Terms Used In Utah Code > Title 7 > Chapter 27 - Commercial Financing Registration and Disclosure Act

• Accounts receivable purchase transaction: means a transaction in which a business forwards or otherwise sells to a person all or a portion of the business's accounts, as defined in Section 70A-9a-102, or payment intangibles, as defined in Section 70A-9a-102, at a discount to the accounts' or payment intangibles' expected value. See Utah Code 7-27-101
• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• 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.
• Annual maintenance utility: means a tool within the system that:
       (1)(a) is designed to comply with Section 20A-2-504;
       (1)(b) a county clerk is required to run on an annual basis; and
       (1)(c) identifies each inactive voter and each voter to be removed from the voter registration database. See Utah Code 20A-2-501
• 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.
• Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means a group of persons that:
            (1)(a)(i) constitute the members of a formal association organized for:

                 (1)(a)(i)(A) an identifiable interest;

                 (1)(a)(i)(B) an identifiable purpose;

                 (1)(a)(i)(C) a specific profession; or

                 (1)(a)(i)(D) a specific occupation; or
            (1)(a)(ii) are employed by a common employer. See Utah Code 7-9-3
• Ballot: means the storage medium, including a paper, mechanical, or electronic storage medium, that records an individual voter's vote. See Utah Code 20A-1-102
• Board: means the State Library Board created in Section 9-7-204. See Utah Code 9-7-101
• Bond election: means an election held for the purpose of approving or rejecting the proposed issuance of bonds by a government entity. See Utah Code 20A-1-102
• Business: means a private enterprise carried on for the purpose of gain or economic profit. See Utah Code 7-27-101
• Business purpose transaction: means a transaction from which the resulting proceeds that a business receives are:
            (4)(a)(i) provided to the business; or
            (4)(a)(ii) intended to be used to carry on the business. See Utah Code 7-27-101
• Canvass: means the review of election returns and the official declaration of election results by the board of canvassers. See Utah Code 20A-1-102
• Capital and surplus: means :
       (2)(a) shares;
       (2)(b) deposits;
       (2)(c) reserves; and
       (2)(d) undivided earnings. See Utah Code 7-9-3
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Commercial financing transaction: means a business purpose transaction:
       (5)(a) under which a person extends a business a commercial loan or a commercial open-end credit plan; or
       (5)(b) that is an accounts receivable purchase transaction. See Utah Code 7-27-101
• Commercial loan: means a loan to a business, regardless of whether the loan is secured. See Utah Code 7-27-101
• Commercial open-end credit plan: means commercial financing extended to a business on terms under which:
       (7)(a) the creditor reasonably contemplates repeat transactions; and
       (7)(b) subject to any limit set by the creditor, the amount of financing that the creditor may extend to the business during the term of the plan is made available to the extent that any outstanding balance is repaid. See Utah Code 7-27-101
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• County legislative body: means :
       (8)(a) the county commission, in the county commission or expanded county commission form of government established under Title 17, Chapter 52a, Changing Forms of County Government;
       (8)(b) the county council, in the county executive-council optional form of government authorized by Section 17-52a-203; and
       (8)(c) the county council, in the council-manager optional form of government authorized by Section 17-52a-204. See Utah Code 68-3-12.5
• 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.
• Database: means the statewide voter registration database, described in Subsection 20A-2-502(1)(a) that:
       (2)(a) is maintained and updated via the system; and
       (2)(b) uses information relative to voter registration and voting, including information that is obtained from a voter, a governmental entity, as defined in Section 63G-2-103, or another state. See Utah Code 20A-2-501
• Decedent: A deceased person.
• 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
• Deposits: means that portion of the capital paid into the credit union by members on which a specified rate of interest will be paid. See Utah Code 7-9-3
• Duplicate voter utility: means a tool within the system that runs a set of queries to identify potential duplicate voter records. See Utah Code 20A-2-501
• Election: means a regular general election, a municipal general election, a statewide special election, a local special election, a regular primary election, a municipal primary election, and a special district election. See Utah Code 20A-1-102
• 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}
• 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.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Inactive voter: means a registered voter who is listed as inactive by a county clerk under Subsection 20A-2-505(4)(c)(i) or (ii). See Utah Code 20A-1-102
• 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
• 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.
• 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
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Local special election: means a special election called by the governing body of a local political subdivision in which all registered voters of the local political subdivision may vote. See Utah Code 20A-1-102
• 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.
• Motor vehicle dealer: means a dealer as defined in Section 41-3-102. See Utah Code 7-27-101
• Municipal general election: means the election held in municipalities and, as applicable, special districts on the first Tuesday after the first Monday in November of each odd-numbered year for the purposes established in Section 20A-1-202. See Utah Code 20A-1-102
• Municipal primary election: means an election held to nominate candidates for municipal office. See Utah Code 20A-1-102
• 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.
• Official register: means the official record furnished to election officials by the election officer that contains the information required by Section 20A-5-401. See Utah Code 20A-1-102
• 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}
• Oversight: Committee review of the activities of a Federal agency or program.
• 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
• Political party: means an organization of registered voters that has qualified to participate in an election by meeting the requirements of Chapter 8, Political Party Formation and Procedures. See Utah Code 20A-1-102
• Poll worker: includes election judges. See Utah Code 20A-1-102
• Presidential Primary Election: means the election established in Chapter 9, Part 8, Presidential Primary Election. See Utah Code 20A-1-102
• 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
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Provider: includes a person who, under a written agreement with a depository institution, offers one or more commercial financing products provided by the depository institution via an online platform that the person administers. See Utah Code 7-27-101
• Provisional ballot: means a ballot voted provisionally by a person:
       (55)(a) whose name is not listed on the official register at the polling place;
       (55)(b) whose legal right to vote is challenged as provided in this title; or
       (55)(c) whose identity was not sufficiently established by a poll worker. See Utah Code 20A-1-102
• Public figure: means an individual who, due to the individual being considered for, holding, or having held a position of prominence in a public or private capacity, or due to the individual's celebrity status, has an increased risk to the individual's safety. See Utah Code 20A-1-102
• Registration form: means a form by which an individual may register to vote under this title. See Utah Code 20A-1-102
• Regular general election: means the election held throughout the state on the first Tuesday after the first Monday in November of each even-numbered year for the purposes established in Section 20A-1-201. See Utah Code 20A-1-102
• Regular primary election: means the election, held on the date specified in Section Utah Code 20A-1-102
• Resident: means a person who resides within a specific voting precinct in Utah. See Utah Code 20A-1-102
• Service of process: The service of writs or summonses to the appropriate party.
• 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.
• Shares: means that portion of the capital paid into the credit union by members on which dividends may be paid. See Utah Code 7-9-3
• Special district: means a local government entity under Title 17B, Limited Purpose Local Government Entities - Special Districts, and includes a special service district under Title 17D, Chapter 1, Special Service District Act. See Utah Code 20A-1-102
• Special election: means an election held as authorized by Section 20A-1-203. See Utah Code 20A-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
• 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
• Statute: A law passed by a legislature.
• Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
• System: means the statewide voter registration system described in Subsection 20A-2-502(1)(a), including the database and all information within the system or database. See Utah Code 20A-2-501
• 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.
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Venue: The geographical location in which a case is tried.
• Veteran: means an individual who:
            (44)(a)(i) has served in the United States Armed Forces for at least 180 days:

                 (44)(a)(i)(A) on active duty; or

                 (44)(a)(i)(B) in a reserve component, to include the National Guard; or
            (44)(a)(ii) has incurred an actual service-related injury or disability while in the United States Armed Forces regardless of whether the individual completed 180 days; and
            (44)(a)(iii) was separated or retired under conditions characterized as honorable or general. See Utah Code 68-3-12.5
• Voter: means an individual who:
       (79)(a) meets the requirements for voting in an election;
       (79)(b) meets the requirements of election registration;
       (79)(c) is registered to vote; and
       (79)(d) is listed in the official register book. See Utah Code 20A-1-102
• Voter identification verification tool: means a tool within the system that compares data in a voter registration record to Driver License Division data and Social Security Administration data to verify voter identification. See Utah Code 20A-2-501
• Voter registration deadline: means the registration deadline provided in Section Utah Code 20A-1-102
• 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