3-102
• 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