Terms Used In Utah Code > Title 15 > Chapter 10 - Service Contracts Act

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Automatic renewal provision: means a provision under which a service contract is renewed for one or more specified periods if:

  (a)	the renewal causes the service contract to be in effect more than six months after the day of the initiation of the service contract; and

  (b)

  the renewal is effective unless the consumer gives notice to the seller of the consumer's intention to terminate the service contract. See Utah Code 15-10-102 Budget: means a plan for financial operations for a fiscal period, embodying estimates for proposed expenditures for given purposes and the means of financing the expenditures. See Utah Code 17-36-3 Consumer: includes a representative of an association subject to: (i)  Title 57, Chapter 8, Condominium Ownership Act; or (ii)  Title 57, Chapter 8a, Community Association Act. See Utah Code 15-10-102 Contract: A legal written agreement that becomes binding when signed. County legislative body: means :Utah Code 68-3-12.5 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. Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances: You are late making a payment or commit some other default, triggering an increase to a penalty rate The bank changes the terms of your account and you do not reject the change. The rate expires (if the rate was fixed for only a certain period of time). Fund: means an independent fiscal and accounting entity comprised of a sum of money or other resources segregated for a specific purpose or objective. See Utah Code 17-36-3 Legislative: when used to describe the powers, duties, or functions of a county commission or council, refers to: (a)  the power and duty to enact ordinances, levy taxes, and establish budgets; and (b)  those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the legislative branch of government. See Utah Code 17-50-101 Lien: A claim against real or personal property in satisfaction of a debt. Person: means :Utah Code 68-3-12.5 Property: includes both real and personal property. See Utah Code 68-3-12.5 real property: includes :Utah Code 68-3-12.5 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Seller: means a person providing service, maintenance, or repair under a service contract. See Utah Code 15-10-102 Service contract: means a contract for service, maintenance, or repair: (i)  in connection with real property; or (ii)  that provides a benefit to the real property. See Utah Code 15-10-102 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 Trustee: A person or institution holding and administering property in trust. 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.