Terms Used In Utah Code > Title 63I > Chapter 1 - Legislative Oversight and Sunset Act

• 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
• Associate: means the same as that term is defined in 12 U. See Utah Code 31A-23a-1001
• 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.
• Division: means the Division of Real Estate created in Section 61-2-201. See Utah Code 31A-23a-1001
• 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 Land: includes :Utah Code 68-3-12.5 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. 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 Oversight: Committee review of the activities of a Federal agency or program. 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 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 RESPA: means the federal Real Estate Settlement Procedures Act, 12 U. See Utah Code 31A-23a-1001 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. 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 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