70D-2-102 - Definitions. - Utah Statutes

70D-2-102. Definitions.
As used in this chapter:
(1) (a) Except as provided in Subsection (1)(b), "broker" means a person who in theregular course of business assists a person in obtaining a mortgage loan for a fee or otherconsideration paid directly or indirectly.
(b) "Broker" does not include a person solely because of the person's:
(i) real estate brokerage activities; or
(ii) activities as an attorney licensed to practice law in this state who, in the course of theattorney's practice as an attorney, assists a person in obtaining a mortgage loan.
(2) "Business as a lender, broker, or servicer" means a person who engages in an act forcompensation or in the expectation of compensation that makes the person a lender, broker, orservicer.
(3) (a) Except as provided in Subsection (3)(b), "lender" means a person who in theregular course of business originates a loan secured by a mortgage.
(b) "Lender" does not include a person who:
(i) as a seller only receives one or more mortgages as security for a purchase moneyobligation; or
(ii) only receives a mortgage as security for an obligation:
(A) payable on an installment or deferred payment basis; and
(B) arising out of materials furnished or services rendered in the improvement of realproperty.
(4) "Manufactured home" means a transportable factory built housing unit that:
(a) is constructed:
(i) on or after June 15, 1976, according to the National Manufactured HousingConstruction and Safety Standards Act of 1974; and
(ii) in one or more sections, which:
(A) in the traveling mode, is eight body feet or more in width or 40 body feet or more inlength; or
(B) when erected on site, is 400 or more square feet;
(b) is built on a permanent chassis;
(c) is designed to be used as a dwelling with or without a permanent foundation whenconnected to the required utilities; and
(d) includes the plumbing, heating, air-conditioning, and electrical systems.
(5) "Mobile home" means a transportable factory built housing unit built before June 15,1976, in accordance with a state mobile home code that existed before the NationalManufactured Housing Construction and Safety Standards Act of 1974.
(6) "Permanently affixed" means anchored to, and supported by, a permanent foundationor installed in accordance with the manufactured housing installation standard code referred to inSection 58-56-4.
(7) "Servicer" means a person who in the regular course of business assumesresponsibility for servicing and accepting payments for a mortgage loan.

Renumbered and Amended by Chapter 72, 2009 General Session