32-7-102. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:

(1) "Department" means the department of administration as provided for in Title 2, chapter 15, part 10.

(2) "Escrow" means any transaction in which one person, for the purpose of effecting the sale, transfer, encumbrance, or lease of real or personal property to another person or for the purpose of making payments under any encumbrance of the property, delivers any written instrument, money, evidence, title to real or personal property, or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence, title, or thing of value is to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, or bailor or to any agents or employees pursuant to the written escrow instructions.

(3) "Escrow business" means a commercial activity characterized by the regular and continuous carrying on of escrow transactions.

(4) "Licensee" means a person holding a valid license under this part as an escrow business.

(5) "Person" means an individual, cooperative, association, company, firm, partnership, corporation, or other legal entity.