Utah Code 61-2c-501. Fund created

(1)	There is created an expendable special revenue fund known as the “Residential Mortgage Loan Education, Research, and Recovery Fund.”

Division: means the Division of Real Estate. See Utah Code 61-2c-102
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.
Fund: means the Residential Mortgage Loan Education, Research, and Recovery Fund created in Section 61-2c-501. See Utah Code 61-2c-501.5
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Person: means an individual or entity. See Utah Code 61-2c-102

(2)	The interest earned on the fund shall be deposited into the fund.

(3)	At the beginning of each fiscal year, the division shall make available $100,000 in the fund to satisfy final judgments rendered against a person licensed under this chapter.

Amended by Chapter 400, 2013 General Session