Terms Used In Utah Code > Title 7 > Chapter 23 > Part 4 - Deferred Deposit Lending Operations

• Allegation: something that someone says happened.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Check: is a s defined in Section 70A-3-104. See Utah Code 7-23-102
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Deferred deposit lender: means a person that engages in the business of deferred deposit lending. See Utah Code 7-23-102 Deferred deposit loan: means a transaction where: (a)  a person: (i)  presents to a deferred deposit lender a check written on that person's account; or (ii)  provides written or electronic authorization to a deferred deposit lender to effect a debit from that person's account using an electronic payment; and (b)  the deferred deposit lender: (i)  provides the person described in Subsection (7)(a) an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction; and (ii)  agrees not to cash the check or process the debit until a specific date. See Utah Code 7-23-102 Department: means the Department of Financial Institutions. See Utah Code 7-1-103 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 Electronic payment: includes a payment made through: (i)  an automated clearing house transaction; (ii)  an electronic check; (iii)  a stored value card; or (iv)  an Internet transfer. See Utah Code 7-23-102 Fiduciary: A trustee, executor, or administrator. 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 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 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. 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 Probate: Proving a will 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 Refinance: means a new deferred deposit loan transaction whose proceeds are meant to satisfy the term or amount owed on an existing deferred deposit loan. See Utah Code 7-23-102 Rollover: means the extension or renewal of the term of a deferred deposit loan. See Utah Code 7-23-102 Service of process: The service of writs or summonses to the appropriate party. 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 Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trust business: means , except as provided in Subsection (1)(c), a business in which one acts in any agency or fiduciary capacity, including that of personal representative, executor, administrator, conservator, guardian, assignee, receiver, depositary, or trustee under appointment as trustee for any purpose permitted by law, including the definition of "trust" set forth in Subsection 75-1-201(55). See Utah Code 7-5-1 Trust company: means an institution authorized to engage in the trust business under this chapter. See Utah Code 7-5-1 Trustee: A person or institution holding and administering property in trust. Venue: The geographical location in which a case is tried. Writing: includes :Utah Code 68-3-12.5