Utah Code > Title 31A > Chapter 17 – Determination of Financial Condition
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Terms Used In Utah Code > Title 31A > Chapter 17 - Determination of Financial Condition
- Accident and health insurance: means insurance to provide protection against economic losses resulting from:
(i) a medical condition including: (A) a medical care expense; or (B) the risk of disability; (ii) accident; or (iii) sickness. See Utah Code 31A-1-301 - accident and health insurance: means a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. See Utah Code 31A-17-501
- Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
- Adjudicative proceeding: means :Utah Code 68-3-12.5
- Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
- Adult Protective Services: means the same as that term is defined in Section 26B-6-201. See Utah Code 61-1-201
- Adverse action: means to:
(a) discharge, threaten, or directly or indirectly harass an employee; or (b) otherwise discriminate against an employee in any manner that affects the employee's employment, including: (i) compensation; (ii) terms; (iii) conditions; (iv) location; (v) rights; (vi) immunities; (vii) promotions; or (viii) privileges. See Utah Code 61-1-102 - Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Affiliate: means a person who controls, is controlled by, or is under common control with, another person. See Utah Code 31A-1-301
- Affiliation: means that a mortgage loan originator is associated with a principal lending manager in accordance with Section 61-2c-209. See Utah Code 61-2c-102
- Agency: means :
(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and (b) an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301 - Agent: means an individual other than a broker-dealer who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities. See Utah Code 61-1-13
- Allegation: something that someone says happened.
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Amendment: means an endorsement to an insurance policy or certificate. See Utah Code 31A-1-301
- Analysis assignment: means an unbiased analysis, opinion, or conclusion that relates to the nature, quality, or utility of identified real estate or identified real property. See Utah Code 61-2g-102
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Annuity: means an agreement to make periodical payments for a period certain or over the lifetime of one or more individuals if the making or continuance of all or some of the series of the payments, or the amount of the payment, is dependent upon the continuance of human life. See Utah Code 31A-1-301
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
- Applicable appraisal standards: means :
(a) the Uniform Standards for Professional Appraisal Practice: (i) published by the Appraisal Foundation; and (ii) as adopted under Section 61-2g-403; (b) Chapter 2g, Real Estate Appraiser Licensing and Certification Act; and (c) rules made by the board under Chapter 2g, Real Estate Appraiser Licensing and Certification Act. See Utah Code 61-2e-102 - Applicant: means a person applying for a license under this chapter. See Utah Code 61-2c-102
- Application: means a document:
(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301 - Appointed actuary: means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in Subsection 31A-17-503(2). See Utah Code 31A-17-501
- Appraisal: A determination of property value.
- Appraisal: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
- Appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in, or aspect of, identified real estate or identified real property. See Utah Code 61-2g-102
- Appraisal Foundation: means the Appraisal Foundation that was incorporated as an Illinois not-for-profit corporation on November 30, 1987. See Utah Code 61-2g-102
- Appraisal management service: means :
(a) recruiting, selecting, or retaining an appraiser; (b) contracting with an appraiser to perform a real estate appraisal activity for a client; (c) managing the appraisal process, including one or more of the following administrative services: (i) receiving an appraisal order or an appraisal report; (ii) submitting a completed appraisal report to a client; (iii) collecting a fee from a client for a service provided; or (iv) paying an appraiser for a real estate appraisal activity; or (d) reviewing or verifying the work of an appraiser. See Utah Code 61-2e-102 - Appraisal report: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
- Appraisal report: means a communication, written or oral, of an appraisal. See Utah Code 61-2g-102
- Appraisal Subcommittee: means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. See Utah Code 61-2e-102
- Appraiser: means an individual who engages in a real estate appraisal activity. See Utah Code 61-2e-102
- Appraiser panel: includes an appraiser whom the appraisal management company has:
(i) accepted for consideration for a future appraisal assignment: (A) in a residential mortgage loan transaction; or (B) for a secondary mortgage market participant in connection with a residential mortgage loan transaction; or (ii) engaged to perform an appraisal: (A) in a residential mortgage loan transaction; or (B) for a secondary mortgage market participant in connection with a residential mortgage loan transaction. See Utah Code 61-2e-102 - Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Approved examination provider: means a person approved by the nationwide database or by the division as an approved test provider. See Utah Code 61-2c-102
- Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Associate broker: means an individual who is:
(a) employed or engaged as an independent contractor by or on behalf of a principal broker to perform an act described in Subsection (20) for valuable consideration; and (b) licensed under this chapter as an associate broker. See Utah Code 61-2f-102 - Associate lending manager: means an individual who:
(i) qualifies under this chapter as a principal lending manager; and (ii) works by or on behalf of another principal lending manager in transacting the business of residential mortgage loans. See Utah Code 61-2c-102 - Balloon payment: means a required payment in a mortgage transaction that:
(i) results in a greater reduction in the principle of the mortgage than a regular installment payment; and (ii) is made during or at the end of the term of the loan. See Utah Code 61-2c-102 - Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Board: means the Real Estate Appraiser Licensing and Certification Board that is established in Section 61-2g-204. See Utah Code 61-2g-102
- Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102
- board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
- Branch broker: means an associate broker who manages a principal broker's branch office under the supervision of the principal broker. See Utah Code 61-2f-102
- Branch lending manager: means an individual who is:
(i) licensed as a lending manager; and (ii) designated in the nationwide database by the individual's sponsoring entity as being responsible to work from a branch office and to supervise the business of residential mortgage loans that is conducted at the branch office. See Utah Code 61-2c-102 - Branch office: means a licensed entity's office:
(i) for the transaction of the business of residential mortgage loans regulated under this chapter; (ii) other than the main office of the licensed entity; and (iii) that operates under: (A) the same business name as the licensed entity; or (B) another trade name that is registered with the division under the entity license. See Utah Code 61-2c-102 - Branch office: means a principal broker's real estate brokerage office that is not the principal broker's main office. See Utah Code 61-2f-102
- Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Utah Code 61-1-13
- Business of residential mortgage loans: means for compensation or in the expectation of compensation to:
(A) engage in an act that makes an individual a mortgage loan originator; (B) make or originate a residential mortgage loan; (C) directly or indirectly solicit a residential mortgage loan for another; (D) unless exempt under Section 61-2c-105 or excluded under Subsection (1)(i)(ii), render services related to the origination of a residential mortgage loan including: (I) preparing a loan package; (II) communicating with the borrower or lender; (III) advising on a loan term; (IV) receiving, collecting, or distributing information common for the processing or underwriting of a loan in the mortgage industry; or (V) communicating with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan; or (E) engage in loan modification assistance. See Utah Code 61-2c-102 - Business opportunity: means the sale, lease, or exchange of any business that includes an interest in real estate. See Utah Code 61-2f-102
- Certificate: means evidence of insurance given to:
(a) an insured under a group insurance policy; or (b) a third party. See Utah Code 31A-1-301 - Certified appraisal report: means a written or oral appraisal report that is certified by a state-certified general appraiser or state-certified residential appraiser. See Utah Code 61-2g-102
- Certified education provider: means a person who is certified under Section 61-2c-204. See Utah Code 61-2c-102
- City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- Civil judgment: means a judgment in a civil action that:Utah Code 61-2c-501.5
- Client: means a person that enters into an agreement with an appraisal management company for the performance of a real estate appraisal activity. See Utah Code 61-2e-102
- Closed-end: means a loan:
(i) with a fixed amount borrowed; and (ii) that does not permit additional borrowing secured by the same collateral. See Utah Code 61-2c-102 - Commission: means the Securities Commission created in Section 61-1-18. See Utah Code 61-1-13
- Commission: means the Residential Mortgage Regulatory Commission created in Section 61-2c-104. See Utah Code 61-2c-102
- Commission: means the Real Estate Commission established under this chapter. See Utah Code 61-2f-102
- Community development financial institution: means the same as that term is defined in 12 U. See Utah Code 61-2c-102
- Company: means an entity that:
(i) has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in this state and has at least one such policy in force or on claim; or (ii) has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state. See Utah Code 31A-17-501 - Compensation: means anything of economic value that is paid, loaned, granted, given, donated, or transferred to an individual or entity for or in consideration of:
(i) services; (ii) personal or real property; or (iii) another thing of value. See Utah Code 61-2c-102 - Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Concurrence: means that the entities that are given a concurring role jointly agree to an action. See Utah Code 61-2g-102
- Concurrence: means that entities given a concurring role must jointly agree for the action to be taken. See Utah Code 61-2c-102
- Concurrence: means that the entities that are given a concurring role must jointly agree before an action may be taken. See Utah Code 61-2e-102
- Concurrence: means the entities given a concurring role must jointly agree for action to be taken. See Utah Code 61-2f-102
- Condominium unit: means the same as that term is defined in Section 57-8-3. See Utah Code 61-2f-102
- Consultation service: means an engagement to provide a real estate valuation service analysis, opinion, conclusion, or other service that does not fall within the definition of appraisal. See Utah Code 61-2g-102
- Contingent fee: means a fee or other form of compensation, payment of which is dependent on or conditioned by:
(i) the reporting of a predetermined analysis, opinion, or conclusion by the person performing the analysis, opinion, or conclusion; or (ii) achieving a result specified by the person requesting the analysis, opinion, or conclusion. See Utah Code 61-2g-102 - Continuance: Putting off of a hearing ot trial until a later time.
- Continuing education: means education an individual takes in order to meet the education requirements imposed by Sections 61-2c-204. See Utah Code 61-2c-102
- Control person: means an individual identified by an entity registered with the nationwide database as being an individual directing the management or policies of the entity. See Utah Code 61-2c-102
- control shares: means shares that except for this chapter would have voting power with respect to shares of an issuing public corporation that, when added to all other shares of the issuing public corporation owned by a person or in respect to which that person may exercise or direct the exercise of voting power, would entitle that person, immediately after acquisition of the shares (directly or indirectly, alone or as a part of a group), to exercise or direct the exercise of the voting power, including voting power pursuant to a revocable proxy, of the issuing public corporation in the election of directors within any of the following ranges of voting power:
(a) 1/5 or more but less than 1/3 of all voting power; (b) 1/3 or more but less than a majority of all voting power; or (c) a majority or more of all voting power. See Utah Code 61-6-2 - Controlling person: means :
(a) an owner, officer, or director of an entity seeking to offer appraisal management services; (b) an individual employed, appointed, or authorized by an appraisal management company who has the authority to: (i) enter into a contractual relationship with a client for the performance of an appraisal management service; and (ii) enter into an agreement with an appraiser for the performance of a real estate appraisal activity; or (c) a person who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. See Utah Code 61-2e-102 - Conviction: A judgement of guilt against a criminal defendant.
- 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.
- Corrective order: means an order issued by the commissioner specifying corrective action that the commissioner determines is required. See Utah Code 31A-17-601
- Covered judicial or administrative action: means a judicial or administrative action brought under this chapter that results in a monetary sanction exceeding $50,000. See Utah Code 61-1-102
- Credential: means a state-issued registration, license, or certification that allows an individual to perform any act or service that requires licensure or certification under this chapter. See Utah Code 61-2g-102
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Creditor: means :
(a) a person who regularly extends credit that, under a written agreement, is subject to a finance charge or is payable in more than four installments, not including any down payment; and (b) a person to whom the obligation described in Subsection (14)(a) is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract. See Utah Code 61-2e-102 - Creditor: means a person, including an insured, having a claim, whether:
(a) matured; (b) unmatured; (c) liquidated; (d) unliquidated; (e) secured; (f) unsecured; (g) absolute; (h) fixed; or (i) contingent. See Utah Code 31A-1-301 - 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Department: means the Department of Commerce. See Utah Code 61-2-102
- Department: means the Insurance Department. See Utah Code 31A-1-301
- Dependent: A person dependent for support upon another.
- Deposit-type contract: means a contract that does not incorporate mortality or morbidity risks and as may be specified in the valuation manual. See Utah Code 31A-17-501
- Depository institution: means the same as that term is defined in Section 7-1-103. See Utah Code 61-2c-102
- Director: means the director of the division appointed in accordance with Section 61-1-18. See Utah Code 61-1-13
- Director: means the director of the division appointed under Section 61-2-201. See Utah Code 61-2-102
- Director: means the director of the division. See Utah Code 61-2c-102
- Director: means the director of the division. See Utah Code 61-2e-102
- Director: means the director of the Division of Real Estate. See Utah Code 61-2f-102
- Disability: means a physiological or psychological condition that partially or totally limits an individual's ability to:
(a) perform the duties of: (i) that individual's occupation; or (ii) an occupation for which the individual is reasonably suited by education, training, or experience; or (b) perform two or more of the following basic activities of daily living: (i) eating; (ii) toileting; (iii) transferring; (iv) bathing; or (v) dressing. See Utah Code 31A-1-301 - Division: means the Division of Real Estate of the Department of Commerce. See Utah Code 61-2g-102
- Division: means the Division of Securities established by Section 61-1-18. See Utah Code 61-1-13
- Division: means the Division of Real Estate created in Section 61-2-201. See Utah Code 61-2-102
- Division: means the Division of Real Estate. See Utah Code 61-2c-102
- Division: means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-102
- Division: means the Division of Real Estate. See Utah Code 61-2f-102
- Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301
- Domiciliary state: means the state in which an insurer:
(a) is incorporated; (b) is organized; or (c) in the case of an alien insurer, enters into the United States. See Utah Code 31A-1-301 - Dual broker: means a principal broker of a real estate sales brokerage who obtains from the division a dual broker license in order to function as the principal broker of a property management company that is a separate entity from the real estate sales brokerage. See Utah Code 61-2f-102
- Dwelling: means a residential structure attached to real property that contains one to four family units including any of the following if used as a residence:
(i) a condominium unit; (ii) a cooperative unit; (iii) a manufactured home; or (iv) a house. See Utah Code 61-2c-102 - Dwelling: means a residential structure that contains up to four units, regardless of whether the structure is attached to real property, including:
(a) an individual condominium unit; (b) a cooperative unit; (c) a mobile home; or (d) a trailer, if the trailer is used as a residence. See Utah Code 61-2e-102 - Eligible adult: means :
(a) an individual who is 65 years old or older; or (b) a vulnerable adult as defined in Section 26B-6-201. See Utah Code 61-1-201 - Employee: means an individual who performs a service for wages or other remuneration under a contract of hire, written or oral, express or implied. See Utah Code 61-1-102
- Employee: means :
(a) an individual employed by an employer; or (b) an individual who meets the requirements of Subsection (53)(b). See Utah Code 31A-1-301 - Entity: means :
(i) a corporation; (ii) a limited liability company; (iii) a partnership; (iv) a company; (v) an association; (vi) a joint venture; (vii) a business trust; (viii) a trust; or (ix) another organization. See Utah Code 61-2c-102 - Entity: means :
(a) a corporation; (b) a partnership; (c) a sole proprietorship; (d) a limited liability company; (e) another business entity; or (f) a subsidiary or unit of an entity described in Subsections (18)(a) through (e). See Utah Code 61-2e-102 - Entity: means :
(a) a corporation; (b) a partnership; (c) a limited liability company; (d) a company; (e) an association; (f) a joint venture; (g) a business trust; (h) a trust; or (i) any organization similar to an entity described in Subsections (14)(a) through (h). See Utah Code 61-2f-102 - Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evaluation: means an opinion on the market value of real property or real estate that:
(i) is made in accordance with the Interagency Appraisal and Evaluation Guidelines; and (ii) is provided to a financial institution for use in a real estate related transaction for which the regulations of the federal financial institutions regulatory agencies do not require an appraisal. See Utah Code 61-2g-102 - Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Excess surplus: means :
(i) for a life insurer, accident and health insurer, health organization, or property and casualty insurer as defined in Section 31A-17-601, the lesser of: (A) that amount of an insurer's or health organization's total adjusted capital that exceeds the product of: (I) 2. See Utah Code 31A-1-301 - Executive director: means the executive director of the Department of Commerce. See Utah Code 61-2g-102
- Executive director: means the executive director of the department appointed under Section 13-1-3. See Utah Code 61-2-102
- Executive director: means the executive director of the Department of Commerce. See Utah Code 61-2c-102
- Executive director: means the director of the Department of Commerce. See Utah Code 61-2f-102
- Executor: A male person named in a will to carry out the decedent
- Executor: includes "administrator" when the subject matter justifies the use. See Utah Code 68-3-12.5
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Federal financial institutions regulatory agencies: means :
(i) the Board of Governors of the Federal Reserve System; (ii) the Federal Deposit Insurance Corporation; (iii) the Office of the Comptroller of the Currency; and (iv) the National Credit Union Administration. See Utah Code 61-2g-102 - Federal licensing requirements: means Secure and Fair Enforcement for Mortgage Licensing, 12 U. See Utah Code 61-2c-102
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Federally regulated appraisal management company: means an appraisal management company that is:
(a) owned and controlled by an insured depository institution, as defined in 12 U. See Utah Code 61-2e-102 - Fiduciary: A trustee, executor, or administrator.
- Filed: means that a filing is:
(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order; (ii) received by the department within the time period provided in applicable statute, rule, or filing order; and (iii) accompanied by the appropriate fee in accordance with: (A) Section 31A-3-103; or (B) rule. See Utah Code 31A-1-301 - Filing: when used as a noun, means an item required to be filed with the department including:
(a) a policy; (b) a rate; (c) a form; (d) a document; (e) a plan; (f) a manual; (g) an application; (h) a report; (i) a certificate; (j) an endorsement; (k) an actuarial certification; (l) a licensee annual statement; (m) a licensee renewal application; (n) an advertisement; (o) a binder; or (p) an outline of coverage. See Utah Code 31A-1-301 - Final judgment: means one of the following judgments upon termination of the proceedings related to the judgment, including appeals:Utah Code 61-2c-501.5
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Financial exploitation of an eligible adult: means :
(a) the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or other property of an eligible adult; or (b) an act or omission, including through a power of attorney, guardianship, or conservatorship of an eligible adult, to: (i) obtain control, through deception, intimidation, or undue influence, over an eligible adult's money, assets, or other property to deprive the eligible adult of the ownership, use, benefit, or possession of the eligible adult's money, assets, or other property; or (ii) convert an eligible adult's money, assets, or other property to deprive the eligible adult of the ownership, use, benefit, or possession of the eligible adult's money, assets, or other property. See Utah Code 61-1-201 - Financial institution: means an insured:
(i) depository as defined in 12 U. See Utah Code 61-2g-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.
- 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).
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Foreclosure rescue: means , for compensation or with the expectation of receiving valuable consideration, to:
(i) engage, or offer to engage, in an act that: (A) the person represents will assist a borrower in preventing a foreclosure; and (B) relates to a transaction involving the transfer of title to residential real property; or (ii) as an employee or agent of another person: (A) solicit, or offer that the other person will engage in an act described in Subsection (1)(aa)(i); or (B) negotiate terms in relationship to an act described in Subsection (1)(aa)(i). See Utah Code 61-2c-102 - Foreclosure rescue: means , for compensation or with the expectation of receiving valuable consideration, to:
(a) engage, or offer to engage, in an act that: (i) the person represents will assist a borrower in preventing a foreclosure; and (ii) relates to a transaction involving the transfer of title to residential real property; or (b) as an employee or agent of another person: (i) solicit, or offer that the other person will engage in an act described in Subsection (16)(a); or (ii) negotiate terms in relationship to an act described in Subsection (16)(a). See Utah Code 61-2f-102 - Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. See Utah Code 31A-1-301
- Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
- Form: means one of the following prepared for general use:
(i) a policy; (ii) a certificate; (iii) an application; (iv) an outline of coverage; or (v) an endorsement. See Utah Code 31A-1-301 - Fraud: Intentional deception resulting in injury to another.
- Fund: means the Securities Investor Education, Training, and Enforcement Fund created in Section 61-1-18. See Utah Code 61-1-102
- Fund: means the Residential Mortgage Loan Education, Research, and Recovery Fund created in Section 61-2c-501. See Utah Code 61-2c-501.5
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
- Grantor: The person who establishes a trust and places property into it.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- health insurance: means insurance providing:
(i) a health care benefit; or (ii) payment of an incurred health care expense. See Utah Code 31A-1-301 - Health organization: means :
(a) an entity that is authorized under Chapter 7, Nonprofit Health Service Insurance Corporations, or Chapter 8, Health Maintenance Organizations and Limited Health Plans; and (b) that is: (i) a health maintenance organization; (ii) a limited health service organization; (iii) a dental or vision plan; (iv) a hospital, medical, and dental indemnity or service corporation; or (v) other managed care organization. See Utah Code 31A-17-601 - Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301
- Independent contractor: means an appraiser whom an appraisal management company treats as an independent contractor for purposes of federal income taxation. See Utah Code 61-2e-102
- Individual: means a natural person. See Utah Code 31A-1-301
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- insolvent: means that:
(a) an insurer is unable to pay the insurer's obligations as the obligations are due; (b) an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or (c) an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301 - Insurance: includes :
(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; (ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and (iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 - insurance company: means a person doing an insurance business as a principal including:
(i) a fraternal benefit society; (ii) an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3); (iii) a motor club; (iv) an employee welfare plan; (v) a person purporting or intending to do an insurance business as a principal on that person's own account; and (vi) a health maintenance organization. See Utah Code 31A-1-301 - Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
(i) a policyholder; (ii) a subscriber; (iii) a member; and (iv) a beneficiary. See Utah Code 31A-1-301 - Interagency Appraisal and Evaluation Guidelines: means the guidelines published as Interagency Appraisal and Evaluation Guidelines, 75 Fed. See Utah Code 61-2g-102
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Investment adviser: includes a financial planner or other person who:
(A) as an integral component of other financially related services, provides the investment advisory services described in Subsection (1)(q)(i) to others as part of a business; (B) holds the person out as providing the investment advisory services described in Subsection (1)(q)(i) to others; or (C) holds the person out as a financial adviser, financial consultant, or any other similar title as the division may specify in rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, in any way as to imply that the person is generally engaged in an investment advisory business, including a person who does not hold a securities license and uses a title described in this Subsection (1)(q)(ii)(C) in any advertising or marketing material. See Utah Code 61-1-13 - Issuer: means a person who issues or proposes to issue a security or has outstanding a security that it has issued. See Utah Code 61-1-13
- issuing public corporation: means a corporation, other than a depository institution, that is organized under the laws of this state and that has:
(a) 100 or more shareholders; (b) its principal place of business, its principal office, or substantial assets within the state; and (c) (i) more than 10% of its shareholders resident in the state; (ii) more than 10% of its shares owned by Utah residents; or (iii) 10,000 shareholders resident in the state. See Utah Code 61-6-5 - Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
- Land: includes :Utah Code 68-3-12.5
- Law enforcement agency: means the same as that term is defined in Section 53-1-102. See Utah Code 61-1-201
- Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lending manager: means an individual licensed as a lending manager under Section 61-2c-206 to transact the business of residential mortgage loans. See Utah Code 61-2c-102
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Licensee: means a person licensed with the division under this chapter. See Utah Code 61-2c-102
- Licensing examination: means the examination required by Section 61-2c-204. See Utah Code 61-2c-102
- Lien: A claim against real or personal property in satisfaction of a debt.
- Life insurance: means :
(i) insurance on a human life; and (ii) insurance pertaining to or connected with human life. See Utah Code 31A-1-301 - life insurance: means a contract that incorporates mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual. See Utah Code 31A-17-501
- Life or accident and health insurer: means :
(a) an insurance company licensed to write life insurance, accident and health insurance, or both; or (b) a licensed property casualty insurer writing only disability insurance. See Utah Code 31A-17-601 - Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Loan modification assistance: means , for compensation or with the expectation of receiving valuable consideration, to: