7-17-2. Definitions.
As used in this chapter:
(1) "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.
(2) "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.
(3) "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.
(4) "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.
(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 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.
(6) "Service charge" means any direct fee imposed in connection with the administration
of 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
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Last revised: Thursday, May 28, 2009