7-17-2 - Definitions. - Utah Statutes

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Statutes > Utah > Title-07 > Chapter-17 > 7-17-2

7-17-2. Definitions.
As used in this chapter:
(1) "Real estate loan" means any agreement providing for a loan secured by an interest inreal estate in this state containing a residential structure of not more than four housing units, atleast one of which is the primary residence of the borrower and includes, but is not limited to,agreements secured by mortgages, trust deeds, and conditional land sales contracts.
(2) "Borrower" means any person who becomes obligated on a real estate loan at the timeof origination of such loan and includes mortgagors, trustors under trust deeds and vendees underconditional land sales contracts.
(3) "Lender" means any person who regularly makes, extends or holds real estate loansand includes, but is not limited to, mortgagees, beneficiaries under trust deeds and vendors underconditional land sales contracts and who regularly require or maintain reserve accounts.
(4) "Person" includes an individual, a commercial bank, savings bank, building and loancorporation, savings and loan association, credit union, investment company, insurance company,pension fund, mortgage company, trust company, or any other organization making real estateloans.
(5) "Reserve account" means any account, whether denominated escrow, impound, trust,pledge, reserve or otherwise, which is established in connection with a loan secured by an interestin real estate located in this state, whether or not a real estate loan as defined in this chapter, andwhether incorporated into the loan agreement or a separate document, whereby the borroweragrees to make periodic prepayment to the lender or its designee of taxes, insurance premiums orother charges pertaining to the property securing the loan and the lender or its designee agrees topay the taxes, insurance premiums or other charges out of the account on or before their due date.
(6) "Service charge" means any direct fee imposed in connection with the administrationof a reserve account.
(7) A loan is "made" when the lender makes its initial disbursement of the loan proceeds.

Amended by Chapter 15, 1981 General Session

State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-17 > 7-17-2

7-17-2. Definitions.
As used in this chapter:
(1) "Real estate loan" means any agreement providing for a loan secured by an interest inreal estate in this state containing a residential structure of not more than four housing units, atleast one of which is the primary residence of the borrower and includes, but is not limited to,agreements secured by mortgages, trust deeds, and conditional land sales contracts.
(2) "Borrower" means any person who becomes obligated on a real estate loan at the timeof origination of such loan and includes mortgagors, trustors under trust deeds and vendees underconditional land sales contracts.
(3) "Lender" means any person who regularly makes, extends or holds real estate loansand includes, but is not limited to, mortgagees, beneficiaries under trust deeds and vendors underconditional land sales contracts and who regularly require or maintain reserve accounts.
(4) "Person" includes an individual, a commercial bank, savings bank, building and loancorporation, savings and loan association, credit union, investment company, insurance company,pension fund, mortgage company, trust company, or any other organization making real estateloans.
(5) "Reserve account" means any account, whether denominated escrow, impound, trust,pledge, reserve or otherwise, which is established in connection with a loan secured by an interestin real estate located in this state, whether or not a real estate loan as defined in this chapter, andwhether incorporated into the loan agreement or a separate document, whereby the borroweragrees to make periodic prepayment to the lender or its designee of taxes, insurance premiums orother charges pertaining to the property securing the loan and the lender or its designee agrees topay the taxes, insurance premiums or other charges out of the account on or before their due date.
(6) "Service charge" means any direct fee imposed in connection with the administrationof a reserve account.
(7) A loan is "made" when the lender makes its initial disbursement of the loan proceeds.

Amended by Chapter 15, 1981 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-17 > 7-17-2

7-17-2. Definitions.
As used in this chapter:
(1) "Real estate loan" means any agreement providing for a loan secured by an interest inreal estate in this state containing a residential structure of not more than four housing units, atleast one of which is the primary residence of the borrower and includes, but is not limited to,agreements secured by mortgages, trust deeds, and conditional land sales contracts.
(2) "Borrower" means any person who becomes obligated on a real estate loan at the timeof origination of such loan and includes mortgagors, trustors under trust deeds and vendees underconditional land sales contracts.
(3) "Lender" means any person who regularly makes, extends or holds real estate loansand includes, but is not limited to, mortgagees, beneficiaries under trust deeds and vendors underconditional land sales contracts and who regularly require or maintain reserve accounts.
(4) "Person" includes an individual, a commercial bank, savings bank, building and loancorporation, savings and loan association, credit union, investment company, insurance company,pension fund, mortgage company, trust company, or any other organization making real estateloans.
(5) "Reserve account" means any account, whether denominated escrow, impound, trust,pledge, reserve or otherwise, which is established in connection with a loan secured by an interestin real estate located in this state, whether or not a real estate loan as defined in this chapter, andwhether incorporated into the loan agreement or a separate document, whereby the borroweragrees to make periodic prepayment to the lender or its designee of taxes, insurance premiums orother charges pertaining to the property securing the loan and the lender or its designee agrees topay the taxes, insurance premiums or other charges out of the account on or before their due date.
(6) "Service charge" means any direct fee imposed in connection with the administrationof a reserve account.
(7) A loan is "made" when the lender makes its initial disbursement of the loan proceeds.

Amended by Chapter 15, 1981 General Session