2006 Utah Code - 7-22-101 — Definitions -- Exemptions.

     7-22-101.   Definitions -- Exemptions.
     (1) As used in this chapter:
     (a) "Escrow" means any agreement, express or implied, that provides for one or more parties to deliver or entrust any money, certificate of deposit, security, negotiable instrument, deed, or other property or asset to another person to be held, paid, or delivered in accordance with terms and conditions prescribed in the agreement.
     (b) "Escrow agent" means any person that provides or offers to provide escrow services to the public.
     (2) This chapter does not apply to:
     (a) trust companies authorized to engage in the trust business in Utah in accordance with Title 7, Chapter 5, Trust Business;
     (b) persons other than escrow agents regulated under this chapter that are exempted from the definition of trust business in Subsection 7-5-1(1);
     (c) depository institutions chartered by a state or the federal government that are engaged in business as a depository institution in Utah; and
     (d) the State Board of Regents, the Utah Higher Education Assistance Authority, or the State Treasurer.

Amended by Chapter 182, 1996 General Session