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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-17-2

This section defines terms used in the chapter, including “real estate loan,” “borrower,” “lender,” “person,” “reserve account,” “service charge,” and when a loan is “made.”

Source excerpt

escrow/reserve accountsfinancial institutionsloan servicingreal estate lendingreserve account administrationservice chargestax and insurance remittances
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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“This section defines terms used in the chapter, including “real estate loan,” “borrower,” “lender,” “person,” “reserve account,” “service charge,” and when a loan is “made.””

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Definitions.

This section defines terms used in the chapter, including “real estate loan,” “borrower,” “lender,” “person,” “reserve account,” “service charge,” and when a loan is “made.”

Section 7-17-2

Subsection 7-17-2(2)

“Borrower” means a person who becomes obligated on a real estate loan when the loan is originated, including mortgagors, trustors under trust deeds, and vendees under conditional land sales contracts.

Section 7-17-2(2)

Subsection 7-17-2(4)

This provision defines “Person” to include an individual and several types of financial or lending organizations, plus any other organization making real estate loans.

Section 7-17-2(4)

Subsection 7-17-2(5)

A reserve account is an account tied to a real-estate-secured loan in this state, used for borrower prepayments and lender payment of property-related taxes, insurance, or other charges.

Section 7-17-2(5)

Subsection 7-17-2(7)

A loan is considered “made” when the lender first disburses the loan proceeds.

Section 7-17-2(7)

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Source record from le.utah.gov · Legal dates not recorded

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Showing 8 of 8 provisions

Provision 7Interpretation
§ 7-17-2Definitions.Interpretation

Source excerpt

This section defines terms used in the chapter, including “real estate loan,” “borrower,” “lender,” “person,” “reserve account,” “service charge,” and when a loan is “made.”

Definitions. As used in this chapter: "Real estate loan" means any agreement providing for a loan secured by an interest in real estate in this state containing a residential structure of not more than four housing units, at least 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. "Borrower" means any person who becomes obligated on a real estate loan at the time of origination of such loan and includes mortgagors, trustors under trust deeds and vendees under conditional land sales contracts. "Lender" means any person who regularly makes, extends or holds real estate loans and includes, but is not limited to, mortgagees, beneficiaries under trust deeds and vendors under conditional land sales contracts and who regularly require or maintain reserve accounts. "Person" includes an individual, a commercial bank, savings bank, building and loan corporation, savings and loan association, credit union, investment company, insurance company, pension fund, mortgage company, trust company, or any other organization making real estate loans. "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 interest in real estate located in this state, whether or not a real estate loan as defined in this chapter, and whether incorporated into the loan agreement or a separate document, whereby the borrower agrees to make periodic prepayment to the lender or its designee of taxes, insurance premiums or other charges pertaining to the property securing the loan and the lender or its designee agrees to pay the taxes, insurance premiums or other charges out of the account on or before their due date. "Service charge" means any direct fee imposed in connection with the administration of a reserve account. A loan is "made" when the lender makes its initial disbursement of the loan proceeds.
Section 7-17-2Verify source
§ 7-17-2(1)Subsection 7-17-2(1)Provision

Source excerpt

The provision defines “real estate loan” as a loan secured by an interest in in-state real estate with a residential structure of up to four housing units, including one that is the borrower’s primary residence.

"Real estate loan" means any agreement providing for a loan secured by an interest in real estate in this state containing a residential structure of not more than four housing units, at least 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.
Section 7-17-2(1)Verify source
§ 7-17-2(2)Subsection 7-17-2(2)Provision

Source excerpt

“Borrower” means a person who becomes obligated on a real estate loan when the loan is originated, including mortgagors, trustors under trust deeds, and vendees under conditional land sales contracts.

"Borrower" means any person who becomes obligated on a real estate loan at the time of origination of such loan and includes mortgagors, trustors under trust deeds and vendees under conditional land sales contracts.
Section 7-17-2(2)Verify source
§ 7-17-2(3)Subsection 7-17-2(3)Provision

Source excerpt

"Lender" is defined as a person who regularly makes, extends, or holds real estate loans and regularly requires or maintains reserve accounts.

"Lender" means any person who regularly makes, extends or holds real estate loans and includes, but is not limited to, mortgagees, beneficiaries under trust deeds and vendors under conditional land sales contracts and who regularly require or maintain reserve accounts.
Section 7-17-2(3)Verify source
§ 7-17-2(4)Subsection 7-17-2(4)Provision

Source excerpt

This provision defines “Person” to include an individual and several types of financial or lending organizations, plus any other organization making real estate loans.

"Person" includes an individual, a commercial bank, savings bank, building and loan corporation, savings and loan association, credit union, investment company, insurance company, pension fund, mortgage company, trust company, or any other organization making real estate loans.
Section 7-17-2(4)Verify source
§ 7-17-2(5)Subsection 7-17-2(5)Provision

Source excerpt

A reserve account is an account tied to a real-estate-secured loan in this state, used for borrower prepayments and lender payment of property-related taxes, insurance, or other charges.

"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 interest in real estate located in this state, whether or not a real estate loan as defined in this chapter, and whether incorporated into the loan agreement or a separate document, whereby the borrower agrees to make periodic prepayment to the lender or its designee of taxes, insurance premiums or other charges pertaining to the property securing the loan and the lender or its designee agrees to pay the taxes, insurance premiums or other charges out of the account on or before their due date.
Section 7-17-2(5)Verify source
§ 7-17-2(6)Subsection 7-17-2(6)Provision

Source excerpt

“Service charge” means a direct fee imposed in connection with administering a reserve account.

"Service charge" means any direct fee imposed in connection with the administration of a reserve account.
Section 7-17-2(6)Verify source
§ 7-17-2(7)Subsection 7-17-2(7)Provision

Source excerpt

A loan is considered “made” when the lender first disburses the loan proceeds.

A loan is "made" when the lender makes its initial disbursement of the loan proceeds.
Section 7-17-2(7)Verify source

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