In this chapter:
| (1) |
“Administrator” means the Division of Consumer Protection. |
Terms Used In Utah Code 13-42-102
- Administrator: includes "executor" when the subject matter justifies the use. 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.
- 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.
- Lineal descendant: Direct descendant of the same ancestors.
- 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
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- 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
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
| (2) |
“Affiliate”:
| (a) |
with respect to an individual, means:
| (i) |
the spouse of the individual; |
| (ii) |
a sibling of the individual or the spouse of a sibling; |
| (iii) |
an individual or the spouse of an individual who is a lineal ancestor or lineal descendant of the individual or the individual’s spouse; |
| (iv) |
an aunt, uncle, great aunt, great uncle, first cousin, niece, nephew, grandniece, or grandnephew, whether related by the whole or the half blood or adoption, or the spouse of any of them; or |
| (v) |
any other individual occupying the residence of the individual; and |
|
| (b) |
with respect to an entity, means:
| (i) |
a person that directly or indirectly controls, is controlled by, or is under common control with the entity; |
| (ii) |
an officer of, or an individual performing similar functions with respect to, the entity; |
| (iii) |
a director of, or an individual performing similar functions with respect to, the entity; |
| (iv) |
subject to adjustment of the dollar amount pursuant to Subsection 13-42-132(6), a person that receives or received more than $25,000 from the entity for debt management services in either the current year or the preceding year or a person that owns more than 10% of, or an individual who is employed by or is a director of, a person that receives or received more than $25,000 from the entity for debt management services in either the current year or the preceding year; |
| (v) |
an officer or director of, or an individual performing similar functions with respect to, a person described in Subsection (2)(b)(i); |
| (vi) |
the spouse of, or an individual occupying the residence of, an individual described in Subsections (2)(b)(i) through (v); or |
| (vii) |
an individual who has the relationship specified in Subsection (2)(a)(iv) to an individual or the spouse of an individual described in Subsections (2)(b)(i) through (v). |
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| (3) |
“Agreement” means an agreement between a provider and an individual for the performance of debt-management services. |
| (4) |
“Bank” means a financial institution, including a commercial bank, savings bank, savings and loan association, credit union, and trust company, engaged in the business of banking, chartered under federal or state law, and regulated by a federal or state banking regulatory authority. |
| (5) |
“Business address” means the physical location of a business, including the name and number of a street. |
| (6) |
“Certified counselor” means an individual certified by a training program or certifying organization, approved by the administrator, that authenticates the competence of individuals providing education and assistance to other individuals in connection with debt-management services. |
| (7) |
“Concessions” means assent to repayment of a debt on terms more favorable to an individual than the terms of the contract between the individual and a creditor. |
| (8) |
“Day” means calendar day. |
| (9) |
“Debt-management services” means services as an intermediary between an individual and one or more creditors of the individual for the purpose of obtaining concessions, but does not include:
| (a) |
legal services provided in an attorney-client relationship if:
| (i) |
the services are provided by an attorney who:
| (A) |
is licensed or otherwise authorized to practice law in this state; and |
| (B) |
provides legal services in representing the individual in the individual’s relationship with a creditor; and |
|
| (ii) |
there is no intermediary between the individual and the creditor other than the attorney or an individual under the direct supervision of the attorney; |
|
| (b) |
accounting services provided in an accountant-client relationship if:
| (i) |
the services are provided by a certified public accountant who:
| (A) |
is licensed to provide accounting services in this state; and |
| (B) |
provides accounting services in representing the individual in the individual’s relationship with a creditor; and |
|
| (ii) |
there is no intermediary between the individual and the creditor other than the accountant or an individual under the direct supervision of the accountant; or |
|
| (c) |
financial-planning services provided in a financial planner-client relationship by a member of a financial-planning profession if:
| (i) |
the administrator, by rule, determines that members are:
| (A) |
licensed by this state; |
| (B) |
subject to a disciplinary mechanism; |
| (C) |
subject to a code of professional responsibility; and |
| (D) |
subject to a continuing education requirement; and |
|
| (ii) |
there is no intermediary between the individual and the creditor other than the financial planner or an individual under the direct supervision of the financial planner. |
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| (10) |
“Entity” means a person other than an individual. |
| (11) |
“Good faith” means honesty in fact and the observance of reasonable standards of fair dealing. |
| (12) |
“Lead generator” means a person who, in the regular course of business, supplies a provider with the name of a potential customer, directs a communication of an individual to a provider, or otherwise refers a customer to a provider. |
| (13) |
“Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or any other legal or commercial entity. The term does not include a public corporation, government, or governmental subdivision, agency, or instrumentality. |
| (14) |
“Plan” means a program or strategy in which a provider furnishes debt-management services to an individual and which includes a schedule of payments to be made by or on behalf of the individual and used to pay debts owed by the individual. |
| (15) |
“Principal amount of the debt” means the amount of a debt at the time of an agreement. |
| (16) |
“Provider” means a person that provides, offers to provide, or agrees to provide debt-management services directly or through others. |
| (17) |
“Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. |
| (18) |
“Settlement fee” means a charge imposed on or paid by an individual in connection with a creditor’s assent to accept in full satisfaction of a debt an amount less than the principal amount of the debt. |
| (19) |
“Sign” means, with present intent to authenticate or adopt a record:
| (a) |
to execute or adopt a tangible symbol; or |
| (b) |
to attach to or logically associate with the record an electronic sound, symbol, or process. |
|
| (20) |
“State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. |
| (21) |
“Trust account” means an account held by a provider that is:
| (a) |
established in a bank in which deposit accounts are insured; |
| (b) |
separate from other accounts of the provider or its designee; |
| (c) |
designated as a trust account or other account designated to indicate that the money in the account is not the money of the provider or its designee; and |
| (d) |
used to hold money of one or more individuals for disbursement to creditors of the individuals. |
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Amended by Chapter 152, 2012 General Session
