2006 Utah Code - 70D-1-3 — Definitions.

     70D-1-3.   Definitions.
     As used in this chapter:
     (1) "Department" means the Department of Financial Institutions.
     (2) "Mortgage" means a mortgage or deed of trust affecting real property located in this state.
     (3) "Mortgage lender" or "lender" means any person who in the regular course of business originates loans secured by mortgages. A person shall not be considered to be a mortgage lender, however, solely because the person, as seller, receives one or more mortgages as security for a purchase money obligation, or because the person receives mortgages as security for an obligation payable on an installment or deferred payment basis and arising out of materials furnished or services rendered in the improvement of real property.
     (4) "Mortgage loan" means any loan for a term longer than two years secured by a mortgage and made for personal, family, or household purposes. "Mortgage loan" does not include a loan made by an individual to a member of his family or a loan subject to Title 70C.
     (5) "Mortgage loan broker" or "broker" means any person who in the regular course of business assists a person in obtaining a mortgage loan for a fee or other consideration paid directly or indirectly. A person shall not be considered to be a mortgage loan broker, however, solely because of his activities as:
     (a) a real estate broker or agent who, for a normal and customary real estate sales commission, assists a buyer in obtaining a mortgage loan in order to buy real property; or
     (b) an attorney licensed to practice law in this state who, in the course of his practice as an attorney, assists a person in obtaining a mortgage loan.
     (6) "Mortgage loan servicer" or "servicer" means any person who in the regular course of business assumes responsibility for servicing and accepting payments for a mortgage loan.
     (7) "Mortgagor" means any person who executes a mortgage or is obligated to pay a mortgage loan.
     (8) "Regular course of business" as used in this chapter does not include a casual lender who makes less than five mortgage loans per year.

Enacted by Chapter 172, 1990 General Session