Utah Code 7-22-107. Examinations
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Terms Used In Utah Code 7-22-107
- 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.
The department may examine an escrow agent at any time. The scope and frequency of examinations shall be determined solely in the discretion of the department. In addition to annual registration fees, each escrow agent shall pay per diem assessments incident to an examination in accordance with Section 7-1-401.
Enacted by Chapter 133, 1991 General Session