13-42-102. Definitions.
In this chapter:
(1) "Administrator" means the Division of Consumer Protection.
(2) "Affiliate":
(a) with respect to an individual, means:
(i) the spouse of the individual;
(ii) a sibling of the individual or the spouse of a sibling;
(iii) an individual or the spouse of an individual who is a lineal ancestor or lineal
descendant of the individual or the individual's spouse;
(iv) an aunt, uncle, great aunt, great uncle, first cousin, niece, nephew, grandniece, or
grandnephew, whether related by the whole or the half blood or adoption, or the spouse of any of
them; or
(v) any other individual occupying the residence of the individual; and
(b) with respect to an entity, means:
(i) a person that directly or indirectly controls, is controlled by, or is under common
control with the entity;
(ii) an officer of, or an individual performing similar functions with respect to, the entity;
(iii) a director of, or an individual performing similar functions with respect to, the
entity;
(iv) subject to adjustment of the dollar amount pursuant to Subsection 13-42-132(6), a
person that receives or received more than $25,000 from the entity in either the current year or
the preceding year or a person that owns more than 10% of, or an individual who is employed by
or is a director of, a person that receives or received more than $25,000 from the entity in either
the current year or the preceding year;
(v) an officer or director of, or an individual performing similar functions with respect to,
a person described in Subsection (2)(b)(i);
(vi) the spouse of, or an individual occupying the residence of, an individual described in
Subsections (2)(b)(i) through (v); or
(vii) an individual who has the relationship specified in Subsection (2)(a)(iv) to an
individual or the spouse of an individual described in Subsections (2)(b)(i) through (v).
(3) "Agreement" means an agreement between a provider and an individual for the
performance of debt-management services.
(4) "Bank" means a financial institution, including a commercial bank, savings bank,
savings and loan association, credit union, and trust company, engaged in the business of
banking, chartered under federal or state law, and regulated by a federal or state banking
regulatory authority.
(5) "Business address" means the physical location of a business, including the name and
number of a street.
(6) "Certified counselor" means an individual certified by a training program or
certifying organization, approved by the administrator, that authenticates the competence of
individuals providing education and assistance to other individuals in connection with
debt-management services.
(7) "Concessions" means assent to repayment of a debt on terms more favorable to an
individual than the terms of the contract between the individual and a creditor.
(8) "Day" means calendar day.
(9) "Debt-management services" means services as an intermediary between an
individual and one or more creditors of the individual for the purpose of obtaining concessions,
but does not include:
(a) legal services provided in an attorney-client relationship by an attorney licensed or
otherwise authorized to practice law in this state;
(b) accounting services provided in an accountant-client relationship by a certified public
accountant licensed to provide accounting services in this state; or
(c) financial-planning services provided in a financial planner-client relationship by a
member of a financial-planning profession whose members the administrator, by rule, determines
are:
(i) licensed by this state;
(ii) subject to a disciplinary mechanism;
(iii) subject to a code of professional responsibility; and
(iv) subject to a continuing education requirement.
(10) "Entity" means a person other than an individual.
(11) "Good faith" means honesty in fact and the observance of reasonable standards of
fair dealing.
(12) "Person" means an individual, corporation, business trust, estate, trust, partnership,
limited liability company, association, joint venture, or any other legal or commercial entity. The
term does not include a public corporation, government, or governmental subdivision, agency, or
instrumentality.
(13) "Plan" means a program or strategy in which a provider furnishes debt-management
services to an individual and which includes a schedule of payments to be made by or on behalf
of the individual and used to pay debts owed by the individual.
(14) "Principal amount of the debt" means the amount of a debt at the time of an
agreement.
(15) "Provider" means a person that provides, offers to provide, or agrees to provide
debt-management services directly or through others.
(16) "Record" means information that is inscribed on a tangible medium or that is stored
in an electronic or other medium and is retrievable in perceivable form.
(17) "Settlement fee" means a charge imposed on or paid by an individual in connection
with a creditor's assent to accept in full satisfaction of a debt an amount less than the principal
amount of the debt.
(18) "Sign" means, with present intent to authenticate or adopt a record:
(a) to execute or adopt a tangible symbol; or
(b) to attach to or logically associate with the record an electronic sound, symbol, or
process.
(19) "State" means a state of the United States, the District of Columbia, Puerto Rico, the
United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of
the United States.
(20) "Trust account" means an account held by a provider that is:
(a) established in an insured bank;
(b) separate from other accounts of the provider or its designee;
(c) designated as a trust account or other account designated to indicate that the money in
the account is not the money of the provider or its designee; and
(d) used to hold money of one or more individuals for disbursement to creditors of the
individuals.
Enacted by Chapter 154, 2006 General Session
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Last revised: Thursday, May 01, 2008