Terms Used In Utah Code > Title 9 > Chapter 7 > Part 3 - State Law Library

• 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
• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Adult Protective Services: means the same as that term is defined in Section 26B-6-201. See Utah Code 7-26-102
• 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
• 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 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. 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 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 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 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 Capital and surplus: means : (a)  shares; (b)  deposits; (c)  reserves; and (d)  undivided earnings. See Utah Code 7-9-3 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 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. 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. Covered financial institution: means any of the following that operate in the state: (a)  a state or federally chartered: (i)  bank; (ii)  savings and loan association; (iii)  savings bank; (iv)  industrial bank; (v)  credit union; (vi)  trust company; or (vii)  depository institution; or (b)  a financial institution. See Utah Code 7-26-102 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 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 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 Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC 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 Fiduciary: A trustee, executor, or administrator. 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 Financial exploitation: means : (a)  the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or other property of an individual; or (b)  an act or omission, including through a power of attorney, guardianship, or conservatorship of an individual, to: (i)  obtain control, through deception, intimidation, or undue influence, over the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property; or (ii)  convert the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property. See Utah Code 7-26-102 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. Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC 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 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 Law enforcement agency: means the same as that term is defined in Section 53-1-102. See Utah Code 7-26-102 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 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. 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 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 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. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Motor vehicle dealer: means a dealer as defined in Section 41-3-102. See Utah Code 7-27-101 National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC 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 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 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 Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC 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 Qualified individual: means : (a)  a branch manager of a covered financial institution; or (b)  a director, officer, employee, agent, or other representative that a covered financial institution designates. See Utah Code 7-26-102 Quorum: The number of legislators that must be present to do business. 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 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 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 Third party associated with a vulnerable adult: means an individual: (a)  who is a parent, spouse, adult child, sibling, or other known family member of a vulnerable adult; (b)  whom a vulnerable adult authorizes the financial institution to contact; (c)  who is a co-owner, additional authorized signatory, or beneficiary on a vulnerable adult's account; or (d)  who is an attorney, trustee, conservator, guardian or other fiduciary whom a court or a government agency selects to manage some or all of the financial affairs of the vulnerable adult. See Utah Code 7-26-102 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 Transaction: means any of the following services that a covered financial institution provides: (a)  a transfer or request to transfer or disburse funds or assets in an account; (b)  a request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier's check, or official check; (c)  a request to negotiate a check or other negotiable instrument; (d)  a request to change the ownership of, or access to, an account; (e)  a request to sell or transfer a security or other asset, or a request to affix a medallion stamp or provide any form of guarantee or endorsement in connection with an attempt to sell or transfer a security or other asset, if the person selling or transferring the security or asset is not required to obtain a license under Section 61-1-3; (f)  a request for a loan, extension of credit, or draw on a line of credit; (g)  a request to encumber any movable or immovable property; or (h)  a request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right. See Utah Code 7-26-102 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 Vulnerable adult: means : (a)  an individual who is 65 years old or older; or (b)  the same as that term is defined in Section 26B-6-201. See Utah Code 7-26-102 Writing: includes :Utah Code 68-3-12.5