Utah Code > Title 7 > Chapter 22 – Regulation of Independent Escrow Agents


§ 7-22-101	Definitions — Exemptions
§ 7-22-102	Authorization required
§ 7-22-103	Registration — Fees — Qualifications — Rulemaking
§ 7-22-104	Net worth requirements
§ 7-22-105	Bond required
§ 7-22-106	Accounts to be maintained — Records open to inspection — Retention of records
§ 7-22-107	Examinations
§ 7-22-108	Segregation of accounts — Duties specified by agreement — Duties generally
§ 7-22-109	Priority of claims in case of insolvency

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Terms Used In Utah Code > Title 7 > Chapter 22 - Regulation of Independent Escrow Agents

Abandoned waste tire pile: means a waste tire pile regarding which the local department of health has not been able to:
(1)(a) locate the persons responsible for the tire pile; or
(1)(b) cause the persons responsible for the tire pile to remove the tire pile. See Utah Code 19-6-803
Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
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.
Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Appropriation: means a legislative authorization to make expenditures and to incur obligations for specific purposes. See Utah Code 51-5-3
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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.
Beneficial use: includes the use of chipped tires:
          (2)(b)(i) as daily landfill cover;
          (2)(b)(ii) for civil engineering purposes;
          (2)(b)(iii) as low-density, light-weight aggregate fill; or
          (2)(b)(iv) for septic or drain field construction. See Utah Code 19-6-803
Board: means the State Library Board created in Section 9-7-204. See Utah Code 9-7-101
Board: means the Waste Management and Radiation Control Board created under Section 19-1-106. See Utah Code 19-6-803
Board: means the Waste Management and Radiation Control Board, as defined in Section 19-1-106, within the Department of Environmental Quality. See Utah Code 19-6-902
Board: means the Waste Management and Radiation Control Board created under Section 19-1-106. See Utah Code 19-6-1102
Budgetary accounts: means those accounts necessary to reflect budgetary operations and conditions, such as estimated revenues, appropriations, and encumbrances. See Utah Code 51-5-3
Certified decontamination specialist: means an individual who has met the standards for certification as a decontamination specialist and has been certified by the board under Subsection 19-6-906(2). See Utah Code 19-6-902
chipped tire: means a two inch square or smaller piece of a waste tire. See Utah Code 19-6-803
City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
Commission: means the Utah State Tax Commission. See Utah Code 19-6-803
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.
Computer: includes the following permanently affixed to or incorporated into a device described in Subsection (2)(a):
          (2)(b)(i) a cable cord;
          (2)(b)(ii) permanent wiring;
          (2)(b)(iii) a central processing unit; or
          (2)(b)(iv) a monitor. See Utah Code 19-6-1202
Consumer: includes a person who purchases a new tire for a motor vehicle to be rented or leased. See Utah Code 19-6-803
Consumer: means a person who owns or uses a covered electronic device that is purchased primarily for personal or home business use. See Utah Code 19-6-1202
Consumer electronic device: means the following products sold to a consumer:
     (4)(a) a computer;
     (4)(b) a computer peripheral;
     (4)(c) a television; or
     (4)(d) a television peripheral. See Utah Code 19-6-1202
contamination: means :
(3)(a) polluted by hazardous materials that cause property to be unfit for human habitation or use due to immediate or long-term health hazards; or
(3)(b) that a property is polluted by hazardous materials as a result of the use, production, or presence of methamphetamine in excess of decontamination standards adopted by the Department of Health and Human Services under Section 26B-7-409. See Utah Code 19-6-902
Contamination list: means a list maintained by the local health department of properties:
(4)(a) reported to the local health department under Section 19-6-903; and
(4)(b) determined by the local health department to be contaminated. See Utah Code 19-6-902
Continuance: Putting off of a hearing ot trial until a later time.
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
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.
Crumb rubber: means waste tires that have been ground, shredded, or otherwise reduced in size such that the particles are less than or equal to 3/4 inch in diameter and are 98% wire free by weight. See Utah Code 19-6-803
Decontaminated: means property that at one time was contaminated, but the contaminants have been removed. See Utah Code 19-6-902
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 Financial Institutions. See Utah Code 7-1-103
Department: means the Department of Cultural and Community Engagement. See Utah Code 9-1-102
Department: means the Department of Environmental Quality. See Utah Code 19-1-103
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
Director: means the director of the Division of Waste Management and Radiation Control. See Utah Code 19-6-803
Director: means the director of the Division of Waste Management and Radiation Control. See Utah Code 19-6-1102
Disposal: means the deposit, dumping, or permanent placement of waste tire in or on land or in water in the state. See Utah Code 19-6-803
Dispose of: means to deposit, dump, or permanently place waste tire in or on land or in water in the state. See Utah Code 19-6-803
Division: means the State Library Division. See Utah Code 9-7-101
Division: means the Division of Waste Management and Radiation Control created in Section 19-1-105. See Utah Code 19-6-803
Division: means the Division of Waste Management and Radiation Control created in Section 19-1-105. See Utah Code 19-6-1102
Donor: The person who makes a gift.
Eligible program: means a collection, reuse, or recycling system for a consumer electronic device, including:
     (5)(a) a system by which a manufacturer, manufacturer's designee, or other private entity offers a consumer an option to return a consumer electronic device by mail;
     (5)(b) a system using a physical collection site that a manufacturer, manufacturer's designee, or other private or public entity provides for a consumer to return a covered consumer electronic device; or
     (5)(c) a system that uses a collection event held by a manufacturer, manufacturer's designee, or other private or public entity at which a consumer may return a consumer electronic device. See Utah Code 19-6-1202
Encumbrances: means obligations in the form of purchase orders, contracts, or salary commitments that are chargeable to an appropriation and for which a part of the appropriation is reserved. See Utah Code 51-5-3
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.
Escrow: means an agreement, express or implied, that provides for one or more parties to deliver or entrust money, a certificate of deposit, a security, a negotiable instrument, a deed, or other property or asset to another person to be held, paid, or delivered in accordance with terms and conditions prescribed in the agreement. See Utah Code 7-22-101
Escrow agent: means a person that provides or offers to provide escrow services to the public. See Utah Code 7-22-101
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.
Executive director: means the executive director of the department appointed pursuant to Section 19-1-104. See Utah Code 19-1-103
Expenditures: means decreases in net financial resources from other than interfund transfers, refundings of general long-term capital debt, and other items indicated by GASB. See Utah Code 51-5-3
Fiduciary: A trustee, executor, or administrator.
Financial resources: includes cash, claims to cash such as taxes receivable, and claims to goods or services such as prepaids. See Utah Code 51-5-3
Fiscal period: means any period at the end of which a governmental unit determines its financial position and the results of its operations. See Utah Code 51-5-3
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.
Function: means a group of related activities aimed at accomplishing a major service or regulatory program for which a governmental unit is responsible. See Utah Code 51-5-3
Fund: means an independent fiscal and accounting entity with a self-balancing set of accounts, composed of financial resources and other assets, all related liabilities and residual equities or balances and changes in those resources, assets, liabilities, and equities that, when recorded, are segregated for the purpose of carrying on specific activities or attaining certain objectives, according to special regulations, restrictions, or limitations. See Utah Code 51-5-3
Fund: means the Waste Tire Recycling Fund created in Section 19-6-807. See Utah Code 19-6-803
GASB: means the Governmental Accounting Standards Board that is responsible for accounting standards used by public entities. See Utah Code 51-5-3
Governmental fund: includes the following types: General Fund, special revenue funds, debt service funds, capital projects funds, and permanent funds. See Utah Code 51-5-3
Grantor: The person who establishes a trust and places property into it.
Health department: means a local health department under Title 26A, Local Health Authorities. See Utah Code 19-6-902
Highway: includes :
     (15)(a) a public bridge;
     (15)(b) a county way;
     (15)(c) a county road;
     (15)(d) a common road; and
     (15)(e) a state road. See Utah Code 68-3-12.5
Industrial byproduct: means an industrial residual, including:
          (4)(a)(i) inert construction debris;
          (4)(a)(ii) fly ash;
          (4)(a)(iii) bottom ash;
          (4)(a)(iv) slag;
          (4)(a)(v) flue gas emission control residuals generated primarily from the combustion of coal or other fossil fuel;
          (4)(a)(vi) residual from the extraction, beneficiation, and processing of an ore or mineral;
          (4)(a)(vii) cement kiln dust; or
          (4)(a)(viii) contaminated soil extracted as a result of a corrective action subject to an operation plan under Part 1, Solid and Hazardous Waste Act. See Utah Code 19-6-1102
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
Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
Internet policy: means the public library online access policy required in Section 9-7-215. See Utah Code 9-7-101
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.
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
Landfill waste tire pile: means a waste tire pile:
(13)(a) located within the permitted boundary of a landfill or transfer station operated by a governmental entity; and
(13)(b) consisting solely of waste tires brought to a landfill or transfer station for disposal and diverted from the landfill or transfer station waste stream to the waste tire pile. See Utah Code 19-6-803
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.
Library board: means the library board of directors appointed locally as authorized by Section 9-7-402 or 9-7-502 and which exercises general policy authority for library services within a city or county of the state, regardless of the title by which the board is known locally. See Utah Code 9-7-101
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
Local health department: means the local health department, as defined in Section 26A-1-102, with jurisdiction over the recycler. See Utah Code 19-6-803
Manufacturer: means a person who:
(6)(a) manufactures a consumer electronic device under a brand the person owns or is licensed to use; or
(6)(b) assumes the responsibilities and obligations of a person described in Subsection (6)(a). See Utah Code 19-6-1202
Materials derived from waste tires: means tire sections, tire chips, tire shreddings, rubber, steel, fabric, or other similar materials derived from waste tires. See Utah Code 19-6-803
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.
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under Utah Code 7-22-101
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.
Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
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.
Passenger tire equivalent: means a measure of mixed sizes of tires where each 25 pounds of whole tires or material derived from waste tires is equal to one waste tire. See Utah Code 19-6-803
Peripheral: means a keyboard, printer, or other device that:
(7)(a) is sold exclusively for external use with a television or computer; and
(7)(b) provides input into or output from a television or computer. See Utah Code 19-6-1202
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 an individual, trust, firm, estate, company, corporation, partnership, association, state, state or federal agency or entity, municipality, commission, or political subdivision of a state. See Utah Code 19-1-103
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
Postemployment: means that period of time following:
(20)(a) the last day worked by an employee as a result of his long-term disability; or
(20)(b) the date that an employee identifies as the date on which the employee intends to retire or terminate from state employment. See Utah Code 51-5-3
Postemployment benefits: means benefits earned by employees that will not be paid until postemployment, including unused vacation leave, unused converted sick leave, sick leave payments, and health and life insurance benefits as provided in Section 63A-17-501. See Utah Code 51-5-3
Proceeds of the fee: means the money collected by the commission from payment of the recycling fee including interest and penalties on delinquent payments. See Utah Code 19-6-803
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
Proprietary funds: means those funds or subfunds that show actual financial position and the results of operations, such as actual assets, liabilities, reserves, fund balances, revenues, and expenses. See Utah Code 51-5-3
Public project: means a project of the Department of Transportation to construct:
     (5)(a) a highway or road;
     (5)(b) a curb;
     (5)(c) a gutter;
     (5)(d) a walkway;
     (5)(e) a parking facility;
     (5)(f) a public transportation facility; or
     (5)(g) a facility, infrastructure, or transportation improvement that benefits the public. See Utah Code 19-6-1102
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
Recycler: means a person who:
(20)(a) annually uses, or can reasonably be expected within the next year to use, a minimum of 100,000 waste tires generated in the state or 1,000 tons of waste tires generated in the state to recover energy or produce energy, crumb rubber, chipped tires, or an ultimate product; and
(20)(b) is registered as a recycler in accordance with Section 19-6-806. See Utah Code 19-6-803
Recycling: means the process of collecting and preparing electronic products for:
(8)(a)(i) use in a manufacturing process; or
(8)(a)(ii) recovery of reusable materials followed by delivery of reusable materials for use. See Utah Code 19-6-1202
Recycling fee: means the fee provided for in Section 19-6-805. See Utah Code 19-6-803
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.
Reported property: means property that is the subject of a law enforcement report under Section 19-6-903. See Utah Code 19-6-902
Reuse: means to use an industrial byproduct in place of a raw material. See Utah Code 19-6-1102
Reuse: means electronic waste:
(9)(a) that is tested and determined to be in good working order; and
(9)(b) that is removed from the waste stream to use for the same purpose for which it was manufactured, including the continued use of the whole system or components. See Utah Code 19-6-1202
Revenue: means the increase in ownership equity during a designated period of time that is recognized as earned. See Utah Code 51-5-3
Road: includes :
     (33)(a) a public bridge;
     (33)(b) a county way;
     (33)(c) a county road;
     (33)(d) a common road; and
     (33)(e) a state road. See Utah Code 68-3-12.5
sale: means any transfer for consideration of title or of the right to use by lease or sales contract of a consumer electronic device to a consumer. See Utah Code 19-6-1202
Shredded waste tires: means waste tires or material derived from waste tires that has been reduced to a six inch square or smaller. See Utah Code 19-6-803
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.
Storage: means the placement of waste tires in a manner that does not constitute disposal of the waste tires. See Utah Code 19-6-803
Store: means to place waste tires in a manner that does not constitute disposal of the waste tires. See Utah Code 19-6-803
Subfund: means a restricted account, established within an independent fund, that has a self-balancing set of accounts to restrict revenues, expenditures, or the fund balance. See Utah Code 51-5-3
Surplus: means the excess of the assets of a fund over its liabilities and restricted fund equity. See Utah Code 51-5-3
Television: means a display system primarily intended to receive video programming via broadcast, cable, or satellite transmission. See Utah Code 19-6-1202
Tire: means a pneumatic rubber covering designed to encircle the wheel of a vehicle in which a person or property is or may be transported or drawn upon a highway. See Utah Code 19-6-803
Tire retailer: means a person engaged in the business of selling new tires either as replacement tires or as part of a new vehicle sale. See Utah Code 19-6-803
Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
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.
Ultimate product: includes pyrolized materials derived from:
(28)(b)(i) waste tires; or
(28)(b)(ii) chipped tires. See Utah Code 19-6-803
Unappropriated surplus: means that portion of the surplus of a given fund that is not segregated for specific purposes. See Utah Code 51-5-3
United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:
     (42)(a) on the day on which the 1953 recodification of the Utah Code was enacted; or
     (42)(b)
          (42)(b)(i) after the day described in Subsection (42)(a); and
          (42)(b)(ii) before the most recent amendment to the referenced portion of the 1953 recodification of the Utah Code. See Utah Code 68-3-12.5
Venue: The geographical location in which a case is tried.
Waste tire: means :
(29)(a) a tire that is no longer suitable for the tire's original intended purpose because of wear, damage, or defect; or
(29)(b) a tire that a tire retailer removes from a vehicle for replacement with a new or used tire. See Utah Code 19-6-803
Waste tire pile: means a pile of 200 or more waste tires at one location. See Utah Code 19-6-803
Waste tire transporter: includes a person engaged in the business of collecting, hauling, or transporting waste tires or who performs these functions for another person, except as provided in Subsection (31)(c). See Utah Code 19-6-803
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