Terms Used In Utah Code > Title 63H > Chapter 8 - Utah Housing Corporation Act

• Administrator: means the same as that term is defined in Subsection (182). See Utah Code 31A-1-301
• 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.
• Affiliated business: means the gross transaction revenue of a title entity's title insurance business in the state that is the result of an affiliated business arrangement. See Utah Code 31A-23a-1001
• Affiliated business arrangement: means the same as that term is defined in 12 U. See Utah Code 31A-23a-1001
• Applicable percentage: means :

  (a)

  on February 1, 2020, through January 31, 2021, 0. See Utah Code 31A-23a-1001 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Cancellation fee waiver: means a contractual agreement that: (a)  is between a supplier of a travel assistance service and the supplier's customer; and (b)  waives a non-refundable cancellation fee provision of the supplier's underlying travel contract, with or without regard to: (i)  the reason for the cancellation; or (ii)  the form of reimbursement. See Utah Code 31A-23a-902 City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Contract: A legal written agreement that becomes binding when signed. 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. Corporation: means the Utah Housing Corporation created by Section 63H-8-201, which, prior to July 1, 2001, was named the Utah Housing Finance Agency. See Utah Code 63H-8-103 Deed: The legal instrument used to transfer title in real property from one person to another. Division: means the Division of Real Estate created in Section 61-2-201. See Utah Code 31A-23a-1001 Employee of the corporation: means an individual who is employed by the corporation but who is not a trustee of the corporation. See Utah Code 63H-8-103 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. Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. Financial assistance: includes : (a)  a loan, whether interest or noninterest bearing, secured or unsecured; (b)  a loan that converts to a grant upon the occurrence of specified conditions; (c)  a development loan; (d)  a grant; (e)  an award; (f)  a subsidy; (g)  a guarantee; (h)  a warranty; (i)  a lease; (j)  a payment on behalf of a borrower of an amount usually paid by a borrower, including a down payment; (k)  any other form of financial assistance that helps provide affordable housing for low and moderate income persons; or (l)  any combination of Subsections (5)(a) through (k). See Utah Code 63H-8-103 First-time homebuyer: means an individual who qualifies for assistance under 42 U. See Utah Code 63H-8-501 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. 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 Home equity amount: means the difference between: (a)  (i)  in the case of a sale, the sales price for which the qualifying residential unit is sold by the recipient in a bona fide sale to a third party with no right to repurchase; or (ii)  in the case of a refinance, the current appraised value of the qualifying residential unit; and (b)  the total payoff amount of any qualifying mortgage loan that was used to finance the purchase of the qualifying residential unit. See Utah Code 63H-8-501 Housing development: means a residential housing project, which includes residential housing for low and moderate income persons. See Utah Code 63H-8-103 Housing sponsor: includes a person who constructs, develops, rehabilitates, purchases, or owns a housing development that is or will be subject to legally enforceable restrictive covenants that require the housing development to provide, at least in part, residential housing to low and moderate income persons, including a local public body, a nonprofit, limited profit, or for profit corporation, a limited partnership, a limited liability company, a joint venture, a subsidiary of the corporation, or any subsidiary of the subsidiary, a cooperative, a mutual housing organization, or other type of entity or arrangement that helps provide affordable housing for low and moderate income persons. See Utah Code 63H-8-103 Individual: means a natural person. See Utah Code 31A-1-301 Inland marine insurance: includes insurance covering: (a)  property in transit on or over land; (b)  property in transit over water by means other than boat or ship; (c)  bailee liability; (d)  fixed transportation property such as bridges, electric transmission systems, radio and television transmission towers and tunnels; and (e)  personal and commercial property floaters. See Utah Code 31A-1-301 Insurance: includes : (i)  a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; (ii)  a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and (iii)  a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes: (i)  a policyholder; (ii)  a subscriber; (iii)  a member; and (iv)  a beneficiary. See Utah Code 31A-1-301 Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of 7: (a)  a risk retention group as defined in: (i)  the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102 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 Interest rate contract: means an interest rate exchange contract, an interest rate floor contract, an interest rate ceiling contract, or another similar contract authorized in a resolution or policy adopted or approved by the trustees. See Utah Code 63H-8-103 Land: includes :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. License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301 Lien: A claim against real or personal property in satisfaction of a debt. Local public body: means the state, a municipality, county, district, or other subdivision or instrumentality of the state, including a redevelopment agency and a housing authority created under 4. See Utah Code 63H-8-103 Low and moderate income persons: means individuals, irrespective of race, religion, creed, national origin, or sex, as determined by the corporation to require such assistance as is made available by this chapter on account of insufficient personal or family income taking into consideration factors, including: (a)  the amount of income that persons and families have available for housing needs; (b)  the size of family; (c)  whether a person is a single head of household; (d)  the cost and condition of available residential housing; and (e)  the ability of persons and families to compete successfully in the normal private housing market and to pay the amounts at which private enterprise is providing decent, safe, and sanitary housing. See Utah Code 63H-8-103 Managing general agent: means a person that: (i)  manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office; (ii)  acts as an agent for the insurer whether it is known as a managing general agent, manager, or other similar term; (iii)  produces and underwrites an amount of gross direct written premium equal to, or more than, 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year: (A)  with or without the authority; (B)  separately or together with an affiliate; and (C)  directly or indirectly; and (iv)  (A)  adjusts or pays claims in excess of an amount determined by the commissioner; or (B)  negotiates reinsurance on behalf of the insurer. See Utah Code 31A-23a-102 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage: means a mortgage, deed of trust, or other instrument securing a mortgage loan and constituting a lien on real property (the property being held in fee simple or on a leasehold under a lease having a remaining term, at the time the mortgage is acquired, of not less than the term for repayment of the mortgage loan secured by the mortgage) improved or to be improved by residential housing, creating a lien that may be first priority or subordinate. See Utah Code 63H-8-103 Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgage loan: means a loan secured by a mortgage, which loan may bear interest at either a fixed or variable rate or which may be noninterest bearing, the proceeds of which are used for the purpose of financing the construction, development, rehabilitation, purchase, or refinancing of residential housing for low and moderate income persons. See Utah Code 63H-8-103 Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. New or newly affiliated title entity: means a title entity that: (a)  is licensed as a title entity for the first time on or after May 14, 2019; or (b)  (i)  is licensed as a title entity before May 14, 2019; and (ii)  enters into an affiliated business arrangement for the first time on or after May 14, 2019. See Utah Code 31A-23a-1001 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. 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 :Utah Code 68-3-12.5 Person: includes : (a)  an individual; (b)  a partnership; (c)  a corporation; (d)  an incorporated or unincorporated association; (e)  a joint stock company; (f)  a trust; (g)  a limited liability company; (h)  a reciprocal; (i)  a syndicate; or (j)  another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301 Policy: includes a service contract issued by: (i)  a motor club under Chapter 11, Motor Clubs; (ii)  a service contract provided under Chapter 6a, Service Contracts; and (iii)  a corporation licensed under: (A)  Chapter 7, Nonprofit Health Service Insurance Corporations; or (B)  Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301 Program: means the First-Time Homebuyer Assistance Program created in Section 63H-8-502. See Utah Code 63H-8-501 Program funds: means money appropriated for the program. See Utah Code 63H-8-501 Property: includes both real and personal property. See Utah Code 68-3-12.5 Qualifying residential unit: means a residential unit that: (a)  is located in the state; (b)  is new construction or newly constructed but not yet inhabited; (c)  is financed by a qualifying mortgage loan; (d)  is owner-occupied upon purchase; and (e)  is purchased for an amount that does not exceed: (i)  $450,000; or (ii)  if applicable, the maximum purchase price established by the corporation under Subsection 63H-8-502(6). See Utah Code 63H-8-501 Quorum: The number of legislators that must be present to do business. Recipient: means a first-time homebuyer who receives program funds. See Utah Code 63H-8-501 Rehabilitation: includes the reconstruction, rehabilitation, improvement, and repair of residential housing. See Utah Code 63H-8-103 Residential housing: means a specific work or improvement within the state undertaken primarily to provide dwelling accommodations, including land, buildings, and improvements to land and buildings, whether in one to four family units or multifamily units, and other incidental or appurtenant nonhousing facilities, or as otherwise specified by the corporation. See Utah Code 63H-8-103 Residential unit: includes a manufactured home or modular home that is attached to a permanent foundation. See Utah Code 63H-8-501 RESPA: means the federal Real Estate Settlement Procedures Act, 12 U. See Utah Code 31A-23a-1001 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. 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 the state of Utah. See Utah Code 63H-8-103 State housing credit ceiling: means the amount specified in Subsection 42(h)(3)(C) of the Internal Revenue Code for each calendar year. See Utah Code 63H-8-103 Title entity: means : (a)  a title licensee as defined in Section 31A-2-402; or (b)  a title insurer as defined in Section 31A-23a-415. See Utah Code 31A-23a-1001 Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301 Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Travel administrator: means a person who, in connection with travel insurance, directly or indirectly: (i)  underwrites; (ii)  collects a charge, collateral, or a premium from a resident of this state; or (iii)  adjusts or settles a claim on a resident of this state. See Utah Code 31A-23a-902 Travel assistance service: includes : (i)  a security advisory; (ii)  destination information; (iii)  a vaccination and immunization information service; (iv)  a travel reservation service; (v)  entertainment; (vi)  activity and event planning; (vii)  translation assistance; (viii)  emergency messaging; (ix)  an international legal or medical referral; (x)  medical case monitoring; (xi)  coordination of transportation arrangements; (xii)  emergency cash transfer assistance; (xiii)  medical prescription replacement assistance; (xiv)  passport and travel document replacement assistance; (xv)  lost luggage assistance; and (xvi)  a concierge service. See Utah Code 31A-23a-902 Travel insurance: means insurance coverage for personal risks incident to planned travel, including: (i)  interruption or cancellation of a trip or event; (ii)  loss of baggage or personal effects; (iii)  damages to accommodations or rental vehicles; (iv)  sickness, accident, disability, or death during travel; (v)  emergency evacuation; (vi)  repatriation of remains; or (vii)  a contractual obligation that indemnifies or pays a specified amount to the traveler upon a determinable contingency related to travel. See Utah Code 31A-23a-902 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 Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate. Writing: includes :Utah Code 68-3-12.5