13-42-102 - Definitions.
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 linealdescendant of the individual or the individual's spouse;
(iv) an aunt, uncle, great aunt, great uncle, first cousin, niece, nephew, grandniece, orgrandnephew, whether related by the whole or the half blood or adoption, or the spouse of any ofthem; 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 commoncontrol 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, theentity;
(iv) subject to adjustment of the dollar amount pursuant to Subsection 13-42-132(6), aperson that receives or received more than $25,000 from the entity in either the current year orthe preceding year or a person that owns more than 10% of, or an individual who is employed byor is a director of, a person that receives or received more than $25,000 from the entity in eitherthe 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 inSubsections (2)(b)(i) through (v); or
(vii) an individual who has the relationship specified in Subsection (2)(a)(iv) to anindividual 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 theperformance 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 ofbanking, chartered under federal or state law, and regulated by a federal or state bankingregulatory authority.
(5) "Business address" means the physical location of a business, including the name andnumber of a street.
(6) "Certified counselor" means an individual certified by a training program orcertifying organization, approved by the administrator, that authenticates the competence ofindividuals providing education and assistance to other individuals in connection withdebt-management services.
(7) "Concessions" means assent to repayment of a debt on terms more favorable to anindividual 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 anindividual 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 orotherwise authorized to practice law in this state;
(b) accounting services provided in an accountant-client relationship by a certified publicaccountant licensed to provide accounting services in this state; or
(c) financial-planning services provided in a financial planner-client relationship by amember of a financial-planning profession whose members the administrator, by rule, determinesare:
(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 offair 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. Theterm does not include a public corporation, government, or governmental subdivision, agency, orinstrumentality.
(13) "Plan" means a program or strategy in which a provider furnishes debt-managementservices to an individual and which includes a schedule of payments to be made by or on behalfof 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 anagreement.
(15) "Provider" means a person that provides, offers to provide, or agrees to providedebt-management services directly or through others.
(16) "Record" means information that is inscribed on a tangible medium or that is storedin 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 connectionwith a creditor's assent to accept in full satisfaction of a debt an amount less than the principalamount 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, orprocess.
(19) "State" means a state of the United States, the District of Columbia, Puerto Rico, theUnited States Virgin Islands, or any territory or insular possession subject to the jurisdiction ofthe 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 inthe 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 theindividuals.
Enacted by Chapter 154, 2006 General Session