Terms Used In Utah Code > Title 7 > Chapter 1 > Part 7 - Authorization Required to Conduct Business

• Account holder: means a person for whom an account is held by a financial institution. See Utah Code 7-1-1001
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• 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
• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• 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.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
• Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Commissioner: means the commissioner of agriculture and food. See Utah Code 4-1-109
• Commissioner: means the commissioner of the department. See Utah Code 4-45-102
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• control: means the power, directly or indirectly, or through or in concert with one or more persons, to:
       (5)(a) direct or exercise a controlling influence over:

            (5)(a)(i) the management or policies of a financial institution; or

            (5)(a)(ii) the election of a majority of the directors or trustees of an institution; or
       (5)(b) vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103
• 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.
• Credit union: means a cooperative, nonprofit association incorporated under:
       (6)(a) Chapter 9, Utah Credit Union Act; or
       (6)(b) Utah Code 7-1-103
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the Department of Agriculture and Food created in Chapter 2, Administration. See Utah Code 4-1-109
• Department: means the Department of Agriculture and Food. See Utah Code 4-35-102
• Department: means the Department of Agriculture and Food created in Section 4-2-102. See Utah Code 4-45-102
• Department: means the Department of Financial Institutions. See Utah Code 7-1-103
• 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
• Depository institution holding company: means :
            (9)(a)(i) a person other than an individual that:

                 (9)(a)(i)(A) has control over a depository institution; or

                 (9)(a)(i)(B) becomes a holding company of a depository institution under Section 7-1-703; or
            (9)(a)(ii) a person other than an individual that the commissioner finds, after considering the specific circumstances, is exercising or is capable of exercising a controlling influence over a depository institution by means other than those specifically described in this section. See Utah Code 7-1-103
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Donor: The person who makes a gift.
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• 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.
• Female: means the characteristic of an individual whose biological reproductive system is of the general type that functions in a way that could produce ova. See Utah Code 68-3-12.5
• Fiduciary: A trustee, executor, or administrator.
• Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103
• Financial institution holding company: means a person, other than an individual that has control over a financial institution or a person that becomes a financial institution holding company under this chapter, including an out-of-state or foreign depository institution holding company. See Utah Code 7-1-103
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Food: means :
       (3)(a) an article used for food or drink for human or animal consumption or the components of the article;
       (3)(b) chewing gum or chewing gum components; or
       (3)(c) a food supplement for special dietary use that is necessitated because of a physical, physiological, pathological, or other condition. See Utah Code 4-45-102
• 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}
• Foreign depository institution: means a depository institution chartered or authorized to transact business by a foreign government. See Utah Code 7-1-103
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the Plant Pest Fund created by Section 4-35-106. See Utah Code 4-35-102
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Governmental entity: means :
            (1)(b)(i) the state, including:

                 (1)(b)(i)(A) a department;

                 (1)(b)(i)(B) an institution;

                 (1)(b)(i)(C) a board;

                 (1)(b)(i)(D) a division;

                 (1)(b)(i)(E) a bureau;

                 (1)(b)(i)(F) an office;

                 (1)(b)(i)(G) a commission;

                 (1)(b)(i)(H) a committee; or

                 (1)(b)(i)(I) an elected official; and
            (1)(b)(ii) a political subdivision of the state, including:

                 (1)(b)(ii)(A) a county;

                 (1)(b)(ii)(B) a city;

                 (1)(b)(ii)(C) a town;

                 (1)(b)(ii)(D) a school district;

                 (1)(b)(ii)(E) a public transit district;

                 (1)(b)(ii)(F) a redevelopment agency;

                 (1)(b)(ii)(G) a special improvement district; or

                 (1)(b)(ii)(H) a taxing district. See Utah Code 7-1-1001
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Guardian: includes a person who:
       (14)(a) qualifies as a guardian of a minor or incapacitated person pursuant to testamentary or court appointment; or
       (14)(b) is appointed by a court to manage the estate of a minor or incapacitated person. See Utah Code 68-3-12.5
• Home state: means :
       (14)(a) for a state chartered depository institution, the state that charters the institution;
       (14)(b) for a federally chartered depository institution, the state where the institution's main office is located; and
       (14)(c) for a depository institution holding company, the state in which the total deposits of all depository institution subsidiaries are the largest. See Utah Code 7-1-103
• Host state: means :
       (15)(a) for a depository institution, a state, other than the institution's home state, where the institution maintains or seeks to establish a branch; and
       (15)(b) for a depository institution holding company, a state, other than the depository institution holding company's home state, where the depository institution holding company controls or seeks to control a depository institution subsidiary. See Utah Code 7-1-103
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Industrial bank: means a corporation or limited liability company conducting the business of an industrial bank under Chapter 8, Industrial Banks. See Utah Code 7-1-103
• Industrial loan company: means the same as that term is defined in Section 7-8-21. See Utah Code 7-1-103
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insolvent: means the status of a financial institution that is unable to meet its obligations as they mature. 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
• Institution subject to the jurisdiction of the department: means an institution or other person described in Section 7-1-501. See Utah Code 7-1-103
• 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}
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• 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.
• Kratom processor: means a person who:
       (4)(a) sells, prepares, or maintains a kratom product; or
       (4)(b) advertises, represents, or holds oneself out as selling, preparing, or maintaining a kratom product. See Utah Code 4-45-102
• Land: includes :
       (18)(a) land;
       (18)(b) a tenement;
       (18)(c) a hereditament;
       (18)(d) a water right;
       (18)(e) a possessory right; and
       (18)(f) a claim. See Utah Code 68-3-12.5
• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Liquidation: means the act or process of winding up the affairs of an institution subject to the jurisdiction of the department by realizing upon assets, paying liabilities, and appropriating profit or loss, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103
• Liquidator: means a person, agency, or instrumentality of this state or the United States appointed to conduct a liquidation. See Utah Code 7-1-103
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Male: means the characteristic of an individual whose biological reproductive system is of the general type that functions to fertilize the ova of a female. See Utah Code 68-3-12.5
• Money services business: includes :
            (23)(a)(i) a check casher;
            (23)(a)(ii) a deferred deposit lender;
            (23)(a)(iii) an issuer or seller of traveler's checks or money orders; and
            (23)(a)(iv) a money transmitter. See Utah Code 7-1-103
• Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{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}
• Nonprotected record: means a record maintained by a financial institution to facilitate the conduct of the financial institution's business regarding a person or account, including:
            (1)(c)(i) the existence of an account;
            (1)(c)(ii) the opening and closing dates of an account;
            (1)(c)(iii) the name under which an account is held; and
            (1)(c)(iv) the name, address, and telephone number of an account holder. See Utah Code 7-1-1001
• NOW account: means a savings account from which the owner may make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties. See Utah Code 7-1-103
• Oath: A promise to tell the truth.
• Oath: includes "affirmation. See Utah Code 68-3-12.5
• 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.
• Organization: means a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal entity. See Utah Code 4-1-109
• Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. See Utah Code 7-1-103
• 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 a natural person or individual, corporation, organization, or other legal entity. See Utah Code 4-1-109
• 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
• 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
• Personal property: All property that is not real property.
• Personal property: includes :
       (25)(a) money;
       (25)(b) goods;
       (25)(c) chattels;
       (25)(d) effects;
       (25)(e) evidences of a right in action;
       (25)(f) a written instrument by which a pecuniary obligation, right, or title to property is created, acknowledged, transferred, increased, defeated, discharged, or diminished; and
       (25)(g) a right or interest in an item described in Subsections (25)(a) through (f). See Utah Code 68-3-12.5
• Plant pest: means a biological agent that the commissioner determines to be a threat to agriculture in the state as described in Subsection 4-2-103(1)(k)(i). See Utah Code 4-35-102
• Preliminary hearing: A hearing where the judge decides whether there is enough evidence to make the defendant have a trial.
• 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
• Protected record: means a record that is not defined as a nonprotected record. See Utah Code 7-1-1001
• Quorum: The number of legislators that must be present to do business.
• 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
• Receiver: means a person, agency, or instrumentality of this state or the United States appointed to administer and manage an institution subject to the jurisdiction of the department in receivership, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103
• Receivership: means the administration and management of the affairs of an institution subject to the jurisdiction of the department to conserve, preserve, and properly dispose of the assets, liabilities, and revenues of an institution in possession, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103
• Record: means information that is:
            (1)(e)(i) prepared, owned, received, or retained by a financial institution;
            (1)(e)(ii)

                 (1)(e)(ii)(A) inscribed on a tangible medium; or

                 (1)(e)(ii)(B) stored in an electronic or other medium; and
            (1)(e)(iii) retrievable in perceivable form. See Utah Code 7-1-1001
• Savings account: means a deposit or other account at a depository institution that is not a transaction account. See Utah Code 7-1-103
• Savings and loan association: means :
       (31)(a) a federal savings and loan association; and
       (31)(b) an out-of-state savings and loan association. See Utah Code 7-1-103
• Service of process: The service of writs or summonses to the appropriate party.
• service organization: means a corporation or other business entity owned or controlled by one or more financial institutions that is engaged or proposes to engage in business activities related to the business of financial institutions. See Utah Code 7-1-103
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• 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
• 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.
• Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
• Summons: Another word for subpoena used by the criminal justice system.
• Swear: includes "affirm. See Utah Code 68-3-12.5
• Technology service provider: means a person that provides a data processing service or activity that supports the financial services or Internet related services of a depository institution subject to the jurisdiction of the department, including supporting:
       (35)(a) lending;
       (35)(b) money transfers;
       (35)(c) fiduciary activities;
       (35)(d) trading activities;
       (35)(e) deposit taking;
       (35)(f) web services and electronic bill payments;
       (35)(g) mobile applications;
       (35)(h) system and software development and maintenance; and
       (35)(i) security monitoring. See Utah Code 7-1-103
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Transaction account: includes :
            (36)(b)(i) demand deposits;
            (36)(b)(ii) NOW accounts;
            (36)(b)(iii) savings deposits subject to automatic transfers; and
            (36)(b)(iv) share draft accounts. See Utah Code 7-1-103
• 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.
• Trust company: means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. See Utah Code 7-1-103
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Utah depository institution: means a depository institution whose home state is Utah. See Utah Code 7-1-103
• Venue: The geographical location in which a case is tried.
• 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