7-22-101 - Definitions -- Exemptions. - Utah Statutes

7-22-101. Definitions -- Exemptions.
(1) As used in this chapter:
(a) "Escrow" means any agreement, express or implied, that provides for one or moreparties to deliver or entrust any money, certificate of deposit, security, negotiable instrument,deed, or other property or asset to another person to be held, paid, or delivered in accordance withterms and conditions prescribed in the agreement.
(b) "Escrow agent" means any person that provides or offers to provide escrow servicesto the public.
(2) This chapter does not apply to:
(a) trust companies authorized to engage in the trust business in Utah in accordance withTitle 7, Chapter 5, Trust Business;
(b) persons other than escrow agents regulated under this chapter that are exempted fromthe definition of trust business in Subsection 7-5-1(1);
(c) depository institutions chartered by a state or the federal government that are engagedin business as a depository institution in Utah; and
(d) the State Board of Regents, the Utah Higher Education Assistance Authority, or theState Treasurer.

Amended by Chapter 182, 1996 General Session