Terms Used In Utah Code > Title 31A > Chapter 23a > Part 10 - Affiliated Business in Title Insurance

• 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
• Affiliated business: means the gross transaction revenue of a title entity's title insurance business in the state that is the result of an affiliated business arrangement. See Utah Code 31A-23a-1001
• Affiliated business arrangement: means the same as that term is defined in 12 U. See Utah Code 31A-23a-1001
• agency: means any state authority, board, commission, department, division, office, or other agency, and the statute that established it. See Utah Code 63I-1-102
• Agency head: means a cabinet officer, an elected official, an executive director, or a board or commission vested with responsibility to administer or make policy for a state agency. See Utah Code 63I-5-102
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicable percentage: means :

  (a)

  on February 1, 2020, through January 31, 2021, 0. See Utah Code 31A-23a-1001 Appointing authority: means : (a)  the governor, for state agencies other than the State Tax Commission; (b)  the Judicial Council, for judicial branch agencies; (c)  the Utah Board of Higher Education, for higher education entities; (d)  the State Board of Education, for entities administered by the State Board of Education; or (e)  the four tax commissioners, for the State Tax Commission. See Utah Code 63I-5-102 Appraisal: A determination of property value. Associate: means the same as that term is defined in 12 U. See Utah Code 31A-23a-1001 Audit committee: means a standing committee composed of members who: (a)  are appointed by an appointing authority; (b)  (i)  do not have administrative responsibilities within the agency; and (ii)  are not an agency contractor or other service provider; and (c)  have the expertise to provide effective oversight of and advice about internal audit activities and services. See Utah Code 63I-5-102 City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Contract: A legal written agreement that becomes binding when signed. 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. Corporation: means the Utah Housing Corporation created by Section 63H-8-201, which, prior to July 1, 2001, was named the Utah Housing Finance Agency. See Utah Code 63H-8-103 Deadline: means a final date or time: (a)  imposed by: (i)  statute; (ii)  rule; or (iii)  order; and (b)  by which a required filing or payment must be received by the department. See Utah Code 31A-1-301 Department: means the Insurance Department. See Utah Code 31A-1-301 Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301 Division: means the Division of Real Estate created in Section 61-2-201. See Utah Code 31A-23a-1001 Employee of the corporation: means an individual who is employed by the corporation but who is not a trustee of the corporation. See Utah Code 63H-8-103 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. First-time homebuyer: means an individual who qualifies for assistance under 42 U. See Utah Code 63H-8-501 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. Home equity amount: means the difference between: (a)  (i)  in the case of a sale, the sales price for which the qualifying residential unit is sold by the recipient in a bona fide sale to a third party with no right to repurchase; or (ii)  in the case of a refinance, the current appraised value of the qualifying residential unit; and (b)  the total payoff amount of any qualifying mortgage loan that was used to finance the purchase of the qualifying residential unit. See Utah Code 63H-8-501 Housing development: means a residential housing project, which includes residential housing for low and moderate income persons. See Utah Code 63H-8-103 Individual: means a natural person. 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 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 Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of 7: (a)  a risk retention group as defined in: (i)  the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-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 Internal audit: means an independent appraisal activity established within a state agency as a control system to examine and evaluate the adequacy and effectiveness of other internal control systems within the agency. See Utah Code 63I-5-102 Internal audit program: means an audit function that: (a)  is conducted by an agency, division, bureau, or office, independent of the agency, division, bureau, or office operations; (b)  objectively evaluates the effectiveness of agency, division, bureau, or office governance, risk management, internal controls, and the efficiency of operations; and (c)  is conducted in accordance with the current: (i)  International Standards for the Professional Practice of Internal Auditing; or (ii)  The Government Auditing Standards, issued by the Comptroller General of the United States. See Utah Code 63I-5-102 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Land: includes :Utah Code 68-3-12.5 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage: means a mortgage, deed of trust, or other instrument securing a mortgage loan and constituting a lien on real property (the property being held in fee simple or on a leasehold under a lease having a remaining term, at the time the mortgage is acquired, of not less than the term for repayment of the mortgage loan secured by the mortgage) improved or to be improved by residential housing, creating a lien that may be first priority or subordinate. See Utah Code 63H-8-103 Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgage loan: means a loan secured by a mortgage, which loan may bear interest at either a fixed or variable rate or which may be noninterest bearing, the proceeds of which are used for the purpose of financing the construction, development, rehabilitation, purchase, or refinancing of residential housing for low and moderate income persons. See Utah Code 63H-8-103 New or newly affiliated title entity: means a title entity that: (a)  is licensed as a title entity for the first time on or after May 14, 2019; or (b)  (i)  is licensed as a title entity before May 14, 2019; and (ii)  enters into an affiliated business arrangement for the first time on or after May 14, 2019. See Utah Code 31A-23a-1001 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Order: means an order of the commissioner. See Utah Code 31A-1-301 Oversight: Committee review of the activities of a Federal agency or program. Person: means :Utah Code 68-3-12.5 Person: includes : (a)  an individual; (b)  a partnership; (c)  a corporation; (d)  an incorporated or unincorporated association; (e)  a joint stock company; (f)  a trust; (g)  a limited liability company; (h)  a reciprocal; (i)  a syndicate; or (j)  another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301 Policy: includes a service contract issued by: (i)  a motor club under Chapter 11, Motor Clubs; (ii)  a service contract provided under Chapter 6a, Service Contracts; and (iii)  a corporation licensed under: (A)  Chapter 7, Nonprofit Health Service Insurance Corporations; or (B)  Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301 Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents. Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Producer: means the same as the term "person who is in a position to refer settlement service business" is defined in 12 C. See Utah Code 31A-23a-1001 Program: means the First-Time Homebuyer Assistance Program created in Section 63H-8-502. See Utah Code 63H-8-501 Program funds: means money appropriated for the program. See Utah Code 63H-8-501 Property: includes both real and personal property. See Utah Code 68-3-12.5 Qualifying residential unit: means a residential unit that: (a)  is located in the state; (b)  is new construction or newly constructed but not yet inhabited; (c)  is financed by a qualifying mortgage loan; (d)  is owner-occupied upon purchase; and (e)  is purchased for an amount that does not exceed: (i)  $450,000; or (ii)  if applicable, the maximum purchase price established by the corporation under Subsection 63H-8-502(6). See Utah Code 63H-8-501 Recipient: means a first-time homebuyer who receives program funds. See Utah Code 63H-8-501 Residential unit: includes a manufactured home or modular home that is attached to a permanent foundation. See Utah Code 63H-8-501 RESPA: means the federal Real Estate Settlement Procedures Act, 12 U. See Utah Code 31A-23a-1001 Road: includes :Utah Code 68-3-12.5 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. 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 State: means the state of Utah. See Utah Code 63H-8-103 State agency: means : (i)  each department, commission, board, council, agency, institution, officer, corporation, fund, division, office, committee, authority, laboratory, library, unit, bureau, panel, or other administrative unit of the state; or (ii)  each state public education entity. See Utah Code 63I-5-102 State housing credit ceiling: means the amount specified in Subsection 42(h)(3)(C) of the Internal Revenue Code for each calendar year. See Utah Code 63H-8-103 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Sufficient capital and net worth: means : (a)  for a new or newly affiliated title entity: (i)  $100,000 for the first five years after becoming a new or newly affiliated title entity; or (ii)  after the first five years after becoming a new or newly affiliated title entity, the greater of: (A)  $50,000; or (B)  on February 1 of each year, an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000; or (b)  for a title entity licensed before May 14, 2019, who is not a new or newly affiliated title entity: (i)  for the time period beginning on February 1, 2020, and ending on January 31, 2029, the lesser of: (A)  an amount equal to the applicable percentage of the title entity's average annual gross revenue over the two calendar years immediately preceding the February 1 on which the applicable percentage first applies; or (B)  $150,000; and (ii)  beginning on February 1, 2029, the greater of: (A)  $50,000; or (B)  an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000. See Utah Code 31A-23a-1001 Testimony: Evidence presented orally by witnesses during trials or before grand juries. Title entity: means : (a)  a title licensee as defined in Section 31A-2-402; or (b)  a title insurer as defined in Section 31A-23a-415. See Utah Code 31A-23a-1001 Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301 Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5