§ 7-17-1 Legislative intent
§ 7-17-2 Definitions
§ 7-17-3 Lender to pay interest — Exceptions — Service charges prohibited
§ 7-17-4 Options in lieu of reserve account — Notice by lender — Selection by borrower — Noninterest-bearing reserve account — Exemption
§ 7-17-5 Statements
§ 7-17-6 Liability of lender for failure to pay taxes, insurance premiums, or other charges
§ 7-17-7 Limit on amount borrower required to pay into account — Deficiency — Method of recouping and remedies for default
§ 7-17-8 Damages for lender’s violation of act — Limitations on recovery
§ 7-17-9 Actions on accounts established prior to 1979 — Limitations on recovery
§ 7-17-10 Applicability of act to accounts and actions thereon

Terms Used In Utah Code > Title 7 > Chapter 17 - Interest on Mortgage Loan Reserve Accounts

  • 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.
  • 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.
  • 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.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Applicable office: means the office held by the subject officer. See Utah Code 20A-1-901
  • Appointee: means an employee whose salary, wages, pay, or compensation is paid from public funds. See Utah Code 52-3-1
  • Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
  • Arts: means the various branches of creative human activity, including visual arts, film, performing arts, sculpture, literature, music, theater, dance, digital arts, video-game arts, and cultural vitality. See Utah Code 9-6-102
  • Arts board: means the Utah Arts Advisory Board created in Section 9-6-301. See Utah Code 9-6-102
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bad faith: means that a person files a petition described in Subsection 20A-1-803(1):
    (a) under circumstances where a reasonable person would not believe that the allegations are true; or
    (b) 
    (i) within 60 days before an election that the candidate to which the petition relates will appear on the ballot; and
    (ii) under circumstances where a reasonable person would not believe that the allegations constitute a significant violation of a provision of this title. See Utah Code 20A-1-802
  • Ballot: means the storage medium, including a paper, mechanical, or electronic storage medium, that records an individual voter's vote. See Utah Code 20A-1-102
  • Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
  • Board: means the State Library Board created in Section 9-7-204. See Utah Code 9-7-101
  • Borrower: means any person who becomes obligated on a real estate loan at the time of origination of such loan and includes mortgagors, trustors under trust deeds and vendees under conditional land sales contracts. See Utah Code 7-17-2
  • Canvass: means the review of election returns and the official declaration of election results by the board of canvassers. See Utah Code 20A-1-102
  • Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
  • Chief administrative officer: means the person who has ultimate responsibility for the operation of the department or agency of the state or a political subdivision. See Utah Code 52-3-1
  • City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
  • Clerk: includes a board of trustees under Title 17B, Chapter 1, Provisions Applicable to All Special Districts. See Utah Code 20A-1-1001
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Convention: means the political party convention at which party officers and delegates are selected. See Utah Code 20A-1-102
  • 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.
  • County executive: means :Utah Code 68-3-12.5
  • County legislative body: means :Utah Code 68-3-12.5
  • Credit union: means a cooperative, nonprofit association incorporated under:
    (a) Chapter 9, Utah Credit Union Act; or
    (b) 12 U. See Utah Code 7-1-103
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Defendant: means each person against whom an allegation is made in the verified petition described in Subsection 20A-1-803(1). See Utah Code 20A-1-802
  • Department: means the Department of Cultural and Community Engagement. See Utah Code 9-1-102
  • Dependent: A person dependent for support upon another.
  • Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
    (a) holds or receives deposits, savings, or share accounts;
    (b) issues certificates of deposit; or
    (c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
  • Digital library: means the web-accessible digital library of state publications created under Section 9-7-208. See Utah Code 9-7-101 v2
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Division: means the Division of Arts and Museums. See Utah Code 9-6-102
  • Division: means the State Library Division. See Utah Code 9-7-101
  • Elected official: means :
    (a) a person elected to an office under Section 20A-1-303 or 6;
    (b) a person who is considered to be elected to a municipal office in accordance with Subsection 20A-1-206(1)(c)(ii); or
    (c) a person who is considered to be elected to a special district office in accordance with Subsection 20A-1-206(3)(b)(ii). See Utah Code 20A-1-102
  • Election: means a regular general election, a municipal general election, a statewide special election, a local special election, a regular primary election, a municipal primary election, and a special district election. See Utah Code 20A-1-102
  • Election judge: means a poll worker that is assigned to:
    (a) preside over other poll workers at a polling place;
    (b) act as the presiding election judge; or
    (c) serve as a canvassing judge, counting judge, or receiving judge. See Utah Code 20A-1-102
  • Election officer: means :
    (a) the lieutenant governor, for all statewide ballots and elections;
    (b) the county clerk for:
    (i) a county ballot and election; and
    (ii) a ballot and election as a provider election officer as provided in Section 20A-5-400. See Utah Code 20A-1-102
  • Election official: means any election officer, election judge, or poll worker. See Utah Code 20A-1-102
  • Endowment fund: means any endowment fund created under this chapter by a qualifying organization. See Utah Code 9-6-501
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Household member: means a person who resides in the same residence as the public officer. See Utah Code 52-3-1
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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
  • Legislative staff office: means the Office of Legislative Research and General Counsel. See Utah Code 9-7-101
  • Lender: means any person who regularly makes, extends or holds real estate loans and includes, but is not limited to, mortgagees, beneficiaries under trust deeds and vendors under conditional land sales contracts and who regularly require or maintain reserve accounts. See Utah Code 7-17-2
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Library board: means the library board of directors appointed locally as authorized by Section 9-7-402 or 9-7-502 and which exercises general policy authority for library services within a city or county of the state, regardless of the title by which the board is known locally. See Utah Code 9-7-101
  • Local petition: means :
    (a) a manual or electronic local initiative petition described in 5; or
    (b) a manual or electronic local referendum petition described in 6. See Utah Code 20A-1-1001
  • Local political subdivision: means a county, a municipality, a local district, or a special school district. See Utah Code 20A-1-102
  • Local special election: means a special election called by the governing body of a local political subdivision in which all registered voters of the local political subdivision may vote. See Utah Code 20A-1-102
  • Mental capacity evaluation: means an evaluation by a qualified medical professional to determine whether the subject officer has the mental capacity to fulfill the essential functions of the applicable office, with or without reasonable accommodations. See Utah Code 20A-1-901
  • Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Municipal executive: means :
    (a) the mayor in the council-mayor form of government defined in Section 10-3b-102;
    (b) the mayor in the council-manager form of government defined in Subsection 10-3b-103(7); or
    (c) the mayor of a metro township form of government defined in Section 10-3b-102. See Utah Code 20A-1-102
  • Municipal general election: means the election held in municipalities and, as applicable, special districts on the first Tuesday after the first Monday in November of each odd-numbered year for the purposes established in Section 20A-1-202. See Utah Code 20A-1-102
  • Municipal legislative body: means :
    (a) the council of the city or town in any form of municipal government; or
    (b) the council of a metro township. See Utah Code 20A-1-102
  • Municipal office: means an elective office in a municipality. See Utah Code 20A-1-102
  • Municipal primary election: means an election held to nominate candidates for municipal office. See Utah Code 20A-1-102
  • Municipality: means a city, town, or metro township. See Utah Code 20A-1-102
  • Museum: means an organized and permanent institution that:
    (a) is owned or controlled by the state, a county, or a municipality, or is a nonprofit organization;
    (b) has an educational or aesthetic purpose;
    (c) owns or curates a tangible collection; and
    (d) exhibits the collection to the public on a regular schedule. See Utah Code 9-6-102
  • Museums board: means the Utah Museums Advisory Board created in Section 9-6-305. See Utah Code 9-6-102
  • 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.
  • Officer: means a county officer. See Utah Code 20A-1-901
  • Official endorsement: means the information on the ballot that identifies:
    (a) the ballot as an official ballot;
    (b) the date of the election; and
    (c) 
    (i) for a ballot prepared by an election officer other than a county clerk, the facsimile signature required by Subsection 20A-6-401(1)(a)(iii); or
    (ii) for a ballot prepared by a county clerk, the words required by Subsection 20A-6-301(1)(b)(iii). See Utah Code 20A-1-102
  • Official register: means the official record furnished to election officials by the election officer that contains the information required by Section 20A-5-401. See Utah Code 20A-1-102
  • Person: means :Utah Code 68-3-12.5
  • Person: includes an individual, a commercial bank, savings bank, building and loan corporation, savings and loan association, credit union, investment company, insurance company, pension fund, mortgage company, trust company, or any other organization making real estate loans. See Utah Code 7-17-2
  • Petition: means one of the following written requests, signed by registered voters, appealing to an authority with respect to a particular cause:
    (a) a local petition;
    (b) a petition to consolidate two or more municipalities under Section 10-2-601;
    (c) a petition for disincorporation of a municipality under Section 10-2-701;
    (d) a petition to incorporate a proposed municipality under Section 10-2a-208;
    (e) a petition to consolidate adjoining counties under Section 17-2-103;
    (f) a petition to annex a portion of a county to an adjoining county under Section 17-2-203;
    (g) a petition for the creation of a new county under Section 17-3-1;
    (h) a petition for the removal of a county seat under Section 17-11-2;
    (i) a petition for the adoption of an optional plan under Section 17-52a-303;
    (j) a petition for the repeal of an optional plan under Section 17-52a-505;
    (k) a petition to create a special district under Section 17B-1-203;
    (l) a petition to withdraw an area from a special district under Section 17B-1-504;
    (m) a petition to dissolve a special district under Section 17B-1-1303;
    (n) a petition for issuance of local building authority bonds under Section 17D-2-502;
    (o) a petition to become a registered political party under Section 20A-8-103;
    (p) a nomination petition for municipal office under Section 20A-9-203;
    (q) a nomination petition for a regular primary election under Subsection 20A-9-403(3)(a) and Section 20A-9-405;
    (r) a petition for a political party to qualify as a municipal political party under Section 20A-9-404;
    (s) a petition for the nomination of a qualified political party under Section 20A-9-408;
    (t) a nomination petition for a candidate not affiliated with a political party under Section 20A-9-502;
    (u) a nomination petition to become a delegate to a ratification convention under Section 20A-15-103;
    (v) a petition to create a new school district under Section 53G-3-301;
    (w) a petition to consolidate school districts under Section 53G-3-401;
    (x) a petition to transfer a portion of a school district to another district under Section 53G-3-501;
    (y) a petition to determine whether a privatization project agreement should be approved under Section 73-10d-4; or
    (z) a statewide petition. See Utah Code 20A-1-1001
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Policy: means the public library online access policy adopted by a library board to meet the requirements of Section 9-7-215. See Utah Code 9-7-101
  • Political party: means an organization of registered voters that has qualified to participate in an election by meeting the requirements of Chapter 8, Political Party Formation and Procedures. See Utah Code 20A-1-102
  • Political subdivision: means a county, city, town, school district, public transit district, redevelopment agency, or special improvement or taxing district. See Utah Code 9-7-101
  • Pollbook: means a record of the names of voters in the order that they appear to cast votes. See Utah Code 20A-1-102
  • Polling place: means a building where voting is conducted. See Utah Code 20A-1-102
  • Position: means a square, circle, rectangle, or other geometric shape on a ballot in which the voter marks the voter's choice. See Utah Code 20A-1-102
  • Presidential Primary Election: means the election established in 8. See Utah Code 20A-1-102
  • 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.
  • 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
  • Provisional ballot: means a ballot voted provisionally by a person:
    (a) whose name is not listed on the official register at the polling place;
    (b) whose legal right to vote is challenged as provided in this title; or
    (c) whose identity was not sufficiently established by a poll worker. See Utah Code 20A-1-102
  • Public figure: means an individual who, due to the individual being considered for, holding, or having held a position of prominence in a public or private capacity, or due to the individual's celebrity status, has an increased risk to the individual's safety. See Utah Code 20A-1-102
  • Public officer: means a person who holds a position that is compensated by public funds. See Utah Code 52-3-1
  • qualified: means to take the oath of office and begin performing the duties of the position for which the individual was elected. See Utah Code 20A-1-102
  • Qualifying organization: means any Utah nonprofit arts or museum organization that qualifies under this chapter to create an endowment fund, receive state money into the endowment fund, match state money deposited into the endowment fund, and expend interest earned on the endowment fund. See Utah Code 9-6-501
  • Real estate loan: means any agreement providing for a loan secured by an interest in real estate in this state containing a residential structure of not more than four housing units, at least one of which is the primary residence of the borrower and includes, but is not limited to, agreements secured by mortgages, trust deeds, and conditional land sales contracts. See Utah Code 7-17-2
  • Receiving official: means :
    (a) the lieutenant governor, unless the verified petition described in Section 20A-1-803 alleges a violation by the governor, the lieutenant governor, or an employee of the lieutenant governor's office; or
    (b) the attorney general, if the verified petition described in Section 20A-1-803 alleges a violation by the governor, the lieutenant governor, or an employee of the lieutenant governor's office. See Utah Code 20A-1-802
  • Registration form: means a form by which an individual may register to vote under this title. See Utah Code 20A-1-102
  • Regular general election: means the election held throughout the state on the first Tuesday after the first Monday in November of each even-numbered year for the purposes established in Section 20A-1-201. See Utah Code 20A-1-102
  • Regular primary election: means the election, held on the date specified in Section 20A-1-201. See Utah Code 20A-1-102
  • Relative: means a father, mother, husband, wife, son, daughter, sister, brother, grandfather, grandmother, uncle, aunt, nephew, niece, grandson, granddaughter, first cousin, mother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, or daughter-in-law. See Utah Code 52-3-1
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Reserve account: means any account, whether denominated escrow, impound, trust, pledge, reserve or otherwise, which is established in connection with a loan secured by an interest in real estate located in this state, whether or not a real estate loan as defined in this chapter, and whether incorporated into the loan agreement or a separate document, whereby the borrower agrees to make periodic prepayment to the lender or its designee of taxes, insurance premiums or other charges pertaining to the property securing the loan and the lender or its designee agrees to pay the taxes, insurance premiums or other charges out of the account on or before their due date. See Utah Code 7-17-2
  • Resident: means a person who resides within a specific voting precinct in Utah. See Utah Code 20A-1-102
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Results of the mental capacity evaluation: means a statement by the qualified medical professional who conducts the mental capacity evaluation that the subject officer:
    (a) has the mental capacity to fulfill the essential functions of the applicable office, without reasonable accommodations;
    (b) has the mental capacity to fulfill the essential functions of the applicable office, with specified reasonable accommodations; or
    (c) lacks the mental capacity to fulfill the essential functions of the applicable office, with or without reasonable accommodations. See Utah Code 20A-1-901
  • Reviewing official: means :
    (a) except as provided in Subsection (4)(b), the receiving official; or
    (b) the reviewing official appointed under Subsection 20A-1-803(3)(a), if the receiving official appoints another individual as the reviewing official under Subsection 20A-1-803(3)(a). See Utah Code 20A-1-802
  • Savings and loan association: means :
    (a) a federal savings and loan association; and
    (b) an out-of-state savings and loan association. See Utah Code 7-1-103
  • Service charge: means any direct fee imposed in connection with the administration of a reserve account. See Utah Code 7-17-2
  • Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
  • Significant violation: means :
    (a) a violation that, if known by voters before the election, may have resulted in a candidate, other than the candidate certified as having won the election, winning the election; or
    (b) a violation that, had the violation not occurred, may have resulted in a candidate, other than the candidate certified as having won the election, winning the election. See Utah Code 20A-1-802
  • Special district: means a local government entity under Title 17B, Limited Purpose Local Government Entities - Special Districts, and includes a special service district under Title 17D, Chapter 1, Special Service District Act. See Utah Code 20A-1-102
  • Special election: means an election held as authorized by Section 20A-1-203. See Utah Code 20A-1-102
  • 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
  • State: means , unless the context demands otherwise:
    (a) a state;
    (b) the District of Columbia; or
    (c) the territories of the United States. See Utah Code 7-1-103
  • State agency: means :
    (a) the state; or
    (b) an office, department, agency, authority, commission, board, institution, hospital, college, university, or other instrumentality of the state. See Utah Code 9-7-101
  • State fund: means the Utah Arts and Museums Endowment Fund created in Section 9-6-502. See Utah Code 9-6-501
  • State institution of higher education: means an institution described in Section 53B-2-101 or any other university or college that is established and maintained by the state. See Utah Code 9-7-101 v2
  • Statewide petition: means :
    (a) a manual or electronic statewide initiative petition described in 2; or
    (b) a manual or electronic statewide referendum petition described in 3. See Utah Code 20A-1-1001
  • Statute: A law passed by a legislature.
  • Subject officer: means the officer who is subject to proceedings under this part to determine whether the officer has the mental capacity to fulfill the essential functions of the officer's office, with or without reasonable accommodations. See Utah Code 20A-1-901
  • Substantially similar name: means :
    (i) the given name, the surname, or both, provided by the individual with the individual's petition signature, contain only minor spelling differences when compared to the given name and surname shown on the official register;
    (ii) the surname provided by the individual with the individual's petition signature exactly matches the surname shown on the official register, and the given names differ only because one of the given names shown is a commonly used abbreviation or variation of the other;
    (iii) the surname provided by the individual with the individual's petition signature exactly matches the surname shown on the official register, and the given names differ only because one of the given names shown is accompanied by a first or middle initial or a middle name which is not shown on the other record; or
    (iv) the surname provided by the individual with the individual's petition signature exactly matches the surname shown on the official register, and the given names differ only because one of the given names shown is an alphabetically corresponding initial that has been provided in the place of a given name shown on the other record. See Utah Code 20A-1-1001
  • Summons: Another word for subpoena used by the criminal justice system.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust company: means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. See Utah Code 7-1-103
  • Trustee: A person or institution holding and administering property in trust.
  • Unanimous: means a vote of all members of a county legislative body where all members of the county legislative body, not including the subject officer, vote on the same side of the motion. See Utah Code 20A-1-901
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
  • Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:Utah Code 68-3-12.5
  • Vacancy: means :
    (a) except as provided in Subsection (75)(b), the absence of an individual to serve in a position created by state constitution or state statute, whether that absence occurs because of death, disability, disqualification, resignation, or other cause ; or
    (b) in relation to a candidate for a position created by state constitution or state statute, the removal of a candidate due to the candidate's death, resignation, or disqualification. See Utah Code 20A-1-102
  • Voter: means an individual who:
    (a) meets the requirements for voting in an election;
    (b) meets the requirements of election registration;
    (c) is registered to vote; and
    (d) is listed in the official register book. See Utah Code 20A-1-102
  • Voter registration deadline: means the registration deadline provided in Section 20A-2-102. See Utah Code 20A-1-102
  • Voting precinct: means the smallest geographical voting unit, established under 3. See Utah Code 20A-1-102
  • Watcher: means an individual who complies with the requirements described in Section 20A-3a-801 to become a watcher for an election. See Utah Code 20A-1-102
  • Writing: includes :Utah Code 68-3-12.5