§ 7-18a-101 Title
§ 7-18a-102 Definitions
§ 7-18a-103 Application of Utah Revised Business Corporation Act
§ 7-18a-104 Application of Utah Financial Institutions Act

Terms Used In Utah Code > Title 7 > Chapter 18a > Part 1 - Title, Definitions, and Application of Law

  • Account holder: means a person for whom an account is held by a financial institution. See Utah Code 7-1-1001
  • 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
  • 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.
  • Agency: means a place of business of a foreign depository institution located in this state that is authorized to exercise the powers permitted in Section 7-18a-301. See Utah Code 7-18a-102
  • Agriculture: means the science and art of the production of plants and animals useful to man, including the preparation of plants and animals for human use and disposal by marketing or otherwise. See Utah Code 4-1-109
  • 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.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • 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
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
  • Branch: when used in reference to a foreign depository institution, means a place of business of a foreign depository institution located in this state that is authorized to exercise the powers permitted in Section 7-18a-301. See Utah Code 7-18a-102
  • City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
  • Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
  • Commissioner: means the commissioner of the department. See Utah Code 4-45-102
  • Contract: A legal written agreement that becomes binding when signed.
  • control: means the power, directly or indirectly, or through or in concert with one or more persons, to:
    (a) direct or exercise a controlling influence over:
    (i) the management or policies of a financial institution; or
    (ii) the election of a majority of the directors or trustees of an institution; or
    (b) vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103
  • 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.
  • 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.
  • Department: means the Department of Financial Institutions. See Utah Code 7-1-103
  • Department: means the Department of Agriculture and Food created in Chapter 2, Administration. See Utah Code 4-1-109
  • Department: means the Department of Agriculture and Food created in Section 4-2-102. See Utah Code 4-45-102
  • 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
  • Depository institution holding company: means :
    (i) a person other than an individual that:
    (A) has control over a depository institution; or
    (B) becomes a holding company of a depository institution under Section 7-1-703; or
    (ii) a person other than an individual that the commissioner finds, after considering the specific circumstances, is exercising or is capable of exercising a controlling influence over a depository institution by means other than those specifically described in this section. See Utah Code 7-1-103
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • 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.
  • Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103
  • Food: means :
    (a) an article used for food or drink for human or animal consumption or the components of the article;
    (b) chewing gum or chewing gum components; or
    (c) a food supplement for special dietary use that is necessitated because of a physical, physiological, pathological, or other condition. See Utah Code 4-45-102
  • 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
  • Foreign depository institution: means a depository institution chartered or authorized to transact business by a foreign government. See Utah Code 7-1-103
  • Fraud: Intentional deception resulting in injury to another.
  • Governmental entity: means :
    (i) the state, including:
    (A) a department;
    (B) an institution;
    (C) a board;
    (D) a division;
    (E) a bureau;
    (F) an office;
    (G) a commission;
    (H) a committee; or
    (I) an elected official; and
    (ii) a political subdivision of the state, including:
    (A) a county;
    (B) a city;
    (C) a town;
    (D) a school district;
    (E) a public transit district;
    (F) a redevelopment agency;
    (G) a special improvement district; or
    (H) a taxing district. See Utah Code 7-1-1001
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Home state: means :
    (a) for a state chartered depository institution, the state that charters the institution;
    (b) for a federally chartered depository institution, the state where the institution's main office is located; and
    (c) for a depository institution holding company, the state in which the total deposits of all depository institution subsidiaries are the largest. See Utah Code 7-1-103
  • Host state: means :
    (a) for a depository institution, a state, other than the institution's home state, where the institution maintains or seeks to establish a branch; and
    (b) for a depository institution holding company, a state, other than the depository institution holding company's home state, where the depository institution holding company controls or seeks to control a depository institution subsidiary. See Utah Code 7-1-103
  • Industrial bank: means a corporation or limited liability company conducting the business of an industrial bank under Chapter 8, Industrial Banks. See Utah Code 7-1-103
  • Industrial loan company: means the same as that term is defined in Section 7-8-21. See Utah Code 7-1-103
  • Institution: means :
    (a) a corporation;
    (b) a limited liability company;
    (c) a partnership;
    (d) a trust;
    (e) an association;
    (f) a joint venture;
    (g) a pool;
    (h) a syndicate;
    (i) an unincorporated organization; or
    (j) any form of business entity. See Utah Code 7-1-103
  • Institution subject to the jurisdiction of the department: means an institution or other person described in Section 7-1-501. See Utah Code 7-1-103
  • 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.
  • Kratom processor: means a person who:
    (a) sells, prepares, or maintains a kratom product; or
    (b) advertises, represents, or holds oneself out as selling, preparing, or maintaining a kratom product. See Utah Code 4-45-102
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • 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.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Nonprotected record: means a record maintained by a financial institution to facilitate the conduct of the financial institution's business regarding a person or account, including:
    (i) the existence of an account;
    (ii) the opening and closing dates of an account;
    (iii) the name under which an account is held; and
    (iv) the name, address, and telephone number of an account holder. See Utah Code 7-1-1001
  • Oath: A promise to tell the truth.
  • Oath: includes "affirmation. See Utah Code 68-3-12.5
  • 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.
  • Organization: means a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal entity. See Utah Code 4-1-109
  • Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. See Utah Code 7-1-103
  • Person: means a natural person or individual, corporation, organization, or other legal entity. See Utah Code 4-1-109
  • Person: means :
    (a) an individual;
    (b) a corporation;
    (c) a limited liability company;
    (d) a partnership;
    (e) a trust;
    (f) an association;
    (g) a joint venture;
    (h) a pool;
    (i) a syndicate;
    (j) a sole proprietorship;
    (k) an unincorporated organization; or
    (l) any form of business entity. See Utah Code 7-1-103
  • Person: means :Utah Code 68-3-12.5
  • 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
  • Protected record: means a record that is not defined as a nonprotected record. See Utah Code 7-1-1001
  • Record: means information that is:
    (i) prepared, owned, received, or retained by a financial institution;
    (ii) 
    (A) inscribed on a tangible medium; or
    (B) stored in an electronic or other medium; and
    (iii) retrievable in perceivable form. See Utah Code 7-1-1001
  • Representative office: means a place of business of a foreign depository institution located in this state that is authorized to exercise powers permitted in Section 7-18a-301. See Utah Code 7-18a-102
  • 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 of process: The service of writs or summonses to the appropriate party.
  • service organization: means a corporation or other business entity owned or controlled by one or more financial institutions that is engaged or proposes to engage in business activities related to the business of financial institutions. See Utah Code 7-1-103
  • 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: 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
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
  • Summons: Another word for subpoena used by the criminal justice system.
  • Technology service provider: means a person that provides a data processing service or activity that supports the financial services or Internet related services of a depository institution subject to the jurisdiction of the department, including supporting:
    (a) lending;
    (b) money transfers;
    (c) fiduciary activities;
    (d) trading activities;
    (e) deposit taking;
    (f) web services and electronic bill payments;
    (g) mobile applications;
    (h) system and software development and maintenance; and
    (i) security monitoring. See Utah Code 7-1-103
  • 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.
  • Trust company: means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. See Utah Code 7-1-103
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
  • Utah depository institution: means a depository institution whose home state is Utah. See Utah Code 7-1-103
  • Venue: The geographical location in which a case is tried.
  • Writing: includes :Utah Code 68-3-12.5
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