31-1-803. Definitions. For the purposes of this part, the following definitions apply:
(1) "Borrower" means the owner of any titled personal property who pledges the property to a title lender pursuant to a title loan agreement.
(2) "Capital assets" means the assets of a person less the liabilities of that person. Assets and liabilities must be measured according to generally accepted accounting principles.
(3) "Certificate of title" means a state-issued certificate of title or certificate of ownership for personal property deposited with a title lender as security for a title loan pursuant to a title loan agreement.
(4) "Department" means the department of administration provided for in 2-15-1001.
(5) "Person" means an individual, corporation, partnership, limited partnership, limited liability company, limited liability partnership, association, or other entity.
(6) "Pledged property" means personal property the ownership of which is evidenced and delineated by a state-issued certificate of title.
(7) "Title lender" means a person who has qualified to engage in the business of making title loans pursuant to this part and maintains at least one title loan office in this state.
(8) "Title loan" means a nonpurchase money loan secured by an unencumbered state-issued certificate of title or certificate of ownership to personal property that is designated as a title loan by the department.
(9) "Title loan agreement" means a written agreement between a borrower and a title lender in a form that complies with the requirements of this part.
(10) "Title loan office" means the location or premises where a title lender regularly conducts business.
(11) "Titled personal property" means any personal property the ownership of which is evidenced and delineated by a state-issued certificate of title.
History: En. Sec. 3, Ch. 455, L. 2001; amd. Sec. 221(1), Ch. 483, L. 2001; amd. Sec. 2, Ch. 178, L. 2003; amd. Sec. 3, Ch. 497, L. 2007.