Terms Used In Utah Code > Title 7 > Chapter 24 - Title Lending Registration Act

• 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.
• 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.
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• Ballot proposition: means a question, issue, or proposal that is submitted to voters on the ballot for their approval or rejection including:

  (a)	an opinion question specifically authorized by the Legislature;

  (b)	a constitutional amendment;

  (c)	an initiative;

  (d)	a referendum;

  (e)	a bond proposition;

  (f)	a judicial retention question;

  (g)	an incorporation of a city or town; or

  (h)

  any other ballot question specifically authorized by the Legislature. 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 Utah Board of Higher Education described in Section 53B-1-402. See Utah Code 53B-1-101.5 Board: means the State Library Board created in Section 9-7-204. See Utah Code 9-7-101 Board of canvassers: means the entities established by Sections 20A-4-301 and 20A-4-306 to canvass election returns. See Utah Code 20A-1-102 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 Certified: means that the county clerk has acknowledged a signature as being the signature of a registered voter. See Utah Code 20A-7-101 Circulation: means the process of submitting an initiative petition or a referendum petition to legal voters for their signature. See Utah Code 20A-7-101 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 higher education appointed in accordance with Section 53B-1-408. See Utah Code 53B-1-101.5 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 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. degree-granting institution: means an institution of higher education described in Subsection 53B-1-102(1)(a). See Utah Code 53B-1-101.5 Department: means the Department of Financial Institutions. See Utah Code 7-1-103 Department: means the Department of Cultural and Community Engagement. See Utah Code 9-1-102 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 Division: means the State Library Division. See Utah Code 9-7-101 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 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 Electronic initiative process: means : (a)  as it relates to a statewide initiative, the process, described in Sections 20A-7-215 and 20A-21-201, for gathering signatures; or (b)  as it relates to a local initiative, the process, described in Sections 20A-7-514 and 20A-21-201, for gathering signatures. See Utah Code 20A-7-101 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. Ex officio: Literally, by virtue of one's office. Executive session: A portion of the Senate's daily session in which it considers executive business. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC Fiduciary: A trustee, executor, or administrator. 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 Fraud: Intentional deception resulting in injury to another. 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 Initial fiscal impact statement: means      a financial statement prepared under Section 20A-7-202. See Utah Code 20A-7-101 Initiative: means a new law proposed for adoption by the public as provided in this chapter. See Utah Code 20A-7-101 Initiative application: means : (a)  for a statewide initiative, an application described in Subsection 20A-7-202(2) that includes all the information, statements, documents, and notarized signatures required under Subsection 20A-7-202(2); or (b)  for a local initiative, an application described in Subsection 20A-7-502(2) that includes all the information, statements, documents, and notarized signatures required under Subsection 20A-7-502(2). See Utah Code 20A-7-101 Initiative packet: means a copy of the initiative petition, a copy of the proposed law, and the signature sheets, all of which have been bound together as a unit. See Utah Code 20A-7-101 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Legal signatures: means the number of signatures of legal voters that: (a)  meet the numerical requirements of this chapter; and (b)  have been obtained, certified, and verified as provided in this chapter. See Utah Code 20A-7-101 Legal voter: means an individual who is registered to vote in Utah. See Utah Code 20A-7-101 Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto). 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 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Local clerk: means the county clerk, city recorder, or town clerk in whose jurisdiction a local initiative or referendum petition is circulated. See Utah Code 20A-7-101 Manual initiative process: means the process for gathering signatures for an initiative using paper signature packets that a signer physically signs. See Utah Code 20A-7-101 Manual referendum process: means the process for gathering signatures for a referendum using paper signature packets that a signer physically signs. See Utah Code 20A-7-101 Measure: means a proposed constitutional amendment, an initiative, or referendum. See Utah Code 20A-7-101 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 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 Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U. See Utah Code 7-24-102 Oath: includes "affirmation. See Utah Code 68-3-12.5 Oath: A promise to tell the truth. Official ballot: means the ballots distributed by the election officer for voters to record their votes. See Utah Code 20A-1-102 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: means :Utah Code 68-3-12.5 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 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 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 Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit. 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 Quorum: The number of legislators that must be present to do business. Referendum: means a process by which a law passed by the Legislature or by a local legislative body is submitted or referred to the voters for their approval or rejection. See Utah Code 20A-7-101 Referendum packet: means a copy of the referendum petition, a copy of the law being submitted or referred to the voters for their approval or rejection, and the signature sheets, all of which have been bound together as a unit. See Utah Code 20A-7-101 Referendum petition: means : (a)  as it relates to a statewide referendum, using the manual referendum process, the form described in Subsection 20A-7-303(2)(a), petitioning for submission of a law passed by the Legislature to legal voters for their approval or rejection; (b)  as it relates to a statewide referendum, using the electronic referendum process, the form described in Subsection 20A-7-313(2), petitioning for submission of a law passed by the Legislature to legal voters for their approval or rejection; (c)  as it relates to a local referendum, using the manual referendum process, the form described in Subsection 20A-7-603(2)(a), petitioning for submission of a local law to legal voters for their approval or rejection; or (d)  as it relates to a local referendum, using the electronic referendum process, the form described in Subsection 20A-7-614(2), petitioning for submission of a local law to legal voters for their approval or rejection. See Utah Code 20A-7-101 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 Resident: means a person who resides within a specific voting precinct in Utah. See Utah Code 20A-1-102 Rollover: means the extension or renewal of the term of a title loan. See Utah Code 7-24-102 Service of process: The service of writs or summonses to the appropriate party. Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5 Signature sheets: means sheets in the form required by this chapter that are used under the manual initiative process or the manual referendum process to collect signatures in support of an initiative or referendum. See Utah Code 20A-7-101 Sponsors: means the legal voters who support the initiative or referendum and who sign the initiative application or referendum application. See Utah Code 20A-7-101 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 Statute: A law passed by a legislature. Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103 Tax percentage difference: means the difference between the tax rate proposed by an initiative or an initiative petition and the current tax rate. See Utah Code 20A-7-101 Tax percentage increase: means a number calculated by dividing the tax percentage difference by the current tax rate and rounding the result to the nearest thousandth. See Utah Code 20A-7-101 Technical college: means an institution of higher education described in Subsection 53B-1-102(1)(b). See Utah Code 53B-1-101.5 Title lender: includes a person that: (i)  arranges a title loan on behalf of a title lender; (ii)  acts as an agent for a title lender; or (iii)  assists a title lender in the extension of a title loan. See Utah Code 7-24-102 Title loan: includes a title loan extended at the same premise on which any of the following are sold: (i)  a motor vehicle, as defined in Section 41-6a-102; (ii)  a mobile home, as defined in Section 41-6a-102; or (iii)  a motorboat, as defined in Section 73-18-2. See Utah Code 7-24-102 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 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 Verified: means acknowledged by the person circulating the petition as required in Section 20A-7-105. See Utah Code 20A-7-101 Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House. 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 Writing: includes :Utah Code 68-3-12.5