70D-1 - General Provisions

Title 70D > 70D-1

Sections (2)

70D-1-101 - Title.

This title is known as the “Financial Institution Mortgage Financing Regulation Act.”

70D-1-102 - Definitions.

As used in this title: 70D-1-102(1) “Commissioner” means the commissioner of the department. 70D-1-102(2) “Department” means the Department of Financial Institutions. 70D-1-102(3) “Depository institution” is as defined in Section 7-1-103. 70D-1-102(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 condominium unit; a cooperative unit; a manufactured home; or a house. 70D-1-102(5) “Mortgage” means a mortgage or deed of trust affecting real property located in this state. 70D-1-102(6) “Mortgage loan” means a loan: 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 the individual’s family; or subject to Title 70C, Utah Consumer Credit Code. 70D-1-102(7) “Mortgagor” means a person who:

executes a mortgage; or is obligated to pay a mortgage loan. 70D-1-102(8) “Record” means information that is:

inscribed on a tangible medium; or stored in an electronic or other medium and is retrievable in perceivable form. 70D-1-102(9) “Real estate brokerage activity” means an act that involves offering or providing real estate brokerage services to the public, including:

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; bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property; 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; 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 offering to engage in an activity, or act in a capacity, described in Subsections (9)(a) through (d). 70D-1-102(10) “State” means:

a state, territory, or possession of the United States; the District of Columbia; or the Commonwealth of Puerto Rico.