Terms Used In Utah Code 63E-1-404

• Asset: means property of all kinds, real and personal, tangible and intangible, and includes:

  (a)	cash, except reasonable compensation or salary for services rendered;

  (b)	stock or other investments;

  (c)

  goodwill;

  (d)	real property;

  (e)	an ownership interest;

  (f)	a license;

  (g)	a cause of action; and

  (h)

  any similar property. See Utah Code 63E-1-401 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Independent entity: means an entity having a public purpose relating to the state or its citizens that is individually created by the state or is given by the state the right to exist and conduct its affairs as an: (i)  independent state agency; or (ii)  independent corporation. See Utah Code 63E-1-102 Lobbyist: is a person that provided or provides services as a lobbyist, as defined in Section 36-11-102, within: (a)  five years prior to the date of an action described in Subsection (5); or (b)  during the privatization of an independent entity. See Utah Code 63E-1-401 Person: means :Utah Code 68-3-12.5 (a)  is guilty of a third degree felony if the combined value of any compensation or assets received by the person as a result of the violation is equal to or greater than $10,000; or (b)  is guilty of a class A misdemeanor if the combined value of any compensation or assets received by the person as a result of the violation is less than $10,000. (2)  (a)  In addition to any penalty imposed under Subsection (1), a person that violates this part shall return to the successor of the independent entity any compensation or assets received in violation of this part. (b)  If the assets received by the person in violation of this part are no longer in the possession of the person, the person shall pay the successor of the independent entity an amount equal to the fair market value of the asset at the time the person received the asset. (3)  Notwithstanding Subsection 36-11-401(3), if a lobbyist violates Subsection 63E-1-402(2)(b)(i), the lobbyist is guilty of the crime outlined in Subsection (1), which crime shall be determined by the value of compensation or assets received by the lobbyist. Amended by Chapter 125, 2022 General Session   Previous section Next section    Part 4 Contents