2016 Utah Code
Title 70D - Financial Institution Mortgage Financing Regulation Act
Chapter 1 - General Provisions
Section 102 - Definitions.

UT Code § 70D-1-102 (2016) What's This?
70D-1-102. Definitions.
As used in this title:
  • (1) "Commissioner" means the commissioner of the department.
  • (2) "Department" means the Department of Financial Institutions.
  • (3) "Depository institution" is as defined in Section 7-1-103.
  • (4) "Dwelling" means a residential structure attached to real property that contains one to four units including any of the following if used as a residence:
    • (a) a condominium unit;
    • (b) a cooperative unit;
    • (c) a manufactured home; or
    • (d) a house.
  • (5) "Mortgage" means a mortgage or deed of trust affecting real property located in this state.
  • (6)
    • (a) "Mortgage loan" means a loan:
      • (i) secured by a mortgage; and
      • (ii) made for personal, family, or household purposes.
    • (b) "Mortgage loan" does not include a loan:
      • (i) made by an individual to a member of the individual's family; or
      • (ii) subject to Title 70C, Utah Consumer Credit Code.
  • (7) "Mortgagor" means a person who:
    • (a) executes a mortgage; or
    • (b) is obligated to pay a mortgage loan.
  • (8) "Record" means information that is:
    • (a) inscribed on a tangible medium; or
    • (b) stored in an electronic or other medium and is retrievable in perceivable form.
  • (9) "Real estate brokerage activity" means an act that involves offering or providing real estate brokerage services to the public, including:
    • (a) acting as a real estate principal broker, associate broker, or sales agent, as defined in Section 61-2f-102, for a buyer, seller, lessor, or lessee of real property;
    • (b) bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;
    • (c) negotiating, on behalf of a party, a portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property, other than in connection with providing financing with respect to the transaction;
    • (d) engaging in an act for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under applicable law; and
    • (e) offering to engage in an activity, or act in a capacity, described in Subsections (9)(a) through (d).
  • (10) "State" means:
    • (a) a state, territory, or possession of the United States;
    • (b) the District of Columbia; or
    • (c) the Commonwealth of Puerto Rico.

Amended by Chapter 289, 2011 General Session

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