Part 1 General Provisions 61-2e-101 – 61-2e-104
Part 2 Registration 61-2e-201 – 61-2e-205
Part 3 Operational Requirements 61-2e-301 – 61-2e-307
Part 4 Enforcement 61-2e-401 – 61-2e-402

Terms Used In Utah Code > Title 61 > Chapter 2e - Appraisal Management Company Registration and Regulation Act

  • 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
  • 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
  • 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
  • Allegation: something that someone says happened.
  • 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
  • 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 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 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
  • 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.
  • Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102
  • 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
  • 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
  • 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 must jointly agree before an action may be taken. See Utah Code 61-2e-102
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • 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
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Department: means the Insurance Department. See Utah Code 31A-1-301
  • Director: means the director of the division. See Utah Code 61-2e-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, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-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
  • 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
  • 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.
  • 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
  • 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
  • Fraud: Intentional deception resulting in injury to another.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • 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
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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
  • 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.
  • 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
  • Managed care organization: means a person:
    (a) licensed as a health maintenance organization under Chapter 8, Health Maintenance Organizations and Limited Health Plans; or
    (b) 
    (i) licensed under:
    (A) Chapter 5, Domestic Stock and Mutual Insurance Corporations;
    (B) Chapter 7, Nonprofit Health Service Insurance Corporations; or
    (C) Chapter 14, Foreign Insurers; and
    (ii) that requires an enrollee to use, or offers incentives, including financial incentives, for an enrollee to use, network providers. See Utah Code 31A-1-301
  • 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
  • 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
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
  • Person: means an individual or an entity. See Utah Code 61-2e-102
  • Person who regularly extends credit: means a person who:
    (a) extends credit, other than credit subject to the requirements of 12 C. See Utah Code 61-2e-102
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
  • Principle-based valuation: means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with Section 31A-17-515 as specified in the valuation manual. See Utah Code 31A-17-501
  • 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
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • RBC: means risk-based capital. See Utah Code 31A-17-601
  • RBC instructions: means the RBC report including the National Association of Insurance Commissioner's risk-based capital instructions that govern the year for which an RBC report is prepared. See Utah Code 31A-17-601
  • RBC plan: means a comprehensive financial plan containing the elements specified in Subsection 31A-17-603(2). See Utah Code 31A-17-601
  • RBC report: means the report required in Section 31A-17-602. See Utah Code 31A-17-601
  • Real estate appraisal activity: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102
  • Residential mortgage loan: means the same as that term is defined in Section 61-2c-102. See Utah Code 61-2e-102
  • Secondary mortgage market participant: includes an individual investor in a mortgage-backed security, if the investor is also the guarantor, insurer, underwriter, or issuer of the mortgage-backed security. See Utah Code 61-2e-102
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Territory: means any of the following United States territories:
    (a) Guam;
    (b) Northern Mariana Islands;
    (c) Puerto Rico; or
    (d) United States Virgin Islands. See Utah Code 61-2e-102
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
  • Valuation manual: means the manual of valuation instructions adopted in accordance with Section 31A-17-514. See Utah Code 31A-17-501
  • Writing: includes :Utah Code 68-3-12.5