Terms Used In Utah Code > Title 7 > Chapter 25 - Money Transmitter Act

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• 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.
• Applicant: means a person filing an application for a license under this chapter. See Utah Code 7-25-102
• 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
• Approved device: means a device described in Subsection 20A-21-201(4) used to gather signatures for the electronic initiative process, the electronic referendum process, or the electronic candidate qualification process. See Utah Code 20A-7-101
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means a group of persons that:

  (i)	constitute the members of a formal association organized for: (A)  an identifiable interest; (B)  an identifiable purpose; (C)  a specific profession; or (D)  a specific occupation; or

  (ii)

  are employed by a common employer. See Utah Code 7-9-3 Authorized agent: means a person designated by the licensee under this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. See Utah Code 7-25-102 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 Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. Blockchain: means an electronic method of storing data that is: (a)  maintained by consensus of multiple unaffiliated parties; (b)  distributed across multiple locations; and (c)  mathematically verified. See Utah Code 7-25-102 Blockchain token: means an electronic record that is: (a)  recorded on a blockchain; and (b)  capable of being traded between persons without an intermediary. See Utah Code 7-25-102 Board: means the Utah Board of Higher Education described in Section 53B-1-402. See Utah Code 53B-1-101.5 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 Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law. 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. Corporate credit union: means any credit union organized pursuant to any state or federal act for the purpose of serving other credit unions. See Utah Code 7-9-3 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 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 Credit union service organization: means an entity: (a)  that provides any of the services listed in Subsection 7-9-59(2); and (b)  in which a credit union organized under this chapter holds an ownership interest. See Utah Code 7-9-3 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 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 Deposits: means that portion of the capital paid into the credit union by members on which a specified rate of interest will be paid. See Utah Code 7-9-3 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 Electronic referendum process: means : (a)  as it relates to a statewide referendum, the process, described in Sections 20A-7-313 and 20A-21-201, for gathering signatures; or (b)  as it relates to a local referendum, the process, described in Sections 20A-7-614 and 20A-21-201, for gathering signatures. See Utah Code 20A-7-101 Electronic signature: means an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record. See Utah Code 20A-1-102 Eligible voter: means a legal voter who resides in the jurisdiction of the county, city, or town that is holding an election on a ballot proposition. 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. Executive officer: means the licensee's president, chair of the executive committee, executive vice president, treasurer, chief financial officer, or any other person who performs similar functions. See Utah Code 7-25-102 Field of membership: means persons designated as eligible for credit union membership in accordance with: (a)  Section 7-9-51 or 7-9-53; and (b)  the bylaws of the credit union. See Utah Code 7-9-3 Final fiscal impact statement: means a financial statement prepared after voters approve an initiative that contains the information required by Subsection 20A-7-202. See Utah Code 20A-7-101 Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies. 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 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 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 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. Key shareholder: means a person, or group of persons acting in concert, who is the owner of 20% or more of a class of an applicant's stock. See Utah Code 7-25-102 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 Legally referable to voters: means : (a)  for a proposed local initiative, that the proposed local initiative is legally referable to voters under Section 20A-7-502. 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). Licensee: means a person licensed under this chapter. See Utah Code 7-25-102 Lien: A claim against real or personal property in satisfaction of a debt. Liquidation: means the act or process of winding up the affairs of an institution subject to the jurisdiction of the department by realizing upon assets, paying liabilities, and appropriating profit or loss, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103 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 Local law: includes : (i)  an ordinance; (ii)  a resolution; (iii)  a land use law; (iv)  a land use regulation, as defined in Section 10-9a-103; or (v)  other legislative action of a local legislative body. See Utah Code 20A-7-101 Local legislative body: means the legislative body of a county, city, town, or metro township. 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 Member-business loan: means any loan, line of credit, or letter of credit, the proceeds of which will be used for: (i)  a commercial purpose; (ii)  other business investment property or venture purpose; or (iii)  an agricultural purpose. See Utah Code 7-9-3 Minority leader: See Floor Leaders Money transmission: means the sale or issuance of a payment instrument or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including payment instrument, wire, facsimile, or electronic transfer. See Utah Code 7-25-102 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 Municipality: means a city, town, or metro township. See Utah Code 20A-1-102 Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U. See Utah Code 7-25-102 Nonexempt credit union: means a credit union that is a nonexempt credit union under Section 7-9-55. See Utah Code 7-9-3 Official ballot: means the ballots distributed by the election officer for voters to record their votes. See Utah Code 20A-1-102 Payment instrument: means a check, draft, money order, travelers check, or other instrument or written order for the transmission or payment of money, sold or issued to one or more persons, whether or not the instrument is negotiable. See Utah Code 7-25-102 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 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 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 application: means : (a)  for a statewide referendum, an application described in Subsection 20A-7-302(2) that includes all the information, statements, documents, and notarized signatures required under Subsection 20A-7-302(2); or (b)  for a local referendum, an application described in Subsection 20A-7-602(2) that includes all the information, statements, documents, and notarized signatures required under Subsection 20A-7-602(2). 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 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. Remit: means either to make direct payment of the money to the licensee or its representatives authorized to receive the money, or to deposit the money in a depository institution in an account in the name of the licensee. See Utah Code 7-25-102 Resident: means a person who resides within a specific voting precinct in Utah. See Utah Code 20A-1-102 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 Shares: means that portion of the capital paid into the credit union by members on which dividends may be paid. See Utah Code 7-9-3 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 Special election: means an election held as authorized by Section 20A-1-203. See Utah Code 20A-1-102 Special local ballot proposition: means a local ballot proposition that is not a standard local ballot proposition. 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 Standard local ballot proposition: means a local ballot proposition for an initiative or a referendum. 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 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 53B-3-102 Statewide special election: means a special election called by the governor or the Legislature in which all registered voters in Utah may vote. See Utah Code 20A-1-102 Statute: A law passed by a legislature. Technical college: means an institution of higher education described in Subsection 53B-1-102(1)(b). See Utah Code 53B-1-101.5 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 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. United States: includes each state, district, and territory of the United States of America. See 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