Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
Department: means the Department of Financial Institutions. See Utah Code 7-1-103
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: Money given to a third party to be held for payment until certain conditions are met.
Escrow agent: means a person that provides or offers to provide escrow services to the public. See Utah Code 7-22-101
Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U. See Utah Code 7-22-101
An escrow agent shall register with the department annually on or before December 31 of each year and pay a registration fee of $100.
(b)
Registration of an escrow agent in accordance with this section includes all directors, officers, employees, and representatives of the escrow agent while acting in the course of the escrow agent’s business.
(2)
To register under this chapter an escrow agent shall provide the department:
(a)
evidence satisfactory to the commissioner that the person is registered with the nationwide database;
(b)
a financial statement; and
(c)
any other information requested by the department.
