Terms Used In Utah Code > Title 7 > Chapter 27 - Commercial Financing Registration and Disclosure Act

• Accounts receivable purchase transaction: means a transaction in which a business forwards or otherwise sells to a person all or a portion of the business's accounts, as defined in Section 70A-9a-102, or payment intangibles, as defined in Section 70A-9a-102, at a discount to the accounts' or payment intangibles' expected value. See Utah Code 7-27-101
• 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.
• 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 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 Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC 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 Broker: means a person who, for compensation or the expectation of compensation, arranges a commercial financing transaction between a third party and a business in the state. See Utah Code 7-27-101 Budget officer: means : (a)  for a county, the person designated as finance officer as defined in Section 17-36-3; (b)  for a city, the person designated as budget officer in Subsection 10-6-106(4); (c)  for a town, the town council; or (d)  for a metro township, the person described in Subsection (2)(a) for the county in which the metro township is located. See Utah Code 20A-7-101 Business: means a private enterprise carried on for the purpose of gain or economic profit. See Utah Code 7-27-101 Business purpose transaction: means a transaction from which the resulting proceeds that a business receives are: (i)  provided to the business; or (ii)  intended to be used to carry on the business. See Utah Code 7-27-101 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 Commercial financing transaction: means a business purpose transaction: (a)  under which a person extends a business a commercial loan or a commercial open-end credit plan; or (b)  that is an accounts receivable purchase transaction. See Utah Code 7-27-101 Commercial loan: means a loan to a business, regardless of whether the loan is secured. See Utah Code 7-27-101 Commercial open-end credit plan: means commercial financing extended to a business on terms under which: (a)  the creditor reasonably contemplates repeat transactions; and (b)  subject to any limit set by the creditor, the amount of financing that the creditor may extend to the business during the term of the plan is made available to the extent that any outstanding balance is repaid. See Utah Code 7-27-101 Commissioner: means the Commissioner of Financial Institutions. 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. 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 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 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. Fraud: Intentional deception resulting in injury to another. Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Initial fiscal impact and legal statement: means a financial and legal statement prepared under Section 20A-7-502. 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. Land: includes :Utah Code 68-3-12.5 Land use law: means a law of general applicability, enacted based on the weighing of broad, competing policy considerations, that relates to the use of land, including land use regulation, a general plan, a land use development code, an annexation ordinance, the rezoning of a single property or multiple properties, or a comprehensive zoning ordinance or resolution. See Utah Code 20A-7-101 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 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 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 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 Local obligation law: means a local law passed by the local legislative body regarding a bond that was approved by a majority of qualified voters in an election. 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 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. Motor vehicle dealer: means a dealer as defined in Section 41-3-102. See Utah Code 7-27-101 Municipality: means a city, town, or metro township. See Utah Code 20A-1-102 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. Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC 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 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 Provider: includes a person who, under a written agreement with a depository institution, offers one or more commercial financing products provided by the depository institution via an online platform that the person administers. See Utah Code 7-27-101 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. Purple Heart recipient: means any Utah resident who is a military veteran and who has earned a Purple Heart award as a result of military service. See Utah Code 53B-8e-102 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 Resident: means a person who resides within a specific voting precinct in Utah. See Utah Code 20A-1-102 Service of process: The service of writs or summonses to the appropriate party. 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 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 State institution of higher education: means an institution listed in Section 53B-1-102. See Utah Code 53B-8e-102 Statute: A law passed by a legislature. Subsidiary: means a business entity under the control of an institution. 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 Trustee: A person or institution holding and administering property in trust. Trustor: The person who makes or creates a trust. Also known as the grantor or settlor. Tuition: means tuition at the rate for residents of the state. See Utah Code 53B-8e-102 Verified: means acknowledged by the person circulating the petition as required in Section 20A-7-105. See Utah Code 20A-7-101 Veteran: means an individual who:Utah Code 68-3-12.5 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 Writ: A formal written command, issued from the court, requiring the performance of a specific act. Writ: means an order or precept in writing, issued in the name of:Utah Code 68-3-12.5 Writing: includes :Utah Code 68-3-12.5