Utah Code 61-2c-501.5. Definitions

As used in this part:

(1)

“Civil judgment” means a judgment in a civil action that:

Terms Used In Utah Code 61-2c-501.5

Civil judgment: means a judgment in a civil action that:Utah Code 61-2c-501.5
Criminal restitution judgment: means a judgment that, in accordance with the Utah Code of Criminal Procedure, orders criminal restitution to a person and against a person licensed under this chapter for a criminal offense involving fraud, misrepresentation, or deceit in a residential mortgage loan transaction. See Utah Code 61-2c-501.5
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Fraud: Intentional deception resulting in injury to another.
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.
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
Person: means an individual or entity. See Utah Code 61-2c-102
Residential mortgage loan: means an extension of credit, if:

(i)

the loan or extension of credit is secured by a:

(A)

mortgage;

(B)	deed of trust; or

(C)	consensual security interest; and

(ii)

the mortgage, deed of trust, or consensual security interest described in Subsection (1)(oo)(i):

(A)	is on a dwelling located in the state; and

(B)

is created with the consent of the owner of the residential real property. See Utah Code 61-2c-102

Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.

Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:Utah Code 68-3-12.5

(a)

is awarded in an action brought against a person licensed under this chapter on the basis of fraud, misrepresentation, or deceit in a residential mortgage loan transaction; and

(b)	awards actual damages.

(2)

“Criminal restitution judgment” means a judgment that, in accordance with the Utah Code of Criminal Procedure, orders criminal restitution to a person and against a person licensed under this chapter for a criminal offense involving fraud, misrepresentation, or deceit in a residential mortgage loan transaction.

(3)

“Final judgment” means one of the following judgments upon termination of the proceedings related to the judgment, including appeals:

(a)	a civil judgment; or

(b)	a criminal restitution judgment.

(4)	“Fund” means the Residential Mortgage Loan Education, Research, and Recovery Fund created in Section 61-2c-501.

Amended by Chapter 289, 2011 General Session

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