Utah Code § 7-28-106 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-106
§ 7-28-106. Payment to beneficiary by bank.
Status: in_force

(1) Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. (2) Except as provided in Subsection (3), the obligation to pay the beneficiary is excused if the funds available in the special deposit are insufficient to cover such payment. (3) (a) Unless the account agreement provides otherwise, if the funds available in the special deposit are insufficient to cover an obligation to pay a beneficiary, a beneficiary may elect to be paid the funds that are available or, if there is more than one beneficiary, a pro rata share of the funds available. (b) Payment to the beneficiary making the election under this Subsection (3) discharges the bank's obligation to pay a beneficiary and does not constitute an accord and satisfaction with respect to another person obligated to the beneficiary. (4) Unless the account agreement provides otherwise, the obligation of the bank obligated to pay a beneficiary is immediately due and payable. (5) The bank may discharge the bank's obligation under this section by: (a) crediting another transaction account of the beneficiary; or (b) taking other action that: (i) is permitted under the account agreement for the bank to obtain a discharge; or (ii) otherwise would constitute a discharge under law. (6) If the bank obligated to pay a beneficiary has incurred an obligation to discharge the obligation of another person, the obligation of the other person is discharged if action by the bank under Subsection (5) would constitute a discharge of the obligation of the other person under law that determines whether an obligation is satisfied.
Utah Code § 7-28-112 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-112
§ 7-28-112. Term and termination.
Status: in_force

(1) Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded. (2) Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries. (3) A bank that pays the remaining balance as provided under Subsection (2) has no further obligation with respect to the special deposit.
Utah Code § 7-1-1007 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-1007
§ 7-1-1007. Liability of financial institutions.
Status: in_force

A financial institution is not liable to an account holder or person named or referenced within a record: (1) for a disclosure that is the result of a subpoena, order, or request made pursuant to Sections 7-1-1001 through 7-1-1006 if the financial institution reasonably believes that the subpoena, order, or request is properly made under Sections 7-1-1001 through 7-1-1006; or (2) for a disclosure or action taken in good faith pursuant to a data match or administrative subpoena provided for by a statute listed in Subsection 7-1-1006(3).
Utah Code § 7-1-314 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-314
§ 7-1-314. Examination of institutions by commissioner or supervisor.
Status: in_force

(1) The commissioner or the responsible supervisor shall visit and examine or cause to be visited and examined every depository institution and such other institutions subject to the jurisdiction of the department as the commissioner considers necessary or advisable. (2) At every examination of a depository institution careful inquiry shall be made as to: (a) the condition and resources of the institution examined; (b) the mode of conducting and managing of its affairs; (c) the actions of its directors and officers; (d) the investment and disposition of its funds; (e) the security offered to depositors and other customers; (f) whether or not it is violating any provision of law relating to the institution or the business of the institution examined; (g) whether or not it is complying with its articles of incorporation and bylaws; and (h) such other matters as the commissioner may prescribe. (3) The commissioner may, in the commissioner's discretion, accept examinations of any institution which are made by federal examiners or examiners from other states having jurisdiction over that institution in lieu of any examination required under the laws of this state. (4) The nature and extent of examination of institutions or other business entities not classified as depository institutions but otherwise subject to the jurisdiction of the department as provided in this title shall be such as the commissioner may determine to be necessary or appropriate in determining whether or not the business is being conducted in accordance with law and the regulations of the department.
Utah Code § 7-18a-204 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-204
§ 7-18a-204. Filing of amendments to articles of incorporation.
Status: in_force

(1) If a foreign depository institution authorized by this state to transact business in this state through an agency, branch, or representative office amends its articles of incorporation, the institution shall file with the department a copy and an accurate English translation of the amendment authenticated by the appropriate officer of the chartering country. (2) Without obtaining an amended certificate of authority under Section 7-18a-205, the filing of the amendment may not: (a) enlarge or alter the purpose for which the foreign depository institution is authorized to transact business in this state; (b) authorize the foreign depository institution to transact business in this state under any name other than the name set forth in the certificate of authority issued by the department; or (c) extend the duration of the foreign depository institution's corporate existence.
Utah Code § 7-1-210 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-210
§ 7-1-210. Records of department required.
Status: in_force

The commissioner shall keep as records of the department proper books showing all acts and matters and things done by the department.
Utah Code § 7-1-807 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-807
§ 7-1-807. Printed checks, drafts and orders -- Requirements -- Violation as misdemeanor.
Status: in_force

Every check, draft, order, or other like instrument printed for a customer of any institution issuing transaction accounts in the state as part of a series after the effective date of this act shall have on its face the name and address of the account holder, the month and year the account was opened, and the number of the check, draft, order, or other like instrument in unbroken, sequential, numerical order, beginning with the number 101, except for initial deposits to open a new account or in case of lost or stolen checks when a limited supply of unnumbered counterchecks may be issued. Any person who violates this section is guilty of a class C misdemeanor.
Utah Code § 7-27-101 — Utah Code / Title 7 / Chapter 7-27 / § 7-27-101
§ 7-27-101. Definitions.
Status: in_force

As used in this chapter: (1) "Accounts receivable purchase transaction" means a transaction in which a business forwards or otherwise sells to a person all or a portion of the business's accounts, as defined in Section 70A-9a-102, or payment intangibles, as defined in Section 70A-9a-102, at a discount to the accounts' or payment intangibles' expected value. (2) (a) "Broker" means a person who: (i) for compensation or the expectation of compensation, obtains a commercial financing product or an offer for a commercial financing product from a third party that, if executed, would bind the third party; and (ii) communicates the offer described in Subsection (2)(a)(i) to a business located in the state. (b) "Broker" does not include: (i) a provider; or (ii) a person whose compensation is not based or dependent on the terms of a specific commercial financing product that the person obtains or offers. (3) "Business" means a private enterprise carried on for the purpose of gain or economic profit. (4) (a) "Business purpose transaction" means a transaction from which the resulting proceeds that a business receives are: (i) provided to the business; or (ii) intended to be used to carry on the business. (b) "Business purpose transaction" does not include a transaction from which the resulting proceeds are intended to be used for personal, family, or household purposes. (c) For purposes of determining whether a transaction is a business purpose transaction, a provider may rely on a written statement of intended purpose, signed by an individual authorized to sign on behalf of the business. The written statement may be contained in an application, agreement, or other document signed by an individual authorized to sign on behalf of the business. (5) "Commercial financing transaction" means a business purpose transaction: (a) under which a person extends a business a commercial loan or a commercial open-end credit plan; or (b) that is an accounts receivable purchase transaction. (6) "Commercial loan" means a loan to a business, regardless of whether the loan is secured. (7) "Commercial open-end credit plan" means commercial financing extended to a business on terms under which: (a) the creditor reasonably contemplates repeat transactions; and (b) subject to any limit set by the creditor, the amount of financing that the creditor may extend to the business during the term of the plan is made available to the extent that any outstanding balance is repaid. (8) "Motor vehicle dealer" means a dealer as defined in Section 41-3-102. (9) (a) "Provider" means a person who consummates more than five commercial financing transactions in the state during any calendar year. (b) "Provider" includes a person who, under a written agreement with a depository institution, offers one or more commercial financing products provided by the depository institution via an online platform that the person administers.
Utah Code § 7-22-101 — Utah Code / Title 7 / Chapter 7-22 / § 7-22-101
§ 7-22-101. Definitions -- Exemptions.
Status: in_force

(1) As used in this chapter: (a) "Escrow" means an agreement, express or implied, that provides for one or more parties to deliver or entrust money, a certificate of deposit, a security, a negotiable instrument, a deed, or other property or asset to another person to be held, paid, or delivered in accordance with terms and conditions prescribed in the agreement. (b) "Escrow agent" means a person that provides or offers to provide escrow services to the public. (c) "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U.S.C. Sec. 5101 for federal licensing of mortgage loan originators. (2) This chapter does not apply to: (a) a trust company authorized to engage in the trust business in Utah in accordance with Chapter 5, Trust Business; (b) a person other than an escrow agent regulated under this chapter that is exempted from the definition of trust business in Section 7-5-101; (c) a depository institution chartered by a state or the federal government that is engaged in business as a depository institution in Utah; (d) the Utah Board of Higher Education, the Utah Higher Education Assistance Authority, or the state treasurer; and (e) a person licensed under Title 31A, Insurance Code.
Utah Code § 7-3-39 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-39
§ 7-3-39. Shareholders' right to examine bank records -- Records as to a particular customer.
Status: in_force

Every shareholder of a bank shall have the right to examine the books and records of the bank as provided in Sections 16-10a-1601 through 16-10a-1604. Access to records pertaining solely to the deposits, borrowings, or other financial transaction of a particular customer shall be allowed to a shareholder of the bank upon the following conditions: (1) a written request for such access is submitted to the board of directors of the bank stating its purpose and necessity; (2) the board denies such request; (3) the shareholder files a petition with a court of competent jurisdiction requesting an order granting such access; (4) after hearing upon not less than 10 days' written notice to the bank and to the particular person whose records are involved, the court finds that the request for access is made in good faith and it is necessary to protect a legitimate interest of a shareholder; (5) the court orders that the records of the bank pertaining to the particular customer be made available subject to such conditions as the court considers appropriate to protect the privacy of the customer; and (6) the person seeking to inspect or obtain copies of such records reimburses the bank for the costs of search, retrieval, and reproduction of such records. The bank shall have no liability to the customer in providing to the shareholder of the bank access to such records in accordance with the terms and conditions of the order of the court.
Utah Code § 7-16a-203 — Utah Code / Title 7 / Chapter 7-16a / § 7-16a-203
§ 7-16a-203. Contractual waiver of Uniform Commercial Code provisions.
Status: in_force

(1) (a) Subject to Subsections (1)(b) and (2), if the application of Title 70A, Uniform Commercial Code, is inconsistent with the operation of an automated teller machine, a point-of-sale terminal, or both, the requirements of Title 70A, Uniform Commercial Code, may be varied by contractual agreement of any: (i) depository institution; (ii) switching facility; or (iii) clearinghouse as defined by Section 70A-4-104. (b) A contractual agreement under Subsection (1)(a) may not disclaim responsibility for or limit the measure of damages for a depository institution's, switching facility's, or clearing house's: (i) lack of good faith; or (ii) failure to exercise ordinary care. (2) Notwithstanding Subsection (1)(a), the commissioner may, after notice and hearing, require rescission or modification of any provision of a contractual agreement permitted by Subsection (1)(a) if: (a) that provision relates to the rights and obligations of: (i) account holders of depository institutions; (ii) merchants; (iii) merchant customers; or (iv) others using or having access to automated teller machines, point-of-sale terminals, or both; and (b) the commissioner finds the provision is unconscionable or contrary to the public interest.
Utah Code § 7-8-7 — Utah Code / Title 7 / Chapter 7-8 / § 7-8-7
§ 7-8-7. Reports to commissioner.
Status: in_force

Each industrial bank shall file reports of its condition in accordance with Section 7-1-318.
Utah Code § 7-16a-202 — Utah Code / Title 7 / Chapter 7-16a / § 7-16a-202
§ 7-16a-202. Powers of depository institutions operating automated teller machines -- Fees or surcharges.
Status: in_force

(1) An operator may: (a) make an automated teller machine available for use by customers of one or more issuers; (b) connect the automated teller machine with an electronic consumer funds transfer system connecting one or more depository institutions to one or more automated teller machines; and (c) impose a transaction fee for the use of the automated teller machine, if the imposition of the transaction fee is disclosed at a time and in a manner that allows a user to terminate or cancel the transaction without incurring the transaction fee. (2) Except for the dispensing of currency or coin or accepting deposits or payments, any service provided by an operator to a customer at the automated teller machine is not governed by this chapter. (3) The transaction fee permitted in Subsection (1)(c) may be in addition to any other charges imposed by any of the following entities involved in the transaction: (a) an electronic consumer funds transfer system; (b) a depository institution; or (c) an issuer. (4) (a) Any of the following entities may charge any or all customers any transaction fee allowed or not prohibited by state or federal law: (i) a depository institution; (ii) an owner; (iii) an operator; (iv) an issuer; or (v) an electronic consumer funds transfer system. (b) A transaction fee allowed under this section includes a charge to a customer conducting a transaction using an account from an institution providing financial services that is located outside of the United States. (c) (i) Subject to Subsection (4)(c)(ii) and to the extent not prohibited by federal law, an agreement to operate or share an automated teller machine may not prohibit, limit, or otherwise restrict a person described in Subsection (4)(a) from charging a customer for use of or access to the automated teller machine on the basis of the customer using an account from an institution providing financial services that is located outside of the United States if the charge is not otherwise prohibited under state or federal law. (ii) Notwithstanding Subsection (4)(c)(i), nothing in this section may be construed to prohibit, limit, or otherwise restrict the ability of a person described in Subsection (4)(a) from voluntarily entering into an agreement to participate in a surcharge free network.
Utah Code § 7-9-51 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-51
§ 7-9-51. Field of membership.
Status: in_force

(1) Except as provided in Subsection (3) or (5), the field of membership of a credit union may include only the following: (a) the immediate family of a member of the credit union; (b) the employees of the credit union; (c) residents of a single county; (d) one or more associations; and (e) residents of a city of the third, fourth, or fifth class or a town as classified in Section 10-2-301 if: (i) the city or town is located in a county of the fourth through sixth class as classified in Section 17-60-104; (ii) at the time the residents of the city or town are included in the field of membership of a credit union, the credit union has not become a nonexempt credit union under Section 7-9-55; and (iii) approved by the commissioner in accordance with Subsection 7-9-52(6). (2) A credit union may have a field of membership that is more restrictive than the field of membership described in Subsection (1). (3) A credit union may have a field of membership that is less restrictive than the field of membership described in Subsection (1) if the field of membership of the credit union: (a) is determined under Subsection 7-9-53(2)(c); (b) is approved by the commissioner after a merger under Subsection 7-9-39(5); or (c) is permitted by the commissioner after a merger in accordance with Section 7-9-39.5. (4) If a credit union includes the residents of one county in its field of membership, the credit union may not change its field of membership to include a different county than the county that is first included in the field of membership of the credit union. (5) Notwithstanding the other provisions of this section or any restrictions of Section 7-9-53, a credit union may have a field of membership that is less restrictive than the field of membership described in Subsection (1), under the following conditions: (a) the field of membership of the credit union may include no more than all the residents of two counties in addition to any association included in the field of membership of the credit union; and (b) both counties described in Subsection (5)(a) must be a county of the third through sixth class, as classified in Section 17-60-104.
Utah Code § 7-22-107 — Utah Code / Title 7 / Chapter 7-22 / § 7-22-107
§ 7-22-107. Examinations.
Status: in_force

The department may examine an escrow agent at any time. The scope and frequency of examinations shall be determined solely in the discretion of the department. In addition to annual registration fees, each escrow agent shall pay per diem assessments incident to an examination in accordance with Section 7-1-401.
Utah Code § 7-1-208 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-208
§ 7-1-208. Supervisor of credit unions -- Responsibilities.
Status: in_force

(1) The commissioner shall designate an examiner as supervisor of credit unions who shall be sufficiently qualified by training and experience in the business of credit unions or as an employee of a state or federal agency supervising credit unions to perform the duties of the office. (2) The supervisor of credit unions is responsible, subject to the direction and control of the commissioner, for the general supervision and examination of all credit unions subject to the jurisdiction of the department and other institutions assigned by the commissioner. The supervisor shall assist and advise the commissioner in the execution of the laws of this state relating to these institutions, and shall perform other duties prescribed in this title or assigned by the commissioner.
Utah Code § 7-25-204 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-204
§ 7-25-204. License application -- Bond.
Status: in_force

(1) To apply for a license under this chapter, a person shall: (a) submit an application in writing; (b) pay the original license fee required by Section 7-1-401; and (c) submit a surety bond in accordance with Subsection (3). (2) An application shall contain: (a) the exact name of the applicant, the applicant's principal address, any fictitious or trade name used by the applicant in the conduct of its business, and the location of the applicant's business records; (b) the history of the applicant's material litigation and criminal convictions for the seven-year period before the date the application is submitted; (c) a description of the activities conducted by the applicant and a history of operations; (d) a description of the business activities in which the applicant seeks to be engaged in the state; (e) a list identifying the applicant's authorized agents in the state, if any, at the time of the filing of the license application; (f) a sample authorized agent contract, if applicable; (g) a sample form of payment instrument, if applicable; (h) the one or more locations at which the applicant and its authorized agents, if any, propose to conduct the licensed activities in the state; and (i) other information the commissioner requires by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (3) (a) An applicant shall submit with an application filed under this chapter a surety bond satisfactory to the commissioner in the minimum sum of $50,000 to reimburse the state for expenses of any kind or nature that the department may incur in connection with an administrative or judicial proceeding against a licensee, former licensee, or seller relating to the issuance or sale of a payment instrument in the state. (b) A licensee shall maintain a surety bond meeting the requirements of Subsection (3)(a) for three years after the licensee ceases money transmission operations in the state. Except that the commissioner may permit the surety bond to be reduced or eliminated before the end of the three-year period to the extent that the amount of the licensee's payment instruments outstanding in this state are reduced. (c) A surety bond shall remain in effect until cancellation, which may occur only after 30 days' written notice to the commissioner. Cancellation may not affect liability incurred or accrued during that period.
Utah Code § 7-17-1 — Utah Code / Title 7 / Chapter 7-17 / § 7-17-1
§ 7-17-1. Effect of act.
Status: in_force

The provisions of this act govern the rights, duties and liabilities of borrowers and lenders with respect to reserve accounts established before and after the effective date of this act.
Utah Code § 7-9-20 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-20
§ 7-9-20. Board of directors -- Powers and duties -- Loan limitations.
Status: in_force

(1) At annual meetings the members shall elect from their number a board of directors consisting of an odd number of not less than five members. (2) The bylaws may provide balloting by: (a) mail; (b) ballot box; or (c) both mail and ballot box. (3) Voting may not be by proxy. (4) A member of the board of directors shall hold office for the term prescribed in the bylaws. (5) The board of directors shall meet at least monthly. (6) The board of directors shall have the general management of the affairs, funds, and records of the credit union. In particular, the board of directors shall: (a) act upon an application for membership; (b) act upon expulsion of a member; (c) fix the amount of surety bond required of each officer or employee having custody of funds; (d) determine the rate of interest or dividend allowed on shares and deposits; (e) determine the terms and conditions of credit granted to members; (f) lend money, borrow money, and pledge security for any borrowing; (g) fill a vacancy in the board of directors or in the credit committee, if applicable, or in the supervisory committee until the election and qualification of a person to fill the vacancy; (h) appoint up to two alternate directors as provided in the bylaws; (i) fix the amount of the entrance fee; (j) declare dividends and their amount; (k) make recommendations to meetings of the members relative to amendments to the articles of incorporation, and transact any other business of the credit union; and (l) fix the maximum amount of credit, secured and unsecured, that may be extended to any one member, up to the limitations described in Subsections (7) and (8). (7) (a) The credit that may be outstanding or available by a credit union at any one time is subject to the limitations described in this Subsection (7): (i) except as provided in Subsection (8); and (ii) except that the board of directors may: (A) set a lower limit than the limit in Subsection (7)(b)(i) or (7)(b)(ii)(A)(II); or (B) require that a person described in Subsection (7)(b)(ii)(A)(I) be a member of the credit union for more than six months before the date a member-business loan is extended. (b) (i) A credit union may not extend credit that is not a member-business loan to a member if as a result of that extension of credit the total credit that is not a member-business loan that the credit union has issued to that member exceeds at any one time: (A) for a credit union with less than $2,000,000 in capital and surplus, the greater of: (I) $1,000; or (II) 15% of capital and surplus up to a total of $25,000; or (B) for a credit union with $2,000,000 or more in capital and surplus, the greater of: (I) $25,000; (II) 4% of capital and surplus; or (III) 25% of the regular reserve. (ii) (A) Beginning March 24, 1999, a credit union may not extend a member-business loan to a person: (I) if the credit union is a successor to or was a credit union described in Subsection 7-9-53(2)(c) as of May 3, 1999: (Aa) if the person is a business entity, unless at least one individual having a controlling interest in that business entity has been a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or (Bb) if the person is an individual, unless the individual is a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or (II) if as a result of the extension of the member-business loan, the total amount outstanding for all member-business loans that the credit union has extended to that person at any one time exceeds the lesser of: (Aa) 10% of the credit union's capital and surplus; or (Bb) $250,000 adjusted as provided in Subsection (7)(b)(ii)(B). (B) The adjustment described in Subsection (7)(b)(ii)(A)(II)(Bb) shall be calculated by the commissioner as follows: (I) beginning May 5, 2008 with the adjustment for calendar year 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase the dollar amount in Subsection (7)(b)(ii)(A)(II)(Bb) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2006; (II) after the commissioner increases the dollar amount listed in Subsection (7)(b)(ii)(B)(I), the commissioner shall round the dollar amount to the nearest whole dollar; (III) if the percentage difference under Subsection (7)(b)(ii)(B)(I) is zero or a negative percentage, the consumer price index increase for the year is zero; and (IV) for purposes of this Subsection (7)(b)(ii)(B), the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code. (c) (i) Beginning March 24, 1999, a credit union may not extend a member-business loan if as a result of that member-business loan the credit union's aggregate member-business loan amount calculated under Subsection (7)(c)(ii) at any one time exceeds 1.25 times the sum of: (A) the actual undivided earnings; and (B) the actual reserves other than the regular reserves. (ii) For purposes of Subsection (7)(c)(i), the aggregate member-business loan amount of a credit union equals: (A) the sum of the total amount financed under all member-business loans outstanding at the credit union; minus (B) the amount of the member-business loans described in Subsection (7)(c)(ii)(A): (I) that is secured by share or deposit savings in the credit union; or (II) for which the repayment is insured or guaranteed by, or there is an advance commitment to purchase by an agency of the federal government, a state, or a political subdivision of the state. (d) (i) A credit union service organization may extend credit to a member of a credit union holding an ownership interest in the credit union service organization only if the credit union in which the person is a member is not prohibited from extending that credit to that member under: (A) this Subsection (7) and Subsection (8); or (B) Section 7-9-58. (ii) For purposes of determining whether under this Subsection (7) and Subsection (8) a credit union may extend credit, the total amount outstanding of credit extended by a credit union service organization to a person shall be treated as if the credit was extended by the credit union in which the person is a member. (iii) If a person seeking an extension of credit from a credit union service organization is a member of more than one credit union holding an ownership interest in the credit union service organization, the person shall specify the credit union to which the extension of credit is attributed under Subsection (7)(d)(ii). (iv) This Subsection (7)(d) effects only an extension of credit: (A) that is extended on or after May 5, 2003; and (B) by: (I) a credit union service organization; or (II) a credit union organized under this chapter. (e) Notwithstanding the other provisions of this section, a nonexempt credit union may not extend credit that the nonexempt credit union is prohibited from extending under Section 7-9-58. (8) (a) A credit union may extend credit that is not a member-business loan in an amount that exceeds the limits described in Subsection (7)(b)(i) only if the excess portion is fully secured by share or deposit savings in the credit union. (b) (i) Except as provided in Subsection (8)(b)(ii), a credit union may extend a member-business loan in an amount that exceeds the limits described in Subsection (7)(b)(ii)(A)(II) only if: (A) that portion that is in excess of the limits described in Subsection (7)(b)(ii)(A)(II) is secured by share or deposit savings in the credit union; or (B) the repayment of that portion that is in excess of the limits described in Subsection (7)(b)(ii)(A)(II) is insured or guaranteed by, or there is an advance commitment to purchase that excess portion by, an agency of: (I) the federal government; (II) a state; or (III) a political subdivision of the state. (ii) Notwithstanding Subsection (8)(b)(i), a credit union may not extend a member-business loan if the total amount financed by the credit union exceeds $1,000,000. (c) For a member-business loan that is extended through a loan participation arrangement in accordance with Subsection 7-9-5(12): (i) in applying the limitation of Subsection (8)(b), each credit union participating in the member-business loan may extend up to $1,000,000 of the amount financed; and (ii) the requirement of Subsection (7)(b)(ii)(A)(I) applies to membership in a credit union that: (A) participates in the loan participation arrangement for the member-business loan; (B) is organized under this chapter; and (C) is a successor to or was a credit union described in Subsection 7-9-53(2)(c) as of May 3, 1999. (9) As provided in this chapter or in the credit union bylaws, the board of directors: (a) within 30 days following the annual meeting of the members, shall appoint a supervisory committee consisting of not less than three members; (b) within 30 days after the annual meeting of the members, shall appoint: (i) a credit committee consisting of not less than three members; or (ii) a credit manager in lieu of a credit committee; (c) shall appoint a president to serve as general manager; (d) shall have an executive committee; (e) may appoint an investment officer; (f) shall elect a secretary; (g) may appoint other officers and committees that it considers necessary; (h) shall establish written credit policies, loan security requirements, loan investment, personnel, and collection policies; and (i) on or before January 31 of each year, shall provide for: (i) share insurance for the shares and deposits of the credit union from the National Credit Union Administration or successor federal agency; or (ii) security expressly pledged for the payment of the shares and deposits in accordance with Section 7-9-45. (10) A person may not be a member of more than one committee except as otherwise provided in this chapter or in the credit union bylaws. (11) The president and secretary may not be the same person.
Utah Code § 7-25-101 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-101
§ 7-25-101. Title.
Status: in_force

This chapter is known as the "Money Transmitter Act."
Utah Code § 7-1-505 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-505
§ 7-1-505. Rules and regulations governing persons or institutions not regulated under other chapters of title.
Status: in_force

With respect to any person or institution or class of institutions subject to the jurisdiction of the department under this part and not regulated or supervised under any other chapter of this title, the commissioner shall issue appropriate rules and regulations consistent with the purposes and provisions of this title governing the regulation, supervision, and examination of those persons, institutions, or classes of institutions.
Utah Code § 7-3-3.2 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-3.2
§ 7-3-3.2. Securities business permitted -- Activities conducted by subsidiary -- Disclosure statements required.
Status: in_force

(1) A bank has all necessary and incidental powers to engage in the business of purchasing, selling, underwriting, and dealing in securities, whether as a principal for its own account or as agent or broker for a customer, subject to the limitations in this section. (2) The securities business that a bank may conduct as a principal for its own account is limited to the activities specified in Subsections (2)(a) through (d). A bank does not otherwise have power to enter securities underwriting or act as a principal in issuance or marketing of securities. (a) A bank may purchase for investment and subsequently resell those types of securities authorized by statute or rule of the commissioner, including, without limitation, shares purchased in accordance with Section 7-3-21 and government or other securities lawfully acquired for the investment or trading portfolio of the bank or any of its subsidiaries or affiliates in accordance with any limitation established by any other federal or state statute, regulation, or rule. (b) A bank may sell securities of any kind acquired in the ordinary course of business, including, without limitation, through foreclosure on pledged securities. (c) A bank may underwrite or deal in securities issued by a municipality, county, or other local governmental entity or an agency of any such governmental entity, securities issued by a state or any of its agencies, or securities issued by the federal government or any of its agencies. (d) A bank may establish or underwrite the securities of registered investment companies that are limited to operating or investing in money market funds or other short-term government or corporate debt instruments. (3) This section may not be interpreted to alter the traditional rights and powers of banks to issue deposit instruments or similar instruments that acknowledge receipt of money for customers, even though the instruments may for some purposes be considered securities. (4) Securities activities under this section, except those activities described in Subsections (2)(a) and (b), shall be conducted only through a subsidiary. Any such subsidiary shall be established pursuant to rules that the commissioner may adopt after notice and hearing. Any such rules shall further define the standards by which a securities subsidiary of a bank may be established and operated, including the requirement for registration, if required, as a broker-dealer with state, federal, and self-regulatory agencies. In addition to other standards that may be established by these rules, a bank may not invest more than 10% of its total capital in a securities subsidiary. For purposes of that determination, total capital shall be calculated in accordance with all other applicable statutes and rules of the commissioner, including the effect of loans from the bank to the subsidiary, together with capital standards established by the Federal Deposit Insurance Corporation. Every loan made by the bank to a securities subsidiary shall comply with applicable state and federal laws. In all cases, each subsidiary shall maintain separate corporate and financial records. (5) Notwithstanding Subsection (4), a bank may enter into a networking agreement with a registered broker-dealer for the provision of brokerage services to the bank's customers on the bank's premises without the need to comply with Subsection (4), (6), or (7). (6) The securities activities authorized by this section may be conducted from an authorized banking office or from a separate office of a subsidiary, and may be offered to customers in this state or in any other state, territory, or country, except to the extent such activities are limited or prohibited by the laws of the other state, territory, or country. (7) Before undertaking any of the direct or indirect securities activities permitted under this section, except those authorized by Subsection (2)(a), a bank shall apply to the commissioner. The commissioner shall render a decision of approval, conditional approval, or disapproval within 60 days from the date of receiving the application. Public notice is not required for any hearing on the application that may be held. Before approving the application, the commissioner shall be satisfied that the bank possesses the managerial and financial resources necessary to conduct the securities activities safely and soundly. (8) In conducting securities activities, a bank shall in all respects comply, and cause its securities subsidiary to comply, with the Utah Uniform Securities Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and other applicable statutes, regulations, and rules. (9) In connection with each customer for which a bank or its securities subsidiary shall act as agent or broker, the bank or the subsidiary, as applicable, shall give a written disclosure to its customer prior to closing any single transaction or establishment of an account contemplating a series of transactions. The disclosure statement shall be in legible print and shall be in substantially the form shown in Subsection (9)(a) with respect to the bank and in Subsection (9)(b) with respect to any securities subsidiary. (a) DISCLOSURE STATEMENTThe services offered by the securities department of this bank are offered to its customers without regard to any other banking relationship. By signing below the customer acknowledges receipt of this Disclosure Statement and agrees that any contract for securities services is completely voluntary, and the selection of this bank for securities services has not been required by any other business relationship or account with the bank.__________(month/day/year). CUSTOMER:______________________________________________________ (b) DISCLOSURE STATEMENT_________________ (name of securities agency subsidiary) is a subsidiary of ______________ (name of bank). The services offered by _________________ (name of subsidiary) are offered to its customers without regard to any separate banking relationship with _______________ (name of bank). By signing below the customer acknowledges receipt of this Disclosure Statement and agrees that any contract for services with _______________ (name of subsidiary) is completely voluntary and the selection of _______________ (name of subsidiary) for securities services has not been required by any business relationship with its parent bank.__________(month/day/year). CUSTOMER:______________________________________________________
Utah Code § 7-1-208.2 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-208.2
§ 7-1-208.2. Deputy commissioner.
Status: in_force

The commissioner may appoint a deputy commissioner who shall be a citizen of the United States and a member of the Utah State Bar, to serve at the pleasure of the commissioner. The deputy commissioner shall serve as staff attorney for the department and perform all other duties assigned to the deputy commissioner by the commissioner.
Utah Code § 7-3-33 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-33
§ 7-3-33. Examination of affairs by board of directors -- Purposes -- Frequency -- Report filed in bank records.
Status: in_force

(1) Except as otherwise expressly provided in this chapter, it shall be the duty of the board of directors of every bank to examine or cause to be examined fully the books, papers, and affairs of the bank, and particularly the loans, discounts, and overdrafts thereof with a special view of ascertaining the value and security thereof and of the collateral security, if any, given in connection therewith, and to inquire into such other matters as the commissioner of financial institutions or bank examiner may require. (2) The examination shall be made not less frequently than once within an 18-month period and at such other times as the commissioner may require. (3) Within 30 days after the completion of the examination a report in writing thereof shall be made and placed on file with the records of the bank and shall be subject to examination by the commissioner or bank examiner.
Utah Code § 7-1-401 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-401
§ 7-1-401. Fees payable to commissioner.
Status: in_force

(1) Except for an out-of-state depository institution with a branch in Utah, a depository institution under the jurisdiction of the department shall pay an annual fee: (a) computed by averaging the total assets of the depository institution shown on each quarterly report of condition for the depository institution for the calendar year immediately preceding the date on which the annual fee is due under Section 7-1-402; and (b) at the following rates: (i) on the first $5,000,000 of these assets, the greater of: (A) 65 cents per $1,000; or (B) $500; (ii) on the next $10,000,000 of these assets, 35 cents per $1,000; (iii) on the next $35,000,000 of these assets, 15 cents per $1,000; (iv) on the next $50,000,000 of these assets, 12 cents per $1,000; (v) on the next $200,000,000 of these assets, 10 cents per $1,000; (vi) on the next $300,000,000 of these assets, 6 cents per $1,000; and (vii) on all amounts over $600,000,000 of these assets, 2 cents per $1,000. (2) A financial institution with a trust department shall pay a fee determined in accordance with Subsection (7) for each examination of the trust department by a state examiner. (3) Notwithstanding Subsection (1), a credit union in the credit union's first year of operation shall pay a basic fee of $25 instead of the fee required under Subsection (1). (4) A trust company that is not a depository institution or a subsidiary of a depository institution holding company shall pay: (a) an annual fee of $500; and (b) an additional fee determined in accordance with Subsection (7) for each examination by a state examiner. (5) Any person or institution under the jurisdiction of the department that does not pay a fee under Subsections (1) through (4) shall pay: (a) an annual fee of $200; and (b) an additional fee determined in accordance with Subsection (7) for each examination by a state examiner. (6) A person filing an application or request under Section 7-1-503, 7-1-702, 7-1-703, 7-1-704, 7-1-713, 7-5-104, or 7-18a-202 shall pay: (a) (i) a filing fee of $500 if on the day on which the application or request is filed the person: (A) is a person with authority to transact business as a depository institution, a trust company, or any other person described in Section 7-1-501 as being subject to the jurisdiction of the department; and (B) has total assets in an amount less than $5,000,000; or (ii) a filing fee of $2,500 for any person not described in Subsection (6)(a)(i); and (b) all reasonable expenses incurred in processing the application. (7) (a) Per diem assessments for an examination shall be calculated at the rate of $55 per hour: (i) for each examiner; and (ii) per hour worked. (b) For an examination of a branch or office of a financial institution located outside of this state, in addition to the per diem assessment under this Subsection (7), the institution shall pay all reasonable travel, lodging, and other expenses incurred by each examiner while conducting the examination. (8) In addition to a fee under Subsection (5), a person registering under Section 7-23-201, 7-24-201, or 7-27-201 shall pay an original registration fee of $300. (9) In addition to a fee under Subsection (5), a person applying for licensure under Chapter 25, Money Transmitter Act, shall pay an original license fee of $300.
Utah Code § 7-1-710 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-710
§ 7-1-710. "Agency" defined -- Purposes and establishment of agency.
Status: in_force

(1) As used in this section, "agency" means a place, person, or facility, stationary or mobile, other than the home office or a branch office: (a) where functions of the financial institution not involving the receiving or paying of deposits, making of loans or the handling of cash may be performed; (b) established for individual transactions and for special temporary purposes; (c) established for the purposes set forth in Sections 7-1-608 and 7-1-609; or (d) established to perform the functions of a financial institution service corporation. (2) A financial institution may establish one or more agencies without the prior written approval of the commissioner. Within 30 days of the establishment of an agency, the financial institution shall inform the commissioner in writing of the address of the agency and the specific functions for which it was established. (3) No agency may be converted to a branch without compliance with Section 7-1-708.
Utah Code § 7-5-108 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-108
§ 7-5-108. Management and investment of trust money.
Status: in_force

(1) A trust company shall invest or distribute money the trust company receives or holds as an agent or a fiduciary, whether for investment or distribution, as soon as practicable as authorized under the instrument creating the account. (2) A trust company may not hold the money described in Subsection (1) without investing the money for any longer than is reasonably necessary. (3) If the instrument creating an agency or fiduciary account authorizes the trust company, the trust company's officers, or the trust company's directors to exercise discretion over investments, the trust company, the trust company's officers, or the trust company's directors may invest money the trust company holds in the trust account under that instrument only in a class of securities that the directors of the trust company, or a committee of directors that the directors appoint, approve. (4) If a trust company acts in an agency or a fiduciary capacity under appointment by a court with jurisdiction, the trust company shall make and account for the investments according to Title 75B, Trusts, unless the underlying instrument provides otherwise. (5) (a) A trust company that is also a depository institution may deposit into the trust company's commercial department or savings department money that the trust company holds or receives as an agent or a fiduciary whether for investment or distribution, to the credit of the trust company's trust department. (b) When the money that a trust company deposits, in accordance with Subsection (5)(a), into a fiduciary or managing agency account exceeds the amount of federal deposit insurance applicable to that fiduciary or managing agency account, the trust company shall deliver to the trust department or put under the trust department's control collateral security as described in 12 C.F.R. Sec. 9.10. (c) If the instrument that creates a fiduciary or managing agency account described in Subsection (5)(b) expressly provides that a trust company may deposit money into the commercial or savings department of the trust company: (i) the trust company may deposit the money without setting aside collateral securities as required under this section; and (ii) in the event of insolvency, a deposit of the trust company shall be treated as other general deposits are treated. (d) A trust company that deposits trust funds into the trust company's commercial or savings department is liable for interest on the deposits only at the rates, if any, the trust company pays on deposits of like kind not made to the credit of the trust company's trust department. (6) (a) A trust company may deposit in an affiliated depository institution money that a trust company receives or holds as agent or fiduciary, whether for investment or distribution. (b) If money that a trust company deposits, in accordance with Subsection (6)(a), into a fiduciary or managing agency account exceeds the amount of federal deposit insurance applicable to that account, the depository institution shall deliver to the trust company or put under the trust company's control collateral security as described in 12 C.F.R. Sec. 9.10. (c) If the instrument that creates the fiduciary or managing agency account described in Subsection (6)(b) expressly permits the trust company to deposit money into the affiliated depository institution: (i) the trust company may deposit money without setting aside collateral securities in accordance with this section; and (ii) in the event of insolvency of the depository institution, deposits the trust company makes shall be treated as other general deposits are treated. (d) A trust company that deposits trust money into an affiliated depository institution is liable for interest on the deposits only at the rates, if any, the depository institution pays on deposits of like kind. (7) In carrying out all aspects of the trust company's trust business, a trust company has all the powers, privileges, and duties as set forth in Sections 75B-2-813 and 75B-2-814 with respect to trustees, whether the trust company acts as a trustee as defined in Section 75B-1-101. (8) Nothing in this section may alter, amend, or limit the powers of a trust company acting in a fiduciary capacity as specified in the particular instrument or order creating the fiduciary relationship.
Utah Code § 7-1-208.1 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-208.1
§ 7-1-208.1. Supervisor of holding companies -- Qualifications -- Responsibilities.
Status: in_force

(1) The commissioner may designate an examiner as supervisor of holding companies who shall be a citizen of the United States and shall have sufficient training and experience with regard to holding companies to demonstrate the examiner's qualifications and fitness to perform the duties of the supervisor of holding companies. (2) The supervisor of holding companies is responsible, subject to the direction and control of the commissioner, for the general supervision and examination of all holding companies subject to the jurisdiction of the department under this title. The supervisor of holding companies shall assist and advise the commissioner in the execution of the laws of this state relating to holding companies and shall perform other duties prescribed in this title or assigned to the supervisor of holding companies by the commissioner.
Utah Code § 7-22-109 — Utah Code / Title 7 / Chapter 7-22 / § 7-22-109
§ 7-22-109. Priority of claims in case of insolvency.
Status: in_force

If the commissioner takes possession of the business and property of the escrow agent in accordance with Title 7, Chapter 2, Possession of Depository Institution by Commissioner, or if the escrow agent files or is involuntarily placed into bankruptcy, or if a receiver, conservator, or liquidator is appointed to administer the affairs of the escrow agent, the claims of persons for losses relating to funds or property held in escrow shall have the same priority as claims of depositors in Section 7-2-15.
Utah Code § 7-3-3 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-3
§ 7-3-3. "Banking business" defined -- Credit card banks -- Insurance of deposit accounts.
Status: in_force

(1) (a) Except as provided under Subsection (1)(b), a person is considered to be conducting a banking business and is a bank subject to the provisions of this title that are applicable to banks if the person is authorized: (i) under the laws of this: (A) state; (B) another state; (C) the United States; (D) the District of Columbia; or (E) a territory of the United States; and (ii) (A) to accept deposits from the public; and (B) to conduct such other business activities as may be authorized by statute or by the commissioner in accordance with Subsection 7-3-10(3). (b) A person is not considered to be a bank subject to the provisions of this title that are applicable to banks if the person is authorized to conduct the business of: (i) a federal savings and loan association; (ii) a federal savings bank; (iii) an industrial bank subject to Chapter 8, Industrial Banks; (iv) a federally chartered credit union; or (v) a credit union subject to Chapter 9, Utah Credit Union Act. (2) A person authorized to operate as a bank in this state may operate as a credit card bank if it: (a) engages only in credit card operations; (b) does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; (c) does not accept a savings or time deposit of less than $100,000; (d) maintains only one office that accepts deposits; and (e) does not engage in the business of making commercial loans. (3) All deposit accounts in banks or branches subject to the jurisdiction of the department shall be insured by the Federal Deposit Insurance Corporation or a successor to the Federal Deposit Insurance Corporation.
Utah Code § 7-29-103 — Utah Code / Title 7 / Chapter 7-29 / § 7-29-103
§ 7-29-103. Access to blockchain protocols and transfer of digital assets.
Status: in_force

A person may: (1) operate a node for the purpose of: (a) connecting to a blockchain protocol; and (b) participating in the blockchain protocol's operations; (2) develop software on a blockchain protocol; (3) transfer digital assets to another individual or business utilizing a blockchain protocol; or (4) participate in staking on a blockchain protocol.
Utah Code § 7-9-29 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-29
§ 7-9-29. Allowance account for loan losses.
Status: in_force

As of January 1, 1984, a credit union shall establish an allowance account for loan losses subject to regulation as the commissioner may prescribe.
Utah Code § 7-5-102 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-102
§ 7-5-102. Allowable trust companies -- Exceptions.
Status: in_force

(1) Only the following may be a trust company: (a) a Utah depository institution or the Utah depository institution's wholly owned subsidiary; (b) an out-of-state depository institution authorized to engage in business as a depository institution in this state or the out-of-state depository institution's wholly owned subsidiary; (c) a corporation, including a credit union service organization, owned entirely by one or more federally insured depository institutions as defined in Subsection 7-1-103(8); (d) a direct or indirect subsidiary of a depository institution holding company that also has a direct or indirect subsidiary authorized to engage in business as a depository institution in this state; and (e) any other corporation continuously and lawfully engaged in the trust business in this state since before July 1, 1981. (2) Only a trust company may engage in the trust business in this state. (3) The requirements of this chapter do not apply to: (a) an institution authorized to engage in trust business in another state that engages in trust activities in this state solely to fulfill the institution's duties as a trustee of a trust created and administered in another state; (b) a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, or a wholly owned subsidiary of a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, to the extent the institution is authorized by the institution's primary federal regulator to engage in trust business in this state; or (c) a state agency that is otherwise authorized by statute to act as a conservator, receiver, guardian, trustee, or in any other fiduciary capacity.
Utah Code § 7-25-404 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-404
§ 7-25-404. Licensee liability.
Status: in_force

A licensee's responsibility to a person who purchases a payment instrument or money transmission transaction from a licensee or a licensee's authorized agent is limited to the face amount of the payment instrument or money transmission transaction purchased.
Utah Code § 7-3-25 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-25
§ 7-3-25. Bad debts.
Status: in_force

All demand and matured debts due to any bank on which interest is past due and has not been paid for a period of six months, unless they are well secured and in process of collection, are considered bad debts and shall be charged off to the reserve for loan losses account.
Utah Code § 7-1-323 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-323
§ 7-1-323. Regulation of interstate operations -- Coordination of efforts.
Status: in_force

(1) The commissioner may: (a) examine, supervise, and regulate a branch operated in this state by a depository institution chartered by another state and take any action or issue any order with regard to that branch; (b) examine, supervise, and regulate a branch operated in another state by a depository institution chartered by this state and take any action or issue any order with regard to that branch; and (c) coordinate these activities with any other state or federal agency that shares jurisdiction over the institution. (2) The commissioner may coordinate the examination, supervision, and regulation of any depository institution chartered by this state with the examination, supervision, and regulation of an affiliated depository institution operating in another state. (3) The commissioner may take any reasonable and lawful action in furtherance of coordinating the regulation of interstate operations, including: (a) negotiating and entering into cooperative agreements with an agency of another state or of the federal government; (b) sharing information and reports in accordance with Section 7-1-802 with an agency that shares jurisdiction over the institution; (c) accepting as sufficient, if appropriate, examination reports and other information compiled or generated by or for an agency that shares jurisdiction over the institution; (d) contracting with an agency that shares jurisdiction over the institution to engage the services of its examiners at a reasonable rate of compensation; (e) offering the services of the department's examiners at a reasonable rate of compensation to an agency that shares jurisdiction over the institution; (f) collecting fees on behalf of, or receiving payment of fees through, an agency that shares jurisdiction over the institution; and (g) cooperating in any other way with other supervisory agencies and professional associations to promote the efficient, safe, and sound operation and regulation of interstate depository institution activities, including the formulation of interstate examination policies and procedures and the drafting of model laws, rules, and agreements. (4) A contract between the department and an agency that shares jurisdiction over a depository institution to provide examiners to aid in interstate examination and regulation is considered a sole source contract under Section 63G-6a-802.
Utah Code § 7-23-403 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-403
§ 7-23-403. Extended payment plan.
Status: in_force

(1) (a) If a person who owes money on a deferred deposit loan requests to enter into an extended payment plan, the deferred deposit lender who extended the deferred deposit loan shall allow the person to enter into an extended payment plan that meets the requirements of this section at least once during a 12-month period to pay the money owed. (b) A deferred deposit lender is not required to enter into an extended payment plan with a person who owes money on a deferred deposit loan more than one time during a 12-month period. (c) Notwithstanding the other provisions of this Subsection (1), if a person is charged 10 continuous weeks of interest or fees on a deferred deposit loan, including rollovers, at the end of the 10-week period: (i) the person may request to repay the deferred deposit loan and rollovers under an extended payment plan that meets the requirements of this section; and (ii) the deferred deposit lender shall execute the extended payment plan in accordance with this section. (2) An extended payment plan shall include the following: (a) A deferred deposit lender shall require a person who receives a deferred deposit loan and wants to enter an extended payment plan to enter into a written agreement: (i) with the deferred deposit lender; (ii) that is executed: (A) no sooner than the day before the last day of the initial term of the deferred deposit loan; (B) except as provided in Subsection (2)(a)(ii)(C), no later than the business day before the day on which the deferred deposit loan is due; and (C) for an extended payment plan offered after a default on a deferred deposit loan, 10 days after receiving the notice described in Subsection 7-23-401(8), unless a later date is allowed by the deferred deposit lender; (iii) that is signed by the deferred deposit lender or its agent and the person; (iv) a copy of which is given to the person; and (v) that states: (A) a payment schedule; and (B) the money owed under the extended payment plan. (b) A payment schedule for an extended payment plan shall provide that the money owed may be paid: (i) in at least four equal payments; and (ii) over a time period that is at least the greater of: (A) 90 days after the date of default; or (B) 60 days after entering into an extended payment plan. (c) The money owed under an extended payment plan shall equal the money owed under the deferred deposit loan, including interest and fees, that would be due if the deferred deposit loan is paid in full on the last day of the most current term of the deferred deposit loan. (3) (a) A deferred deposit lender may not charge interest or fees as part of an extended payment plan regardless of the name given to the interest or fees including: (i) an origination fee; (ii) a set-up fee; (iii) a collection fee; (iv) a transaction fee; (v) a negotiation fee; (vi) a handling fee; (vii) a processing fee; (viii) a late fee; or (ix) a default fee. (b) Except as provided in Subsection (7), a deferred deposit lender may not accept any additional security or collateral from the person who receives the deferred deposit loan to enter into the extended payment plan. (c) A deferred deposit lender may not sell to the person who receives the deferred deposit loan any insurance or require the person to purchase insurance or any other goods or services to enter into the extended payment plan. (d) A deferred deposit loan may not be considered in default during the extended payment plan period if the person who receives the deferred deposit loan complies with the terms of the extended payment plan. (e) If a person who receives a deferred deposit loan defaults during the extended payment plan period, the deferred deposit lender may: (i) accelerate the requirement to pay the money owed under the extended payment plan; (ii) charge a fee not to exceed $20; (iii) terminate the extended payment plan; and (iv) subject to the other requirements of this chapter, reinstate the original deferred deposit loan terms. (4) A deferred deposit loan may not penalize a person who enters into an extended payment plan for paying to the deferred deposit lender money owed under the extended payment plan before the money is due. (5) (a) A deferred deposit lender may not initiate collection activities for a deferred deposit loan that is subject to an extended payment plan during the period that the person owing money under the extended payment plan is in compliance with the extended payment plan. (b) A deferred deposit lender may not attempt to collect an amount that is greater than the amount owed under the terms of an extended payment plan. (6) A deferred deposit lender may not collect additional interest or fees on a deferred deposit loan, except for the fee imposed under Subsection (3)(e)(ii), from a person who has been charged 10 weeks interest and defaults under the extended payment plan described in Subsection (1)(c). (7) Under an extended payment plan: (a) a deferred deposit lender may require the person who receives a deferred deposit loan to make an initial payment of not more than 20% of the total amount due under the terms of the extended payment plan if the person has defaulted on the deferred deposit loan; (b) (i) a deferred deposit lender may require a person who receives a deferred deposit loan to provide the deferred deposit lender, as security, one or more checks or written authorizations for an electronic transfer of money that equal the total amount due under the terms of the extended payment plan; (ii) if the person who receives a deferred deposit loan makes a payment in the amount of a check or written authorization taken as security for that payment, the deferred deposit lender shall: (A) return to the person the check or written authorization stamped "void"; or (B) destroy the check or written authorization; and (iii) the deferred deposit lender may not charge a fee to the person who receives the deferred deposit loan for a check that is provided as security during the extended payment plan and that is not paid upon presentment if the deferred deposit lender has previously charged a fee under Subsection 7-23-401(5) at least once in connection with that deferred deposit loan. (8) When a person who receives a deferred deposit loan makes a payment pursuant to an extended payment plan, the deferred deposit lender shall give to the person a receipt with the following information: (a) the name and address of the deferred deposit lender; (b) the identification number assigned to the deferred deposit loan agreement or other information that identifies the deferred deposit loan; (c) the date of the payment; (d) the amount paid; (e) the balance due on the deferred deposit loan or, when the person makes the final payment, a statement that the deferred deposit loan is paid in full; and (f) if more than one deferred deposit loan made by the deferred deposit lender to the person is outstanding at the time the payment is made, a statement indicating to which deferred deposit loan the payment is applied.
Utah Code § 7-16a-103 — Utah Code / Title 7 / Chapter 7-16a / § 7-16a-103
§ 7-16a-103. Application of chapter.
Status: in_force

(1) This chapter does not: (a) authorize a depository institution, or any other person, to engage in any transaction not otherwise specifically permitted by applicable law; or (b) apply to the use of any device capable of transmitting electronic impulses that is not readily accessible to the general public for the primary purpose of initiating transactions with depository institutions. (2) Use of an automated teller machine to effect a transaction is only an additional means of effecting the transaction and this chapter does not limit or enlarge the rights of persons under state or federal statute or under any rules or regulations made under those statutes that govern credit or deposit account relationships.
Utah Code § 7-25-403 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-403
§ 7-25-403. Termination or suspension of authorized agent activity.
Status: in_force

(1) (a) The commissioner may issue an order suspending or barring an authorized agent from continuing to be or becoming an authorized agent of a licensee during the period for which the order is in effect, if subject to Title 63G, Chapter 4, Administrative Procedures Act, the commissioner finds that an authorized agent of a licensee or a director, officer, employee, or controlling person of the authorized agent has: (i) violated this chapter or a rule or order issued under this chapter; (ii) engaged or participated in an unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or (iii) made or caused to be made in an application or report filed with the commissioner or a proceeding before the commissioner, a statement that was at the time and in the circumstances under which it was made, false or misleading with respect to a material fact, or has omitted to state in the application or report a material fact that is required to be stated in the application or report. (b) Upon issuance of the order, the licensee shall terminate its relationship with the authorized agent according to the terms of the order. (2) An authorized agent to whom an order is issued under this section may apply to the commissioner to modify or rescind the order. The commissioner may not grant the application unless the commissioner finds that it is in the public interest to do so and that it is reasonable to believe that the person will, if and when the person is permitted to resume being an authorized agent of a licensee, comply with all applicable provisions of this chapter and a rule or order issued under this title.
Utah Code § 7-28-111 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-111
§ 7-28-111. Duties and liability of bank.
Status: in_force

(1) A bank does not have a fiduciary duty to any person with respect to a special deposit. (2) When the bank holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the bank and beneficiary. (3) The bank holding a special deposit has a duty to a beneficiary to comply with the account agreement and this chapter. (4) (a) If the bank holding a special deposit does not comply with the account agreement or this chapter, the bank is liable to a depositor or beneficiary only for damages proximately caused by the noncompliance. (b) Except as provided by other law of this state, the bank is not liable for consequential, special, or punitive damages. (5) The bank holding a special deposit may rely on records presented in compliance with the account agreement to determine whether the bank is obligated to pay a beneficiary. (6) (a) If the account agreement requires payment on presentation of a record, the bank shall determine within a reasonable time whether the record is sufficient to require payment. (b) If the agreement requires action by the bank on presentation of a record, the bank is not liable for relying in good faith on the genuineness of the record if the record appears on the record's face to be genuine. (7) Unless the account agreement provides otherwise, the bank is not required to determine whether a permissible purpose stated in the agreement continues to exist.
Utah Code § 7-26-401 — Utah Code / Title 7 / Chapter 7-26 / § 7-26-401
§ 7-26-401. Immunity.
Status: in_force

(1) A covered financial institution or a director, officer, employee, attorney, accountant, agent, or other representative of the covered financial institution: (a) has no duty to act under this chapter to protect a vulnerable adult from financial exploitation by a third person; and (b) is immune from all criminal, civil, and administrative liability for not taking a permissive action under this chapter. (2) A covered financial institution or a director, officer, employee, attorney, accountant, agent, or other representative of the covered financial institution who chooses to act as described in: (a) Subsection 7-26-201(2), is immune from all criminal, civil, and administrative liability for the act, unless the act is done in bad faith; and (b) Section 7-26-301 or 7-26-302, is immune from all criminal, civil, and administrative liability for the act, unless the act: (i) is done in bad faith; and (ii) causes pecuniary loss to a vulnerable adult suspected of being a victim of financial exploitation. (3) The immunity described in this section does not extend to an individual that is a principal, a conspirator, or an accessory after the fact to a criminal offense involving the financial exploitation of a vulnerable adult.
Utah Code § 7-17-9 — Utah Code / Title 7 / Chapter 7-17 / § 7-17-9
§ 7-17-9. Actions on accounts established prior to 1979 -- Limitations on recovery.
Status: in_force

(1) With respect to any reserve account established prior to July 1, 1979, and for which no legal action is pending as of January 1, 1979, no recovery shall be had in any action brought to require payment of interest on, or other compensation for, the use prior to July 1, 1979, of the funds in such account unless: (a) An agreement in writing expressly so providing was executed by the borrower and the lender; or (b) The borrower, or his successors or assigns, establishes by clear and convincing evidence an agreement between the parties that the lender would pay interest on or to otherwise compensate the borrower for the use of the funds in such account. Use in the loan documents of such words as "trust" or "pledge" alone does not establish the intent of the parties; and (c) There is no federal law or regulation prohibiting the payment of interest on or otherwise compensating the borrower for the use of the funds in such an account. (2) No action seeking payment of interest on or other compensation for the use of the funds in any reserve account for any period prior to July 1, 1979, shall be brought after June 30, 1981. Any recovery in any such action shall be limited to the four-year period immediately preceding the commencement of the action. No recovery shall be had in respect of any reserve account established prior to July 1, 1979, greater than if the provisions of Section 7-17-3 of this act were applicable to such accounts. (3) With respect to any reserve account established prior to July 1, 1979, an agreement in writing between the lender and the borrower, or his successors or assigns, that: (a) the provisions of Section 7-17-3 of this act shall apply to all payments made subsequent to July 1, 1979; or (b) the borrower may exercise, for the period subsequent to July 1, 1979, either of the options provided in Section 7-17-4 of this act, shall bar any recovery by the borrower, his successors or assigns, for interest on or other compensation for the use of the funds in such account for any period prior to July 1, 1979.
Utah Code § 7-26-101 — Utah Code / Title 7 / Chapter 7-26 / § 7-26-101
§ 7-26-101. Title.
Status: in_force

This chapter is known as the "Financial Exploitation Prevention Act."
Utah Code § 7-9-15 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-15
§ 7-9-15. Appeals from board of directors or committees.
Status: in_force

Appeals from decisions of the board of directors, supervisory committee, or credit committee shall be made as the bylaws prescribe.
Utah Code § 7-27-201 — Utah Code / Title 7 / Chapter 7-27 / § 7-27-201
§ 7-27-201. Registration requirements -- Rulemaking.
Status: in_force

(1) (a) Beginning January 1, 2023, it is unlawful for a person to engage in a commercial financing transaction as a provider in Utah or with a Utah resident, unless the person: (i) registers with the department in accordance with this chapter; and (ii) maintains a valid registration. (b) An officer or employee of a person required to register under this section is not required to register if the person for whom the individual is an officer or employee is registered. (2) (a) A registration and a renewal of registration expires on December 31 of each year. (b) To register or renew a registration under this section, a person shall: (i) pay an original registration fee established under Subsection 7-1-401(8); and (ii) submit a registration statement containing the information described in Subsection (2)(d). (c) To renew a registration under this section, a person shall: (i) pay the annual fee established under Subsection 7-1-401(5); and (ii) submit a renewal statement containing the information described in Subsection (2)(d). (d) A registration or renewal statement shall state: (i) the name of the person; (ii) the name in which the business will be transacted if different from that required in Subsection (2)(d)(i); (iii) the address of the person's principal business office, regardless of whether in the state or outside the state; (iv) the address of each office in this state at which the person engages in commercial financing transactions; (v) if the person engages in commercial financing transactions in this state but does not maintain an office in the state, a brief description of the manner in which the business is conducted; (vi) the name and address in this state of a designated agent upon whom service of process may be made; (vii) whether there is a conviction of a crime: (A) involving an act of fraud, dishonesty, breach of trust, or money laundering; and (B) with respect to that person, an officer, director, manager, operator, or principal of that person, or an employee of that person engaged in the business described in this chapter; (viii) evidence satisfactory to the department that the person is registered with the Nationwide Multistate Licensing System and Registry; and (ix) any other information required by the rules of the department. (e) (i) The commissioner may impose an administrative fine determined under Subsection (2)(e)(ii) on a person if: (A) the person is required to be registered under this chapter; (B) the person fails to register or renew a registration in accordance with this chapter; (C) the department notifies the person that the person is in violation of this chapter for failure to be registered; and (D) the person fails to register within 30 days after the day on which the person receives the notice described in Subsection (2)(e)(i)(C). (ii) Subject to Subsection (2)(e)(iii), the administrative fine imposed under this Subsection (2)(e) is: (A) $500 if the person has zero or one office in this state at which the person engages in commercial financing transactions; or (B) if the person has two or more offices in this state at which the person engages in commercial financing transactions, $500 for each office at which the person engages in commercial financing transactions. (iii) The commissioner may reduce or waive a fine imposed under this Subsection (2)(e) if the person shows good cause. (3) If the information in a registration or renewal statement required under Subsection (2) becomes inaccurate after filing, a person is not required to notify the department until: (a) that person is required to renew the registration; or (b) the department specifically requests earlier notification. (4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department may make rules consistent with this section: (a) providing for the form, content, and filing of a registration and renewal statement; and (b) providing for the transition of persons registering with the nationwide database.
Utah Code § 7-2-6 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-6
§ 7-2-6. Possession by commissioner -- Notice -- Presentation, allowance, and disallowance of claims -- Objections to claims.
Status: in_force

(1) (a) Possession of an institution by the commissioner commences when notice of taking possession is: (i) posted in each office of the institution located in this state; or (ii) delivered to a controlling person or officer of the institution. (b) All notices, records, and other information regarding possession of an institution by the commissioner may be kept confidential, and all court records and proceedings relating to the commissioner's possession may be sealed from public access if: (i) the commissioner finds it is in the best interests of the institution and its depositors not to notify the public of the possession by the commissioner; (ii) the deposit and withdrawal of funds and payment to creditors of the institution is not suspended, restricted, or interrupted; and (iii) the court approves. (2) (a) (i) Within 15 days after taking possession of an institution or other person under the jurisdiction of the department, the commissioner shall publish a notice to all persons who may have claims against the institution or other person to file proof of their claims with the commissioner before a date specified in the notice. (ii) The filing date shall be at least 90 days after the date of the first publication of the notice. (iii) The notice shall be published: (A) for at least 90 days, as a class A notice under Section 63G-30-102, for each city or county in which the institution or other person, or any subsidiary or service corporation of the institution, maintains an office; and (B) as required in Section 45-1-101 for 60 days. (b) (i) (A) Within 60 days of taking possession of a depository institution, the commissioner shall send a similar notice to all persons whose identity is reflected in the books or records of the institution as depositors or other creditors, secured or unsecured, parties to litigation involving the institution pending at the date the commissioner takes possession of the institution, and all other potential claimants against the institution whose identity is reasonably ascertainable by the commissioner from examination of the books and records of the institution. (B) No notice is required in connection with accounts or other liabilities of the institution that will be paid in full or be fully assumed by another depository institution or trust company. (C) The notice shall specify a filing date for claims against the institution not less than 60 days after the date of mailing. (D) Claimants whose claims against the institution have been assumed by another depository institution or trust company pursuant to a merger or purchase and assumption agreement with the commissioner, or a federal deposit insurance agency appointed as receiver or liquidator of the institution, shall be notified of the assumption of their claims and the name and address of the assuming party within 60 days after the claim is assumed. (E) Unless a purchase and assumption or merger agreement requires otherwise, the assuming party shall give all required notices. (F) Notice shall be mailed to the address appearing in the books and records of the institution. (ii) (A) Inadvertent or unintentional failure to mail a notice to any person entitled to written notice under this paragraph does not impose any liability on the commissioner or any receiver or liquidator appointed by the commissioner beyond the amount the claimant would be entitled to receive if the claim had been timely filed and allowed. (B) The commissioner or any receiver or liquidator appointed by the commissioner are not liable for failure to mail notice unless the claimant establishes that the claimant had no knowledge of the commissioner taking possession of the institution until after all opportunity had passed for obtaining payment through filing a claim with the commissioner, receiver, or liquidator. (c) Upon good cause shown, the court with supervisory jurisdiction under Section 7-2-2 may extend the time in which the commissioner may serve any notice required by this chapter. (d) (i) The commissioner has the sole power to adjudicate any claim against the institution, its property or other assets, tangible or intangible, and to settle or compromise claims within the priorities set forth in Section 7-2-15. (ii) Any action of the commissioner is subject to judicial review as provided in Subsection (9). (e) (i) A receiver or liquidator of the institution appointed by the commissioner has all the duties, powers, authority, and responsibilities of the commissioner under this section. (ii) All claims against the institution shall be filed with the receiver or liquidator within the applicable time specified in this section and the receiver or liquidator shall adjudicate the claims as provided in Subsection (2)(d). (f) The procedure established in this section is the sole remedy of claimants against an institution or its assets in the possession of the commissioner. (3) With respect to a claim which appears in the books and records of an institution or other person in the possession of the commissioner as a secured claim, which, for purposes of this section is a claim that constitutes an enforceable, perfected lien, evidenced in writing, on the assets or other property of the institution: (a) The commissioner shall allow or disallow each secured claim filed on or before the filing date within 30 days after receipt of the claim and shall notify each secured claimant by certified mail or in person of the basis for, and any conditions imposed on, the allowance or disallowance. (b) For all allowed secured claims, the commissioner shall be bound by the terms, covenants, and conditions relating to the assets or other property subject to the claim, as set forth in the note, bond, or other security agreement which evidences the secured claim, unless the commissioner has given notice to the claimant of the commissioner's intent to abandon the assets or other property subject to the secured claim at the time the commissioner gave the notice described in Subsection (3)(a). (c) No petition for lifting the stay provided by Section 7-2-7 may be filed with respect to a secured claim before the claim has been filed and allowed or disallowed by the commissioner in accordance with Subsection (3)(a). (4) With respect to all other claims other than secured claims: (a) Each claim filed on or before the filing date shall be allowed or disallowed within 180 days after the final publication of notice. (b) If notice of disallowance is not served upon the claimant by the commissioner within 210 days after the date of final publication of notice, the claim is considered disallowed. (c) (i) The rights of claimants and the amount of a claim shall be determined as of the date the commissioner took possession of the institution under this chapter. (ii) Claims based on contractual obligations of the institution in existence on the date of possession may be allowed unless the obligation of the institution is dependent on events occurring after the date of possession, or the amount or worth of the claim cannot be determined before any distribution of assets of the institution is made to claimants having the same priority under Section 7-2-15. (d) (i) An unliquidated claim against the institution, including claims based on alleged torts for which the institution would have been liable on the date the commissioner took possession of the institution and any claims for a right to an equitable remedy for breach of performance by the institution, may be filed in an estimated amount. (ii) The commissioner may disallow or allow the claim in an amount determined by the commissioner, settle the claim in an amount approved by the court, or, in the commissioner's discretion, refer the claim to the court with supervisory jurisdiction under Section 7-2-2 for determination in accordance with procedures designated by the court. (iii) If the institution held on the date of possession by the commissioner a policy of insurance that would apply to the liability asserted by the claimant, the commissioner, or any receiver appointed by the commissioner may assign to the claimant all rights of the institution under the insurance policy in full satisfaction of the claim. (iv) If the commissioner finds there are or may be issues of fact or law as to the validity of a claim, liquidated or unliquidated, or its proper allowance or disallowance under the provisions of this chapter, the commissioner may appoint a hearing examiner to conduct a hearing and to prepare and submit recommended findings of fact and conclusions of law for final consideration by the commissioner. (v) The hearing shall be conducted as provided in rules or regulations issued by the commissioner. (vi) The decision of the commissioner shall be based on the record before the hearing examiner and information the commissioner considers relevant and shall be subject to judicial review as provided in Subsection (9). (e) A claim may be disallowed if it is based on actions or documents intended to deceive the commissioner or any receiver or liquidator appointed by the commissioner. (f) The commissioner may defer payment of any claim filed on behalf of a person who was at any time in control of the institution within the meaning of Section 7-1-103, pending the final determination of all claims of the institution against that person. (g) The commissioner or any receiver appointed by the commissioner may disallow a claim that seeks a dollar amount if it is determined by the court with supervisory jurisdiction under Section 7-2-2 that the commissioner or receiver or conservator will not have any assets with which to pay the claim under the priorities established by Section 7-2-15. (h) The commissioner may adopt rules to establish such alternative dispute resolution processes as may be appropriate for the resolution of claims filed against an institution under this chapter. (i) (i) In establishing alternative dispute resolution processes, the commissioner shall strive for procedures that are expeditious, fair, independent, and low cost. (ii) The commissioner shall seek to develop incentives for claimants to participate in the alternative dispute resolution process. (j) The commissioner may establish both binding and nonbinding processes, which may be conducted by any government or private party, but all parties, including the claimant and the commissioner or any receiver appointed by the commissioner, must agree to the use of the process in a particular case. (5) (a) Claims filed after the filing date are disallowed, unless: (i) the claimant who did not file the claimant's claim timely demonstrates that the claimant did not have notice or actual knowledge of the proceedings in time to file a timely proof of claim; and (ii) proof of the claim was filed prior to the last distribution of assets. (b) Claims filed late may be allowed under Subsection (5)(a)(ii) if proof was filed before the final distribution of assets of the institution to claimants of the same priority and are payable only out of the remaining assets of the institution. (c) A late filed claim may be disallowed under any other provision of this section. (6) Debts owing to the United States or to any state or its subdivisions as a penalty or forfeiture are not allowed, except for the amount of the pecuniary loss sustained by the act, transaction, or proceeding out of which the penalty or forfeiture arose. (7) Except as otherwise provided in Subsection 7-2-15(1)(a), interest accruing on any claim after the commissioner has taken possession of an institution or other person under this chapter may be disallowed. (8) (a) A claim against an institution or its assets based on a contract or agreement may be disallowed unless the agreement: (i) is in writing; (ii) is otherwise a valid and enforceable contract; and (iii) has continuously, from the time of its execution, been an official record of the institution. (b) The requirements of this Subsection (8) do not apply to claims for goods sold or services rendered to an institution in the ordinary course of business by trade creditors who do not customarily use written agreements or other documents. (9) (a) (i) Objection to any claim allowed or disallowed may be made by any depositor or other claimant by filing a written objection with the commissioner within 30 days after service of the notice of allowance or disallowance. (ii) The commissioner shall present the objection to the court for hearing and determination upon written notice to the claimant and to the filing party. (iii) The notice shall set forth the time and place of hearing. (iv) After the 30-day period, no objection may be filed. (v) This Subsection (9) does not apply to secured claims allowed under Subsection (3). (b) The hearing shall be based on the record before the commissioner and any additional evidence the court allowed to provide the parties due process of law. (c) (i) The court may not reverse or otherwise modify the determination of the commissioner with respect to the claim unless the court finds the determination of the commissioner to be arbitrary, capricious, or otherwise contrary to law. (ii) The burden of proof is on the party objecting to the determination of the commissioner. (d) An appeal from any final judgment of the court with respect to a claim may be taken as provided by law by the claimant, the commissioner, or any person having standing to object to the allowance or disallowance of the claim. (10) (a) If a claim against the institution has been asserted in any judicial, administrative, or other proceeding pending at the time the commissioner took possession of the institution under this chapter or under Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, the claimant shall file copies of all documents of record in the pending proceeding with the commissioner within the time for filing claims as provided in Subsection (2). (b) A claim under Subsection (10)(a) shall be allowed or disallowed within 90 days of the receipt of the complete record of the proceedings. (c) No application to lift the stay of a pending proceeding shall be filed until the claim has been allowed or disallowed. (d) The commissioner may petition the court with supervisory jurisdiction under Section 7-2-2 to lift the stay to determine whether the claim should be allowed or disallowed. (11) (a) All claims allowed by the commissioner and not disallowed or otherwise modified by the court under Subsection (9), if not paid within 30 days after allowance, shall be evidenced by a certificate payable only out of the assets of the institution in the possession of the commissioner, subject to the priorities set forth in Section 7-2-15. (b) This provision does not apply to a secured claim allowed by the commissioner under Subsection (3)(a).
Utah Code § 7-15-3 — Utah Code / Title 7 / Chapter 7-15 / § 7-15-3
§ 7-15-3. Liability of financial institution upon wrongful dishonor.
Status: in_force

If a person is liable to a holder under Section 7-15-1 or under a contract with a depository institution as provided in Subsection 7-15-1(9), and the liability is proximately caused by a financial institution's wrongful dishonor under Section 70A-4-402, any award against the financial institution under Section 70A-4-402 shall include all amounts awarded against the person to the holder under: (1) Section 7-15-1; or (2) the contract with the depository institution as provided in Subsection 7-15-1(9).
Utah Code § 7-19-5 — Utah Code / Title 7 / Chapter 7-19 / § 7-19-5
§ 7-19-5. Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner.
Status: in_force

The commissioner may not authorize or require any transaction pursuant to Section 7-19-2 unless the commissioner determines that: (1) the acquiring or resulting depository institution or depository institution holding company has demonstrated an acceptable record of meeting the credit needs of the communities which it serves; and (2) the acquiring or resulting depository institution or depository institution holding company has a record of sound performance, capital adequacy, financial capacity, and efficient management such that the acquisition or merger will not jeopardize the financial stability of the acquired or merged depository institution and will not be detrimental to the interests of depositors, creditors, other customers of the depository institution, or to the public.
Utah Code § 7-2-22 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-22
§ 7-2-22. Termination of authority to transact business.
Status: in_force

If an institution or other person subject to the jurisdiction of the department is operated by a federal deposit insurance agency or its appointee pursuant to a federal receivership or conservatorship for a period of 180 days or more, the authority of that institution or person to transact business under this title shall terminate upon the expiration of the 180-day period.
Utah Code § 7-14-1 — Utah Code / Title 7 / Chapter 7-14 / § 7-14-1
§ 7-14-1. Definitions.
Status: in_force

As used in this chapter: (1) "Credit reporting agency" includes any co-operative credit reporting agency maintained by an association of financial institutions or one or more associations of merchants. (2) "Depository institution" means any institution authorized by state or federal law to accept and hold demand deposits or other accounts which may be used to effect third party payment transactions. The definition of "depository institution" in Chapter 1, General Provisions, does not apply to Chapter 14, Credit Information Exchange.
Utah Code § 7-2-21 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-21
§ 7-2-21. Applicability of Utah Procurement Code.
Status: in_force

No action of the commissioner taken under this chapter or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, is subject to the provisions of Title 63G, Chapter 6a, Utah Procurement Code.
Utah Code § 7-18a-201 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-201
§ 7-18a-201. Authorization required to transact business as a foreign depository institution agency, branch, or representative office.
Status: in_force

(1) It is unlawful for a foreign depository institution to transact business in this state unless it transacts business through an agency, branch, or representative office authorized by the department or an agency of the federal government. (2) Notwithstanding Subsection (1), a foreign depository institution that is not authorized to transact business through an agency, branch, or representative office in this state may make or enforce loans made in this state secured by liens on real or personal property located in this state. (3) A foreign depository institution authorized to transact business through an agency, branch, or representative office in this state may transact business as an agent for an affiliated depository institution in accordance with Section 7-1-716. (4) For purposes of Subsection (1), a foreign depository institution is not considered to be transacting business in this state solely because a subsidiary or affiliate transacts business in this state, including business that any depository institution subsidiary or affiliate may lawfully conduct in this state as an agent for the foreign depository institution in accordance with the laws of this state.
Utah Code § 7-1-103.5 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-103.5
§ 7-1-103.5. Control.
Status: in_force

(1) There is a rebuttable presumption that a person has control of a financial institution if the person has the power, directly or indirectly, or through or in concert with one or more persons, to vote more than 10% but less than 25% of any class of voting securities of a financial institution. (2) Except as provided in rule made under Subsection (3), a person seeking to rebut a presumption of control described in Subsection (1) shall submit an application to the commissioner. (3) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make rules that specify: (a) the procedures and requirements for an application described in Subsection (2); and (b) the conditions under which a person may obtain a determination that the person is not in control of a financial institution without filing an application in accordance with Subsection (2). (4) The commissioner has sole discretion to determine whether a person rebuts a presumption of control under this section.
Utah Code § 7-1-605 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-605
§ 7-1-605. Savings accounts -- Special terms to be in writing.
Status: in_force

Any special terms and provisions applicable to a savings account, the ownership of a savings account, or the conditions upon which withdrawals may be made, or all of those, shall be clearly and truthfully set forth in writing. The provisions appearing on a signature card or in rules and regulations for the account shall satisfy the foregoing requirements of this section.
Utah Code § 7-16a-101 — Utah Code / Title 7 / Chapter 7-16a / § 7-16a-101
§ 7-16a-101. Title.
Status: in_force

This chapter is known as the "Automated Teller Machine Act."
Utah Code § 7-9-53 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-53
§ 7-9-53. Grandfathering.
Status: in_force

(1) As used in this section: (a) "Association that resides in a domicile-county" means an association that: (i) operates a place of business or other physical location in the domicile-county; or (ii) has at least 100 members that are residents of the domicile-county. (b) "Domicile-county" means the county: (i) in the field of membership of the credit union as of January 1, 1999; and (ii) in which the credit union has located the greatest number of branches as of January 1, 1999. (c) "Grandfathered field of membership" means the field of membership as of May 3, 1999, of a credit union described in Subsection (2)(c). (2) For each credit union formed before January 1, 1999, its field of membership as of May 3, 1999, is determined as follows: (a) if the field of membership stated in the bylaws of the credit union as of January 1, 1999, complies with Section 7-9-51, the credit union's field of membership is the field of membership indicated in its bylaws; (b) (i) the field of membership of a credit union as of May 3, 1999, is as provided in Subsection (2)(b)(ii) if: (A) the field of membership stated in the bylaws of the credit union as of January 1, 1999, includes the residents of more than one county; and (B) as of January 1, 1999, the credit union's main office and any of its branches are located in only one county in its field of membership; (ii) as of May 3, 1999, the field of membership of a credit union described in Subsection (2)(b)(i) is: (A) the immediate family of a member of the credit union; (B) the employees of the credit union; (C) residents of the one county in which the credit union has its main office or branches as of January 1, 1999; and (D) any association that as of January 1, 1999, is in the field of membership of the credit union; and (c) (i) the field of membership of a credit union as of May 3, 1999, is as provided in Subsection (2)(c)(ii) if: (A) the field of membership stated in the bylaws of the credit union as of January 1, 1999, includes the residents of more than one county; and (B) as of January 1, 1999, the credit union has a main office or branch in more than one county; (ii) as of May 3, 1999, the field of membership of a credit union described in Subsection (2)(c)(i) is: (A) the immediate family of a member of the credit union; (B) the employees of the credit union; (C) residents of the credit union's domicile-county; (D) the residents of any county other than the domicile-county: (I) if, as of January 1, 1999, the county is in the field of membership of the credit union; and (II) in which, as of January 1, 1994, the credit union had located its main office or a branch; and (E) any association that as of January 1, 1999, is in the field of membership of the credit union. (3) If a credit union's field of membership is as described in Subsection (2)(c), beginning May 3, 1999, the credit union: (a) within the credit union's domicile-county, may establish, relocate, or otherwise change the physical location of the credit union's: (i) main office; or (ii) branch; (b) within a county other than a domicile-county that is in the credit union's grandfathered field of membership, may not: (i) establish a main office or branch that: (A) was not located in the county as of January 1, 1999; or (B) for which the credit union has not received by January 1, 1999, approval or conditional approval of a site plan for the main office or branch from the planning commission of the municipality where the main office or branch will be located; (ii) participate in a service center in which it does not participate as of January 1, 1999; (iii) relocate the credit union's main office or a branch located in the county as of January 1, 1999, unless the commissioner finds that the main office or branch is relocated within a three-mile radius of where it was originally located; or (iv) after a voluntary merger under Section 7-9-39, operate a branch in the county if: (A) the effective date of the merger is on or after May 5, 2003; (B) the credit union with the field of membership described in Subsection (2)(c) is the surviving credit union after the merger; and (C) the credit union did not own and operate the branch before the effective date of the merger; and (c) may only admit as a member: (i) a person in the credit union's grandfathered field of membership; or (ii) a person belonging to an association that: (A) is added to the field of membership of the credit union; and (B) resides in the domicile-county of the credit union. (4) If a credit union's field of membership is as described in Subsection (2)(b), as of May 3, 1999, the credit union may operate as a credit union having a field of membership under Section 7-9-51. (5) (a) Notwithstanding Subsections (1) through (4), after May 3, 1999, a credit union described in Subsection (2)(c) may: (i) operate an office or branch that is operated by the credit union on May 3, 1999, but that is not located in a county that is in the credit union's field of membership as of May 3, 1999; and (ii) serve a member who is not in a credit union's field of membership as of May 3, 1999, if the member is a member of the credit union as of March 15, 1999. (b) Subsection (5)(a) does not authorize a credit union to: (i) establish a branch in a county that is not in the credit union's field of membership as of May 3, 1999, unless the branch meets the requirements under this title for establishing a branch; or (ii) for a credit union described in Subsection (2)(c), include in its field of membership an association that: (A) as of January 1, 1999, is not included in the credit union's field of membership; and (B) does not reside within the credit union's domicile-county. (6) A credit union shall amend its bylaws in accordance with Section 7-9-11 by no later than August 3, 1999, to comply with this section. (7) In addition to any requirement under this section, a credit union shall comply with any requirement under this title for the establishment, relocation, or change in the physical location of a main office or branch of a credit union.
Utah Code § 7-17-2 — Utah Code / Title 7 / Chapter 7-17 / § 7-17-2
§ 7-17-2. Definitions.
Status: in_force

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.
Utah Code § 7-28-113 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-113
§ 7-28-113. Principles of law and equity.
Status: in_force

Title 70A, Uniform Commercial Code, consumer protection law, law governing deposits generally, law related to escheat and abandoned or unclaimed property, and the principles of law and equity, including law related to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, and bankruptcy, supplement this chapter except to the extent inconsistent with this chapter.
Utah Code § 7-1-311 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-311
§ 7-1-311. Moratoriums on applications for new depository institutions or branches.
Status: in_force

The commissioner may establish, upon finding that applicable financial and economic conditions require such action, a moratorium on accepting or acting upon applications to conduct a business of depository institutions subject to the jurisdiction of the department or to establish new branches or offices of institutions subject to the jurisdiction of the department. The moratorium may apply to the entire state or to such community or communities or other market area or areas as the commissioner finds appropriate. No such period shall extend for a period longer than one year, unless the commissioner finds that the public interest requires renewal of the period for an additional period not to exceed one year.
Utah Code § 7-9-19 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-19
§ 7-9-19. Payments to expelled members -- Liability of member not relieved by expulsion.
Status: in_force

(1) Except in the case of liquidation or dissolution, the amount paid in on shares or deposited by members who have been expelled shall be paid to them with all accrued interest, in the order of expulsion. (2) Payment shall be made only as funds become available. (3) All amounts due the credit union by the expelled member shall be deducted by the credit union before any amounts are paid to the expelled member. (4) Expulsion does not relieve a member from any liability to the credit union.
Utah Code § 7-2-15 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-15
§ 7-2-15. Priority of obligations, expenses, and claims -- Distribution of balance of assets.
Status: in_force

(1) The following obligations, expenses, and claims have the following priority: (a) first, any obligation the commissioner may have under Subsection 7-2-6(3)(b) to be bound by the terms, covenants, and conditions of obligations secured by assets or property of the institution; (b) second, administrative expenses, including those allowed under Section 7-2-14; (c) third, unsecured claims for wages, salaries, or commissions, including vacation, severance, or sick leave pay, earned by an individual within 90 days before the date of the commissioner's possession, in an amount not exceeding $2,000 for each individual; (d) fourth, claims of depositors. Any federal deposit insurance agency or other deposit insurer is subrogated to all rights of the depositors against the institution, its officers and directors, and its persons in control of the institution as control is defined in Section 7-1-103 to the extent of all payments made for the benefit of the depositors. "Payments," as used in this subsection, includes arrangements by a federal deposit insurance agency for the assumption or payment of the deposit liabilities by another institution whose deposits are insured by a federal deposit insurance agency. The right of any agency of the United States insuring deposits or savings obligations to be subrogated to the rights of depositors upon payment of their claims may not be less extensive than the law of the United States provides with respect to subrogation to the rights of depositors in national banks. For the purposes of this section, a contractual commitment to advance funds, including a standby letter of credit, may not be considered a deposit liability of the institution; (e) fifth, all other unsecured claims in amounts allowed by the court, including claims of secured creditors to the extent the amount of their claims exceed the present fair market value of their collateral. The claim of a lessor for damages resulting from the termination of a lease of property may not be allowed in an amount in excess of the rent reserved by the lease, without acceleration, for 60 days after the lessor repossessed the leased property, or the leased property was surrendered to the lessor, whichever first occurs, whether before or after the commissioner took possession of the institution, plus any unpaid rent due under the lease, without acceleration, on the date of possession or surrender. A claim for damages resulting from the termination of an employment contract, may not be allowed in an amount in excess of the compensation provided by the contract, without acceleration, for 90 days after the employee was directed to terminate, or the employee terminated, performance under the contract, whichever first occurs, whether before or after the commissioner took possession of the institution, plus any unpaid compensation due under the contract, without acceleration, on the date the employee was directed to terminate or the employee terminated performance. Claims for damages resulting from the termination of employment contracts of persons who were in control of the institution, as control is defined in Section 7-1-103, are not entitled to priority under this subsection. Claims for damages for breach of a commitment to advance funds shall be limited to the amount due and owing by the institution on the date the commissioner took possession of the institution; (f) sixth, claims for debt that are subordinated under the provisions of a subordination agreement or other instrument; (g) seventh, claims of persons who were at any time in control of the institution as control is defined in Section 7-1-103; and (h) eighth, all other claims. (2) The commissioner shall classify each claim presented for priority purposes under Subsection (1) and shall indicate the classification on any certificate issued under the provisions of Subsection 7-2-6(11). This classification is final, subject to review by the court upon a timely objection filed under Subsection 7-2-6(9). (3) When the commissioner has paid to each depositor and creditor of the institution whose claims have been proved and allowed the full amount of the claim, has made proper provision for unclaimed or unpaid deposits or dividends, and has paid all the expenses of the liquidation, the commissioner shall distribute the balance of the assets of the institution in the commissioner's possession among the shareholders of the institution in proportion to the holdings and classes of this stock. Unless a court of competent jurisdiction determines otherwise, the shareholders shall be determined by the books and records of the institution as of the date the commissioner took possession.
Utah Code § 7-1-1006 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-1006
§ 7-1-1006. Inapplicable to certain official investigations.
Status: in_force

(1) Sections 7-1-1002 and 7-1-1003 do not apply if an examination of a record is a part of an official investigation by: (a) local police; (b) a sheriff; (c) a peace officer; (d) a city attorney; (e) a county attorney; (f) a district attorney; (g) the attorney general; (h) the Department of Public Safety; (i) the Office of Recovery Services of the Department of Health and Human Services; (j) the Insurance Department; (k) the Department of Commerce; (l) the Benefit Payment Control Unit or the Payment Error Prevention Unit of the Department of Workforce Services; (m) the state auditor; (n) the State Tax Commission; or (o) the Department of Health and Human Services or its designee, when undertaking an official investigation to determine whether an individual qualifies for certain assistance programs as provided in Section 26B-3-106. (2) Except for the Office of Recovery Services, if a governmental entity listed in Subsection (1) seeks a record, the entity shall obtain the record as follows: (a) if the record is a nonprotected record, by request in writing that: (i) certifies that an official investigation is being conducted; and (ii) is signed by a representative of the governmental entity that is conducting the official investigation; or (b) if the record is a protected record, by obtaining: (i) a subpoena authorized by statute; (ii) other legal process: (A) ordered by a court of competent jurisdiction; and (B) served upon the financial institution; or (iii) written permission from all account holders of the account referenced in the record to be examined. (3) If the Office of Recovery Services seeks a record, the Office of Recovery Services shall obtain the record pursuant to: (a) Subsection 26B-9-104(1)(h); (b) Section 26B-9-205; (c) Section 26B-9-208; or (d) Title IV, Part D of the Social Security Act as codified in 42 U.S.C. 651 et seq. (4) A financial institution may not give notice to an account holder or person named or referenced within the record disclosed pursuant to Subsection (2)(a). (5) In accordance with Section 7-1-1004, the governmental entity conducting the official investigation that obtains a record from a financial institution under this section shall reimburse the financial institution for costs reasonably and directly incurred by the financial institution.
Utah Code § 7-1-303 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-303
§ 7-1-303. Joint operations and information exchange by institutions.
Status: in_force

The commissioner may authorize institutions subject to the jurisdiction of the department to engage in such joint and cooperative actions as the commissioner finds will be in the public interest, including: (1) mutual exchange of financial information as to depositors, borrowers, and other customers; (2) joint use of facilities; (3) joint operation of clearing houses and other facilities for payment of checks, drafts, or other instruments drawn on or issued by various classes of depository institutions; (4) joint participation in lending programs to promote the public welfare; (5) joint risk management services; and (6) joint ownership, operation, or furnishing of electronic funds transfer services.
Utah Code § 7-28-104 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-104
§ 7-28-104. Requirements for special deposit.
Status: in_force

A deposit is a special deposit if the deposit is: (1) a deposit of funds in a bank under an account agreement; (2) for the benefit of at least two beneficiaries, one or more of which may be a depositor; (3) denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government; (4) for a permissible purpose stated in the account agreement; and (5) subject to a contingency.
Utah Code § 7-2-5 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-5
§ 7-2-5. Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession.
Status: in_force

(1) A receiver may not be appointed by any court and a deed or assignment for the benefit of creditors may not be filed in a court within this state for any institution or other person under the jurisdiction of the commissioner, except upon notice to the commissioner, unless because of urgent necessity the court determines that it is necessary to do so to preserve the assets of the institution. (2) The commissioner may, within five days after service of the notice upon the commissioner, take possession of the institution, in which case no further proceedings shall be had upon the application for the appointment of a receiver or under the deed of assignment, or, if a receiver has been appointed or the assignee has entered upon the administration of his trust, the appointment shall be vacated or the assignee shall be removed upon application of the commissioner to the court by which the receiver was appointed or in which the assignment was filed, and the commissioner shall proceed to administer the assets of the institution as provided in this chapter.
Utah Code § 7-3-34 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-34
§ 7-3-34. Contents of examination report of board of directors -- Failure to make and file report as misdemeanor.
Status: in_force

The report required by Subsection 7-3-33(3) shall contain a statement of the assets and liabilities of the bank as shown by its books, and any deductions for the assets or additions to the liabilities which the directors, an examining committee, or examiner after the examination, may recommend. It shall also contain a detailed statement of loans, if any, which in their opinion are worthless or doubtful, together with their reasons for so regarding them, also a statement of loans made on collateral security which in their opinion are insufficiently secured, giving in each case the amount of the loan, the name and market value of the collateral, if it has any market value, and, if without market value, a statement of that fact and its actual value as near as it is possible to ascertain. The report shall also contain a statement of overdrafts with the names of the persons owing the same and the amounts of those they consider worthless or doubtful, and a full statement of other matters which affect the solvency and soundness of the bank. If the directors of any bank wilfully fail to make and file, or cause to be made and filed, the examination and report in the manner and within the time specified, each director of the bank shall be guilty of a class C misdemeanor.
Utah Code § 7-3-32 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-32
§ 7-3-32. Meetings of board of directors -- Reports -- Records -- Loans to officers, directors and principal shareholders.
Status: in_force

(1) In this section "principal shareholder" means any officer, director, or person who directly or indirectly owns, controls, or has the power to vote more than 10% of any class of voting securities of the bank. (2) The board of directors of every bank shall hold at least one regular meeting every three months. The board shall designate an officer or officers of the bank to prepare and submit reports to the board at every regular quarterly meeting in such detail as the board may direct. Such reports shall include pertinent information on the loans and investments, the transactions with affiliates, and the lines of credit and acquisitions of real estate made during the preceding quarter or since the last report. It shall also include information on delinquent loans, other possible losses, and such other information as the regulations of the department may require. (3) At regular intervals at least twice each year, a report shall be made to the board of: (a) the aggregate amount of all extensions of credit by the bank to its officers, directors, and principal shareholders and their related interests; and (b) all extensions of credit from a correspondent bank of the bank to an executive officer or principal shareholder of the bank, since the last preceding report. The board of directors shall make the reports part of the record of the meeting, and the record shall show its action.
Utah Code § 7-18a-207 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-207
§ 7-18a-207. Annual renewal of certificate of authority.
Status: in_force

(1) A foreign depository institution may renew a certificate of authority, issued under Section 7-18a-202, to transact business in this state through an agency, branch, or representative office in a form prescribed by the commissioner. (2) The application for renewal shall be submitted to the department no later than 60 days before the expiration of the certificate of authority. (3) The certificate of authority may be renewed by the commissioner upon a determination, with or without examination, that the foreign depository institution: (a) is in a safe and sound condition; and (b) has complied with applicable provisions of the law. (4) An application for renewal of certificate of authority shall be accompanied by the annual fee required by Subsection 7-1-401(5).
Utah Code § 7-18a-502 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-502
§ 7-18a-502. Distribution of balance of assets.
Status: in_force

(1) This section supersedes Subsection 7-2-15(3). (2) When the commissioner has paid claims of each depositor and creditor of the foreign depository institution's agency or branch in this state whose claims have been proved and allowed the full amount of the claim, the commissioner shall transfer any remaining assets to the foreign depository institution in accordance with orders issued by the court. (3) (a) Notwithstanding Subsection (2), if the foreign depository institution has an office in another state of the United States that is in liquidation and the assets of the office appear to be insufficient to pay in full the creditors of that office, the court shall order the commissioner to transfer to the liquidator of that office the amount of any remaining assets as appears to be necessary to cover the insufficiency. (b) If the foreign depository institution has two or more offices in a state other than this state and the assets of each office appear to be insufficient to pay in full the creditors of each office, and the amount of remaining assets is less than the aggregate amount of insufficiencies with respect to the offices, the court shall order the commissioner to distribute the remaining assets among the liquidators of the offices in a manner the court finds equitable.
Utah Code § 7-9-31 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-31
§ 7-9-31. Shares held in trust.
Status: in_force

(1) Shares may be issued to and deposits received in the name of a minor, and these shares and deposits may, in the discretion of the board of directors, be withdrawn by the minor or by the minor's parent or guardian. (2) A credit union share account, share certificate, deposit, or deposit certificate may be held in trust provided that the trustor, trustee, or primary beneficiary is a member of the credit union. (3) The trustee of the trust meeting the requirements of Subsection (2) shall exercise the rights of the trust as a member of the credit union.
Utah Code § 7-8-5 — Utah Code / Title 7 / Chapter 7-8 / § 7-8-5
§ 7-8-5. Acquisition of own stock restricted -- Capital requirements.
Status: in_force

(1) (a) An industrial bank may not accept as collateral, or be a purchaser of, shares of its own capital stock, unless taking the shares as collateral or purchasing them is necessary to prevent loss upon a debt previously contracted in good faith. (b) All shares of stock acquired under this Subsection (1) by the industrial bank through any purchase, foreclosure, judgment, or otherwise shall be sold within 12 months from the date of acquisition. (c) The par value of all the shares held after acceptance or purchase may not exceed 10% of the capital and surplus of the industrial bank. (2) (a) Each industrial bank accepting or holding deposits shall maintain the minimum amount of capital required by its federal deposit insurer. (b) The commissioner may require a greater amount of capital if the commissioner determines that it is necessary to protect the interests of: (i) the depositors and other customers of the industrial bank; and (ii) the public.
Utah Code § 7-3-10 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-10
§ 7-3-10. Organization -- Powers, rights, and privileges of banking corporation -- Other business activities.
Status: in_force

10/1/2026 (1) A bank chartered under this chapter shall be: (a) a domestic corporation under Title 16, Chapter 10a, Utah Revised Business Corporation Act; or (b) subject to Section 7-1-810, including the requirement that the bank be an S Corporation immediately before becoming a limited liability company, a limited liability company created under Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act. (2) A bank has all the rights, privileges, and powers necessary or incidental to carrying on the business of banking in addition to the powers granted: (a) if the bank is a corporation, under Title 16, Chapter 10a, Utah Revised Business Corporation Act; or (b) subject to Section 7-1-810, if the bank is a limited liability company, under Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act. (3) The commissioner may, by rule or order, determine that necessary or incidental rights, privileges, and powers include: (a) the rights, privileges, and powers held by national banks; or (b) other business activities so long as the commissioner's determination is not inconsistent with the rules, regulations, or other actions of the board of governors of the Federal Reserve System under Section 4(c)(8) of the Bank Holding Company Act of 1956, 12 U.S.C. Sec. 1843(c)(8). (4) The commissioner shall implement this section in a manner consistent with the purposes set forth in Section 7-1-102.
Utah Code § 7-9-37 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-37
§ 7-9-37. Transfer of members of dissolved, merged, consolidated, transferred, or acquired credit union.
Status: in_force

Members of a dissolved, merged, consolidated, transferred, or acquired credit union may become members of another existing credit union with a related field of membership as approved by the commissioner.
Utah Code § 7-8-14 — Utah Code / Title 7 / Chapter 7-8 / § 7-8-14
§ 7-8-14. Investment in property used in conduct of business.
Status: in_force

(1) An industrial bank may invest in premises, equipment, and other property used in conducting its own business, as the board of directors may approve by resolution. This property may include: (a) real property and any interest in real property, furniture, fixtures, and equipment for use in carrying on its own business; and (b) the stock, bonds, debentures, or other obligations of any subsidiary or affiliate whose exclusive activity is the ownership and management of property used in conducting the industrial bank's business. (2) The amount of these investments may not exceed 50% of the industrial bank's total capital, unless the commissioner approves a higher amount in writing.
Utah Code § 7-28-116 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-116
§ 7-28-116. Severability.
Status: in_force

If a provision of this chapter or the chapter's application to a person or circumstance is held invalid, the invalidity does not affect another provision or application that can be given effect without the invalid provision.
Utah Code § 7-1-1005 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-1005
§ 7-1-1005. Admissibility of information restricted.
Status: in_force

(1) Information obtained directly or indirectly from a financial institution in violation of Sections 7-1-1001 through 7-1-1003 may not be admissible in any court of this state against the person entitled to notice. (2) This section does not apply in any action: (a) between the financial institution and the person otherwise entitled to notice; or (b) in which it is claimed that the financial institution has been the victim of fraud, embezzlement or any other criminal act committed by the person otherwise entitled to notice.
Utah Code § 7-2-7 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-7
§ 7-2-7. Stay of proceedings against institution -- Relief.
Status: in_force

(1) Except as otherwise specified, a taking of an institution or other person by the commissioner or a receiver or liquidator appointed by the commissioner under this chapter operates as a stay of the commencement or continuation of the following with respect to the institution: (a) any judicial, administrative, or other proceeding, including service of process; (b) the enforcement of any judgment; (c) any act to obtain possession of property; (d) any act to create, perfect, or enforce any lien against property of the institution; (e) any act to collect, assess, or recover a claim against the institution; and (f) the setoff of any debt owing to the institution against any claim against the institution. (2) Except as provided in Subsections (3), (4), (5), and (8): (a) the stay of any action against property of the institution continues until the institution has no interest in the property; and (b) the stay of any other action continues until the earlier of when the case is: (i) closed; or (ii) dismissed. (3) On the motion of any party in interest and after notice and a hearing, the court may terminate, annul, modify, condition, or otherwise grant relief from the stay: (a) for cause, including the lack of adequate protection of an interest in property of the party in interest; or (b) with respect to a stay of any action against property if: (i) the institution does not have an equity interest in the property; and (ii) the property would have no value in a reorganization or liquidation of the institution. (4) (a) Thirty days after a request under Subsection (3) for relief from the stay of any act against property of the institution, the stay is terminated with respect to the party in interest making the request unless the court, after notice and a hearing, orders the stay continued in effect pending the conclusion of, or as a result of, a final hearing and determination under Subsection (3). (b) A hearing under this Subsection (4) may be: (i) a preliminary hearing; or (ii) consolidated with the final hearing under Subsection (3). (c) The court shall order the stay continued in effect pending the conclusion of the final hearing under Subsection (3) if there is a reasonable likelihood that the party opposing relief from the stay will prevail at the conclusion of the final hearing. (d) If the hearing under this Subsection (4) is a preliminary hearing, the final hearing shall be commenced not later than 30 days after the conclusion of the preliminary hearing. (5) Upon request of a party in interest, the court, with or without a hearing, may grant relief from the stay provided under Subsection (1) to the extent necessary to prevent irreparable damage to the interest of an entity in property, if the interest will or could be damaged before there is an opportunity for notice and a hearing under Subsection (3) or (4). (6) In any hearing under Subsection (3) or (4) concerning relief from the stay of any act under Subsection (1): (a) the party requesting relief has the burden of proof on the issue of the institution's equity in property; and (b) the party opposing relief has the burden of proof on all other issues. (7) A person injured by any willful violation of a stay provided by this section shall recover actual damages, including costs and attorneys' fees and, when appropriate, may recover punitive damages. (8) Nothing in this section prevents the holder or the trustee for any holder of any bond, note, debenture, or other evidence of indebtedness issued by a city, county, municipal corporation, commission, district, authority, agency, subdivision, or other public body pursuant to Title 11, Chapter 17, Utah Industrial Facilities and Development Act, from exercising any rights it may have to sell, take possession of, foreclose upon, or enforce a lien against or security interest in property of an institution that has been pledged, assigned, or mortgaged as collateral for that bond, note, debenture, or evidence of indebtedness, or as collateral for a letter of credit or other instrument issued in support of that bond, note, debenture, or evidence of indebtedness. (9) Notice of any hearing under this section shall be served as provided in Subsection 7-2-9(6).
Utah Code § 7-9-12 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-12
§ 7-9-12. Contents of bylaws.
Status: in_force

The bylaws of a credit union shall specify at least the following: (1) the name of the credit union; (2) the purpose for which the credit union was formed; (3) a field of membership of the credit union that complies with Section 7-9-51 or 7-9-53; (4) the number of directors and procedures for their election; (5) the term of directors; (6) whether a credit manager, credit committee, or combination of both shall be responsible for credit functions of the credit union; (7) the duties of the officers; (8) the time of year of the annual meeting of members; (9) the manner in which members shall be notified of meetings; (10) the number of members which shall constitute a quorum at meetings; (11) the manner of amending; (12) the manner in which officers may act as surety; and (13) such other matters, rules, and regulations as the board of directors consider necessary.
Utah Code § 7-3-30 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-30
§ 7-3-30. Board of directors to manage business -- Residency of directors.
Status: in_force

The business and affairs of a corporation conducting a banking business shall be managed by its board of directors. Directors are not required to be residents of this state or shareholders of the corporation unless its articles of incorporation or bylaws so require.
Utah Code § 7-8-19 — Utah Code / Title 7 / Chapter 7-8 / § 7-8-19
§ 7-8-19. Meetings of the board of directors.
Status: in_force

(1) A quorum of the board of directors of each industrial bank shall meet at least once each quarter. (2) Minutes of each meeting of the board of directors shall be: (a) kept by the secretary of the industrial bank; and (b) maintained at the head office of the industrial bank.
Utah Code § 7-9-11 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-11
§ 7-9-11. Bylaws and amendments to be approved.
Status: in_force

(1) A credit union may not receive payments on shares, deposits, or certificates, or make any loans or other transactions, until its bylaws have been approved in writing by the commissioner. (2) An amendment to a credit union's bylaws does not become operative until the amendment to the bylaws is approved by the commissioner. (3) (a) If the amendment to the bylaws of a credit union expands the field of membership of a credit union as described in Subsection 7-9-52(1), the commissioner's approval of the amendment is subject to Section 7-9-52. (b) If the bylaws or an amendment to the bylaws of a credit union adds an association to the field of membership of the credit union, the commissioner may require that the credit union provide written confirmation from the association that the association has agreed to be served by the credit union.
Utah Code § 7-9-59 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-59
§ 7-9-59. Credit union service organizations -- Limitations on providing services through other entities.
Status: in_force

(1) This section applies to a credit union service organization in which a credit union organized under this chapter has an ownership interest. (2) (a) A credit union service organization may provide a service only if the service is: (i) (A) listed in Subsection (2)(b); or (B) approved by the commissioner in accordance with Subsection (4)(b); and (ii) (A) except for the extension of credit by the credit union service organization, limited primarily to: (I) credit unions that hold an ownership interest in the credit union service organization; (II) members of credit unions that hold an ownership interest in the credit union service organization; (III) members of credit unions that contract with the credit union service organization; or (IV) credit unions that contract with the credit union service organization but do not hold an ownership interest in the credit union service organization; or (B) for purposes of the extension of credit by the credit union service organization, limited to members of a credit union that holds an ownership interest in the credit union service organization. (b) Subsection (2)(a) applies to: (i) the following checking and currency services: (A) check cashing; (B) coin and currency services; and (C) services related to: (I) a money order; (II) a savings bond; (III) a travelers check; or (IV) the purchase and sale of United States Mint commemorative coins; (ii) the following clerical, professional, and management services: (A) accounting services; (B) courier services; (C) credit analysis; (D) facsimile transmission and copying services; (E) services related to conducting an internal audit for a credit union; (F) locator services; (G) services related to management and personnel training and support; (H) marketing services; (I) research services; or (J) services related to a supervisory committee audit; (iii) consumer mortgage loan origination; (iv) the following electronic transaction services: (A) automated teller machine services; (B) credit card services; (C) debit card services; (D) data processing services; (E) electronic fund transfer services; (F) services related to electronic income tax filings; (G) payment item processing; (H) wire transfer services; or (I) cyber financial services; (v) the following financial counseling services: (A) developing and administering personnel benefit plans including: (I) individual retirement accounts; (II) Keogh plans; or (III) deferred compensation plans; (B) estate planning; (C) financial planning and counseling; (D) income tax preparation; (E) investment counseling; or (F) retirement counseling; (vi) fixed asset services related to the: (A) management, development, sale, or lease of fixed assets; or (B) sale, lease, or servicing of computer hardware or software; (vii) the following insurance brokerage or agency services: (A) operating as an agency for sale of insurance; (B) providing vehicle warranty programs; or (C) providing group purchasing programs; (viii) the following leasing services: (A) leasing of personal property; or (B) real estate leasing of excess credit union service organization property; (ix) the following loan support services: (A) debt collection services; (B) loan processing, servicing, and sales; or (C) sale of repossessed collateral; (x) the extension of credit including member-business loans; (xi) the following record retention, security, and disaster recovery services: (A) alarm-monitoring and other security services; (B) disaster recovery services; (C) services related to: (I) microfilm; (II) microfiche; (III) optical and electronic imaging; or (IV) CD-ROM data storage retrieval; (D) providing forms and supplies; or (E) services related to record retention and storage; (xii) securities brokerage services; (xiii) operation of shared credit union branch services, including service centers; (xiv) student loan origination; (xv) travel agency services; (xvi) the following trust and trust-related services: (A) acting as an administrator for a prepaid legal service plan; (B) acting in a fiduciary capacity including as: (I) trustee; (II) guardian; (III) conservator; or (IV) estate administrator; or (C) trust services; or (xvii) making credit union service organization investments in noncredit union service organization service providers. (3) (a) One or more credit unions organized under this chapter may form a credit union service organization on or after the day on which each credit union forming the credit union service organization obtains in accordance with this section the approval by the commissioner for the formation of the credit union service organization. (b) To obtain approval from the commissioner for the formation of a credit union service organization, each credit union that is forming a credit union service organization shall file an application with the commissioner that specifies: (i) whether the credit union meets the capital and surplus standards established by rule by the commissioner; (ii) the services to be provided by the credit union service organization; and (iii) any information required by rule by the commissioner. (c) The commissioner may by rule establish the requirements for forming of a credit union service organization to ensure that: (i) the credit union service organization as formed: (A) has the financial capacity to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and (B) has the managerial expertise to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and (ii) any potential harm that granting the approval may have on other institutions subject to the jurisdiction of the department does not clearly outweigh the probable beneficial effect of the credit union service organization providing the services. (4) (a) A credit union service organization may provide a service that is described in Subsection (2)(b) but not listed in the application requesting the formation of the credit union service organization by filing written notice with the commissioner at least 30 days before the day on which the credit union service organization first provides the service. (b) A credit union service organization may provide a service not described in Subsection (2)(b) if: (i) the credit union service organization files a written request for approval to provide the service with the commissioner; and (ii) the commissioner approves the credit union service organization providing that service. (c) The commissioner may at any time limit the services engaged in by a credit union service organization on the basis of: (i) a supervisory reason; (ii) a legal reason; or (iii) a safety and soundness reason. (5) The commissioner may conduct examinations of a credit union service organization in accordance with Section 7-1-314. (6) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make rules for purposes of this section: (a) defining what constitutes an ownership interest held by a credit union; (b) specifying the information required to be included in an application seeking to form a credit union service organization; (c) specifying in accordance with Subsection (3), the requirements for forming a credit union service organization; (d) specifying the procedure for obtaining approval to provide a service under Subsection (4)(a); and (e) specifying the conditions under which a credit union service organization may provide a service described in Subsection (2). (7) (a) Except as provided in Subsection (7)(b), a credit union may not provide any service to a member of the credit union through: (i) a person who is controlled by or is under common control with the credit union whether or not the control is exercised: (A) directly; or (B) indirectly through one or more intermediary controls; or (ii) an entity in which the credit union holds an ownership interest. (b) Notwithstanding Subsection (7)(a), a credit union may provide services to a member of a credit union: (i) through a credit union service organization to the extent permitted by this section; or (ii) through a loan production office to the extent those services are authorized by Section 7-1-715. (c) Notwithstanding Section 7-1-103, for purposes of this section, "control" means the power, directly, or indirectly, to: (i) direct or exercise a controlling influence over: (A) the management or policies of an entity; or (B) the election of a majority of the directors or trustees of an entity; (ii) vote 20% or more of any class of voting securities of an entity by an individual; or (iii) vote more than 5% of any class of voting securities of an entity by a person other than an individual. (d) Nothing within this section may be interpreted as prohibiting a credit union from entering into a contract or agreement to provide services to members of the credit union if the person with whom the credit union enters into the contract agreement is not a person described in Subsection (7)(a). (8) (a) A credit union holding an ownership interest in a credit union service organization operating on May 5, 2003 is not required to file an application requesting to form that credit union service organization. (b) A credit union service organization operating on May 5, 2003: (i) shall provide the commissioner written notice of the services the credit union service organization provides by no later than July 1, 2003; and (ii) may provide a service not described in Subsection (2)(b) on or after July 1, 2003 only if the credit union service organization has obtained approval from the commissioner in accordance with Subsection (4).
Utah Code § 7-15-2 — Utah Code / Title 7 / Chapter 7-15 / § 7-15-2
§ 7-15-2. Notice -- Form.
Status: in_force

(1) (a) "Notice" means notice given to the issuer of a check either orally or in writing. (b) Written notice may be given by United States mail that is: (i) first class; and (ii) postage prepaid. (c) Notwithstanding Subsection (1)(b), written notice is conclusively presumed to have been given when the notice is: (i) properly deposited in the United States mail; (ii) postage prepaid; (iii) certified or registered mail; (iv) return receipt requested; and (v) addressed to the signer at the signer's: (A) address as it appears on the check; or (B) last-known address. (2) Written notice under Subsection 7-15-1(5) shall take substantially the following form:"Date: ____To: _____You are hereby notified that the check(s) described below issued by you has (have) been returned to us unpaid:Check date: ____Check number: ____Originating institution: ____Amount: ____Reason for dishonor (marked on check): ____In accordance with Section 7-15-1, Utah Code Annotated, you are liable for this check together with a service charge of $20, which must be paid to the undersigned.If you do not pay the check amount and the $20 service charge within 15 calendar days from the day on which this notice was mailed, you are required to pay within 30 calendar days from the day on which this notice is mailed:(1) the check amount;(2) the $20 service charge; and(3) collection costs not to exceed $35.If you do not pay the check amount, the $20 service charge, and the collection costs within 30 calendar days from the day on which this notice is mailed, in accordance with Section 7-15-1, Utah Code Annotated, an appropriate civil legal action may be commenced against you for:(1) the check amount;(2) interest;(3) court costs;(4) attorneys' fees;(5) actual costs of collection as provided by law; and(6) damages in an amount equal to the greater of $100 or triple the check amount, except:(a) that damages recovered under this Subsection (6) may not exceed the check amount by more than $500; and(b) you are not liable for these damages for a check used to obtain a deferred deposit loan.In addition, the criminal code provides in Section 76-6-505, Utah Code Annotated, that any person who issues or passes a check for the payment of money, for the purpose of obtaining from any person, firm, partnership, or corporation, any money, property, or other thing of value or paying for any services, wages, salary, labor, or rent, knowing it will not be paid by the drawee and payment is refused by the drawee, is guilty of issuing a bad check.The civil action referred to in this notice does not preclude the right to prosecute under the criminal code of the state.(Signed) ____________________________________________________Name of Holder: ____________________________________________________Address of Holder: ____________________________________________________Telephone Number: ___________________________________________________" (3) Notwithstanding the other provisions of this section, a holder exempt under Subsection 7-15-1(9) is exempt from this section.
Utah Code § 7-29-102 — Utah Code / Title 7 / Chapter 7-29 / § 7-29-102
§ 7-29-102. Permitted uses of digital assets.
Status: in_force

A state or local governmental entity may not prohibit, restrict, or impair a person's ability to: (1) accept digital assets as a method of payment for legal goods and services; or (2) take custody of digital assets using: (a) a self-hosted wallet; or (b) a hardware wallet.
Utah Code § 7-1-602 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-602
§ 7-1-602. Final settlement of transaction account -- Limitation of action on accuracy of statement -- Duty to examine statement and notify of errors unaffected.
Status: in_force

(1) Two years after a statement of a checking or other transaction account has been rendered to a depositor, the account shall be considered finally adjusted and settled and its correctness conclusively presumed as of the date the statement is rendered. (2) The depositor may not maintain an action on the correctness or accuracy of the statement of account unless it is commenced within two years next after the date the statement was rendered. (3) For the purpose of this section a statement of account shall be considered rendered if at the time the statement is purported to have been made, the depository institution in the course of its business regularly mailed or otherwise delivered to its depositor customers monthly or at other regular intervals statements of their checking and other transaction accounts, itemizing debit and credit entries. (4) The date the statement is rendered is considered to be the first day of the month following the period covered by the statement as evidenced by the record of the account kept by the depository institution. (5) Nothing in this section relieves a depositor from the duties imposed under Section 70A-4-406 to examine the statement of account, when rendered by the depository institution, and to immediately notify the depository institution of any errors discovered in it, nor from the legal consequences of neglect of those duties.
Utah Code § 7-5-103 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-103
§ 7-5-103. Permit required to engage in trust business -- Exceptions.
Status: in_force

(1) (a) Unless a trust company obtains from the commissioner a permit to engage in trust business in this state, the trust company may not accept an appointment to act in an agency or a fiduciary capacity by order or judgment of a court or by authority of any law of this state, including as a: (i) personal representative; (ii) executor; (iii) administrator; (iv) conservator; (v) guardian; (vi) assignee; (vii) receiver; (viii) depositary; or (ix) trustee. (b) This Subsection (1) does not apply to a bank or other corporation authorized to engage and lawfully engaged in the trust business in this state before July 1, 1981. (2) Nothing in this chapter prohibits: (a) a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, or Title 16, Chapter 10a, Utah Revised Business Corporation Act, from acting as trustee of an employee benefit trust established for the employees of the corporation or the employees of one or more other corporations affiliated with the corporation; (b) a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, and that a charitable, benevolent, eleemosynary, or religious organization owns or controls, from acting as a trustee for that organization or members of that organization but not offering trust services to the general public; (c) a corporation, organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, or Title 16, Chapter 10a, Utah Revised Business Corporation Act, from holding in a fiduciary capacity the controlling shares of another corporation but not offering trust services to the general public; or (d) a depository institution from holding in an agency or fiduciary capacity individual retirement accounts or Keogh plan accounts established under 26 U.S.C. Sec. 401(a) or 26 U.S.C. Sec. 408(a).
Utah Code § 7-26-102 — Utah Code / Title 7 / Chapter 7-26 / § 7-26-102
§ 7-26-102. Definitions.
Status: in_force

As used in this chapter: (1) "Adult Protective Services" means the same as that term is defined in Section 26B-6-201. (2) "Covered financial institution" means any of the following that operate in the state: (a) a state or federally chartered: (i) bank; (ii) savings and loan association; (iii) savings bank; (iv) industrial bank; (v) credit union; (vi) trust company; or (vii) depository institution; or (b) a financial institution. (3) "Financial exploitation" means: (a) the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or other property of an individual; or (b) an act or omission, including through a power of attorney, guardianship, or conservatorship of an individual, to: (i) obtain control, through deception, intimidation, or undue influence, over the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property; or (ii) convert the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property. (4) "Law enforcement agency" means the same as that term is defined in Section 53-1-102. (5) "Qualified individual" means: (a) a branch manager of a covered financial institution; or (b) a director, officer, employee, agent, or other representative that a covered financial institution designates. (6) "Third party associated with a vulnerable adult" means an individual: (a) who is a parent, spouse, adult child, sibling, or other known family member of a vulnerable adult; (b) whom a vulnerable adult authorizes the financial institution to contact; (c) who is a co-owner, additional authorized signatory, or beneficiary on a vulnerable adult's account; or (d) who is an attorney, trustee, conservator, guardian or other fiduciary whom a court or a government agency selects to manage some or all of the financial affairs of the vulnerable adult. (7) "Transaction" means any of the following services that a covered financial institution provides: (a) a transfer or request to transfer or disburse funds or assets in an account; (b) a request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier's check, or official check; (c) a request to negotiate a check or other negotiable instrument; (d) a request to change the ownership of, or access to, an account; (e) a request to sell or transfer a security or other asset, or a request to affix a medallion stamp or provide any form of guarantee or endorsement in connection with an attempt to sell or transfer a security or other asset, if the person selling or transferring the security or asset is not required to obtain a license under Section 61-1-3; (f) a request for a loan, extension of credit, or draw on a line of credit; (g) a request to encumber any movable or immovable property; or (h) a request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right. (8) "Vulnerable adult" means: (a) an individual who is 65 years old or older; or (b) the same as that term is defined in Section 26B-6-201.
Utah Code § 7-25-301 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-301
§ 7-25-301. Reporting requirements.
Status: in_force

(1) Within 15 days of the occurrence of an event listed in this Subsection (1), a licensee shall file a written report with the commissioner describing the event and its expected impact on the licensee's activities in the state: (a) the filing for bankruptcy or reorganization by the licensee; (b) the institution of revocation or suspension proceedings against the licensee by a state or governmental authority with regard to the licensee's money transmission activities; (c) a felony indictment of the licensee or any of its officers, directors, or principals related to money transmission activities; (d) a felony conviction of the licensee or any of its officers, directors, or principals related to money transmission activities; and (e) any other event that the commissioner may determine by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (2) An authorized agent shall report to the licensee the theft or loss of payment instruments valued at $5,000 or more within 24 hours from the time the authorized agent knew or should have known of the theft or loss. Upon the receipt of the report, the licensee shall immediately provide the information to the commissioner.
Utah Code § 7-9-14 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-14
§ 7-9-14. Meetings.
Status: in_force

(1) The annual meeting of the credit union shall be held at such time and place as the bylaws prescribe. (2) Special meetings may be held as the bylaws prescribe. (3) Notice of all meetings of the credit union shall be given as the bylaws prescribe. (4) In the absence of any provisions in the bylaws, special meetings of the members of the credit union may be called by a majority of the members of the corporation.
Utah Code § 7-1-510 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-510
§ 7-1-510. Examination of institutions -- Adoption of rules -- Requiring actions by institutions.
Status: in_force

If the commissioner finds that it is in the public interest and necessary to protect the depositors and other customers of a financial institution, the commissioner may: (1) examine the books and records of any financial institution holding company and require the company to furnish whatever reports that the commissioner considers appropriate to properly supervise the company's financial institution subsidiaries; (2) adopt and issue rules consistent with the purposes and provisions of this title as they pertain to financial institution holding companies; and (3) require a financial institution holding company to take any action the commissioner finds reasonable and necessary to protect the interests of depositors, other customers, and creditors of any subsidiary financial institution, to maintain its solvency or to prevent its failure.
Utah Code § 7-9-48 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-48
§ 7-9-48. Disclosure of share and deposit insurance -- Disclosure if secured through securities.
Status: in_force

(1) A credit union shall comply with all share and deposit insurance disclosure requirements of the National Credit Union Administration or its successor agency. (2) In addition to the disclosure requirements described in Subsection (1), a credit union that in accordance with Subsection 7-9-45(2) is not insured by the National Credit Union Administration or successor federal deposit insurance agency shall provide, as prescribed by rule or order, notice that deposits and shares in the credit union are not insured by a federal deposit insurance agency.
Utah Code § 7-3-20 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-20
§ 7-3-20. Bank acquiring, holding, or accepting as collateral its own stock.
Status: in_force

(1) A bank may not accept as collateral or acquire its own stock except when the taking of the collateral or acquisition of the stock is necessary to prevent loss upon a debt previously contracted in good faith. (2) If a bank acquires stock as permitted under Subsection (1), the bank shall sell the stock within 12 months from the date of the bank's acquisition. (3) The value of all the stock held after acceptance or acquisition may not exceed 10% of the total capital of the bank.
Utah Code § 7-3-12 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-12
§ 7-3-12. Prohibited investments and loans.
Status: in_force

(1) (a) Except as provided in Subsection (2), a bank may not make an investment or loan described in Subsection (1)(b) if the aggregate of the investments and loans described in Subsections (1)(b)(i) and (ii) plus any indebtedness incurred by any corporation holding the premises of the bank which is an affiliate of the bank, exceeds the greater of: (i) the amount of the capital stock and surplus of the bank; or (ii) 50% of the total capital accounts of the bank. (b) If an investment or loan will violate Subsection (1)(a), a bank may not: (i) invest in its own premises including furniture, fixtures and equipment, or in the stock, bonds, debentures, or other obligations of any corporation holding the premises of the bank; or (ii) make loans to or upon the security of the stock of any corporation holding the bank's premises. (2) A bank may make an investment or loan prohibited under Subsection (1) with the prior written approval of the commissioner if the bank can demonstrate reasonable need for the investment or loan to the commissioner.
Utah Code § 7-1-508 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-508
§ 7-1-508. Conviction for fraud or dishonest conduct as disqualification to serve as officer, director or employee or to take control of a depository institution -- Violation as misdemeanor.
Status: in_force

Except as may be expressly authorized by the commissioner, no person convicted of a felony or a misdemeanor involving fraud or dishonest conduct may serve as an officer, director, or employee of a depository institution. No such person, acting directly or indirectly or through or in concert with any one or more persons may acquire control of any depository institution. Violation of this paragraph is a class A misdemeanor.
Utah Code § 7-2-14 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-14
§ 7-2-14. Expenses during possession.
Status: in_force

The expenses reimbursable to the commissioner during possession or in the course of proceedings under this chapter include the compensation of deputies, agents, clerks, and examiners employed by the commissioner and reasonable fees for counsel, accountants or consultants employed by the commissioner or on the commissioner's behalf. The compensation shall be fixed by the commissioner subject to the approval of the court. The expenses of the proceedings shall be paid out of the property of the institution in the hands of the commissioner, shall be a valid charge against that property, and shall be paid first in order of priority. No expenses may be paid out of the property of the institution until an account of the expense has been filed with and approved by the court.
Utah Code § 7-25-303 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-303
§ 7-25-303. Authorized agent contracts.
Status: in_force

A licensee desiring to conduct licensed activities through authorized agents shall authorize each authorized agent to operate pursuant to an express written contract, which shall, at a minimum, provide the following: (1) that the licensee appoints the person as its agent with authority to sell payment instruments or transmit money on behalf of the licensee in compliance with state and federal law; (2) that neither a licensee nor an authorized agent may authorize a subagent without the written consent of the commissioner; (3) that licensees are subject to supervision and regulation by the commissioner; (4) an acknowledgment that the authorized agent consents to the commissioner's inspection, with or without prior notice to the licensee or authorized agent, of the records of the authorized agent or agents of the licensee; and (5) that an authorized agent is under a duty to act only as authorized under the contract with the licensee and that an authorized agent who exceeds its authority is subject to cancellation of its contract by the licensee and disciplinary action by the commissioner.
Utah Code § 7-9-52 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-52
§ 7-9-52. Expansion of a field of membership.
Status: in_force

(1) The commissioner shall comply with Subsection (2) if the commissioner receives a request to approve an amendment to the bylaws of a credit union that expands the credit union's field of membership to include: (a) residents of a county; (b) an association consisting of 50 or more persons; or (c) subject to the requirements of Subsection (6), residents of a city of the third, fourth, or fifth class or a town described in Subsection 7-9-51(1)(e). (2) If the conditions of Subsection (1) are met, the commissioner shall: (a) give notice of the request in the manner and to the extent the commissioner considers appropriate to institutions subject to the jurisdiction of the department that: (i) are located in the county, if the field of membership is being expanded to include residents of a county; (ii) serve or may serve the association described in Subsection (1)(b), if that association is being added to the field of membership; or (iii) are located in the county in which a city or town described in Subsection (1)(c) is located, if the field of membership is being expanded to include residents of the city or town; and (b) cause a supervisor to examine and submit written findings and recommendations to the commissioner as to: (i) whether the credit union is adequately capitalized; (ii) whether the credit union has the financial capacity to serve the financial needs of the expanded field of membership in a safe and sound manner; (iii) whether the credit union has the managerial expertise to serve the financial needs of the expanded field of membership in a safe and sound manner; (iv) any potential harm the expansion of the field of membership may have on the institutions described in Subsection (2)(a); and (v) the probable beneficial effect of the expansion. (3) The commissioner may approve the amendment to the bylaws described in Subsection (1) if the commissioner: (a) has given the notice required under Subsection (2)(a); (b) received the written findings and recommendations of the supervisor under Subsection (2)(b); and (c) finds that: (i) the credit union is adequately capitalized; (ii) the credit union has the financial capacity to serve the financial needs of the expanded field of membership in a safe and sound manner; (iii) the credit union has the managerial expertise to serve the financial needs of the expanded field of membership in a safe and sound manner; and (iv) any potential harm the expansion of the field of membership may have on other institutions subject to the jurisdiction of the department does not clearly outweigh the probable beneficial effect of the expansion. (4) In accordance with Section 7-1-309, the commissioner may hold a hearing on the expansion of a credit union's field of membership. (5) This section may not be interpreted to permit a credit union to: (a) expand its field of membership to include residents of more than one county except to the extent permitted by Subsection 7-9-51(5); or (b) change the county included in the field of membership of a credit union, if any. (6) (a) If the commissioner receives a request to approve an amendment to the bylaws of a credit union that expands the credit union's field of membership to include residents of a city or town described in Subsection (1)(c), before approving the expanded field of membership, in addition to the requirements of Subsection (2), the commissioner shall: (i) require that a supervisor examine and submit written findings and recommendations to the commissioner as to whether but for the residents described in Subsection (1)(c) being included in the field of membership of the credit union, no depository institutions would likely be located within a reasonable distance from the city or town described in Subsection (1)(c); and (ii) find that but for the residents described in Subsection (1)(c) being included in the field of membership of the credit union, no depository institutions would likely be located within a reasonable distance from the city or town described in Subsection (1)(c). (b) A nonexempt credit union may not apply under this Subsection (6) to include a city or town described in Subsection (1)(c) in the nonexempt credit union's field of membership.
Utah Code § 7-1-1003 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-1003
§ 7-1-1003. Intervention to challenge or stay order -- Burden on governmental entity.
Status: in_force

(1) Notwithstanding any other law or rule of law, any person who is entitled to notice of a court order under Section 7-1-1002 shall have the right to intervene in any proceeding with respect to enforcement of the order to: (a) challenge the issuance of the order; or (b) stay compliance with the order. (2) Upon intervention, the burden shall be on the governmental entity obtaining the order to show that there is reasonable cause for the issuance of the order.
Utah Code § 7-27-301 — Utah Code / Title 7 / Chapter 7-27 / § 7-27-301
§ 7-27-301. Penalties.
Status: in_force

(1) Subject to the requirements of Title 63G, Chapter 4, Administrative Procedures Act, the department may: (a) receive and act on complaints; (b) take action designed to obtain voluntary compliance with this chapter; or (c) commence administrative or judicial proceedings on the department's own initiative to enforce compliance with this chapter. (2) A person who violates a provision of this chapter is subject to a civil penalty of $500 per violation, not to exceed $20,000 for all violations arising from the use of the same transaction documentation or materials. (3) A person who violates a provision of this chapter after receiving written notice of a prior violation is subject to a civil penalty of $1,000 per violation, not to exceed $50,000 for all violations arising from the use of the same transaction documentation or materials. (4) Nothing in this chapter creates a private right of action against any person based on failure to comply with the provisions of this chapter. (5) A violation of this chapter does not affect the enforceability of any underlying agreement.
Utah Code § 7-8-16 — Utah Code / Title 7 / Chapter 7-8 / § 7-8-16
§ 7-8-16. Registration of industrial bank holding company -- Filing and contents of statement -- Exemptions -- Rules.
Status: in_force

(1) Each industrial bank holding company shall register with the department by filing a registration statement in a form prescribed by the commissioner. The statement shall include: (a) the name, address, and principal occupation of each officer and director of the registrant; (b) a statement of financial condition as of a date not more than six months prior to the date of registration; (c) a certificate of good standing in the state in which the registrant is incorporated; and (d) evidence that the company is authorized to transact business in this state. (2) (a) A person may not form an industrial bank holding company, unless it: (i) is authorized to do so by the commissioner; and (ii) is registered with the department as provided in Subsection (1). (b) An applicant for authorization to form a holding company shall file an application in a form prescribed by the commissioner by rule. (3) The commissioner may exempt an industrial bank holding company in whole or in part from registration if it is: (a) a bank holding company or savings and loan holding company subject to federal regulation; (b) a person that is a holding company only because the person owns or controls voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities if the person holds these shares no longer than 120 days, unless the commissioner approves a longer period to permit their sale on a reasonable basis; (c) a person exempt from the jurisdiction of the department under Section 7-1-502; or (d) a person exempted in writing by the commissioner or by rule. (4) The commissioner may adopt rules with respect to industrial bank holding companies as are necessary to protect: (a) depositors; (b) other creditors; (c) the public; and (d) the financial system of the state.
Utah Code § 7-1-105 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-105
§ 7-1-105. Procedures -- Adjudicative proceedings.
Status: in_force

The commissioner and the department shall, except to the extent exempted, comply with the procedures and requirements of Title 63G, Chapter 4, Administrative Procedures Act, in their adjudicative proceedings.
Utah Code § 7-2-9 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-9
§ 7-2-9. Conservatorship, receivership, or liquidation of institution -- Appointment of receiver -- Review of actions.
Status: in_force

(1) (a) Upon taking possession of the institution, the commissioner may appoint a receiver to perform the duties of the commissioner. (b) Subject to any limitations, conditions, or requirements specified by the commissioner and approved by the court, a receiver shall have all the powers and duties of the commissioner under this chapter and the laws of this state to act as a conservator, receiver, or liquidator of the institution. (c) Actions of the commissioner in appointing a receiver shall be subject to review only as provided in Section 7-2-2. (2) (a) (i) If the deposits of the institution are to any extent insured by a federal deposit insurance agency, the commissioner may appoint that agency as receiver. (ii) After receiving notice in writing of the acceptance of the appointment, the commissioner shall file a certificate of appointment in the commissioner's office and with the clerk of the court. (iii) After the filing of the certificate, the possession of all assets, business, and property of the institution is considered transferred from the institution and the commissioner to the agency, and title to all assets, business, and property of the institution is vested in the agency without the execution of any instruments of conveyance, assignment, transfer, or endorsement. (b) (i) If a federal deposit insurance agency accepts an appointment as receiver, it has all the powers and privileges provided by the laws of this state and the United States with respect to the conservatorship, receivership, or liquidation of an institution and the rights of its depositors, and other creditors, including authority to make an agreement for the purchase of assets and assumption of deposit and other liabilities by another depository institution or take other action authorized by Title 12 of the United States Code to maintain the stability of the banking system. (ii) Such action by a federal deposit insurance agency may be taken upon approval by the court, with or without prior notice. (iii) Such actions or agreements may be disapproved, amended, or rescinded only upon a finding by the court that the decisions or actions of the receiver are arbitrary, capricious, fraudulent, or contrary to law. (iv) In the event of any conflict between state and federal law, including provisions for adjudicating claims against the institution or receiver, the receiver shall comply with the federal law and any resulting violation of state law does not by itself constitute grounds for the court to disapprove the actions of the receiver or impose any penalty for such violation. (c) (i) The commissioner or any receiver appointed by the commissioner shall possess all the rights and claims of the institution against any person whose breach of fiduciary duty or violations of the laws of this state or the United States applicable to depository institutions may have caused or contributed to a condition which resulted in any loss incurred by the institution or to its assets in the possession of the commissioner or receiver. (ii) As used in this Subsection (2)(c), fiduciary duty includes those duties and standards applicable under statutes and laws of this state and the United States to a director, officer, or other party employed by or rendering professional services to a depository institution whose deposits are insured by a federal deposit insurance agency. (iii) Upon taking possession of an institution, no person other than the commissioner or receiver shall have standing to assert any such right or claim of the institution, including its depositors, creditors, or shareholders unless the right or claim has been abandoned by the commissioner or receiver with approval of the court. (iv) Any judgment based on the rights and claims of the commissioner or receiver shall have priority in payment from the assets of the judgment debtors. (d) For the purposes of this section, the term "federal deposit insurance agency" shall include the Federal Deposit Insurance Corporation, the National Credit Union Administration and any departments thereof or successors thereto, and any other federal agency authorized by federal law to act as a conservator, receiver, and liquidator of a federally insured depository institution, including the Resolution Trust Corporation and any department thereof or successor thereto. (3) (a) The receiver may employ assistants, agents, accountants, and legal counsel. (b) If the receiver is not a federal deposit insurance agency, the compensation to be paid such assistants, agents, accountants, and legal counsel shall be approved by the commissioner. (c) All expenses incident to the receivership shall be paid out of the assets of the institution. (d) If a receiver is not a federal deposit insurance agency, the receiver and any assistants and agents shall provide bond or other security specified by the commissioner and approved by the court for the faithful discharge of all duties and responsibilities in connection with the receivership including the accounting for money received and paid. (e) The cost of the bond shall be paid from the assets of the institution. (f) Suit may be maintained on the bond by the commissioner or by any person injured by a breach of the condition of the bond. (4) (a) Upon the appointment of a receiver for an institution in possession pursuant to this chapter, the commissioner and the department are exempt from liability or damages for any act or omission of any receiver appointed pursuant to this section. (b) This section does not limit the right of the commissioner to prescribe and enforce rules regulating a receiver in carrying out its duties with respect to an institution subject to the jurisdiction of the department. (c) Any act or omission of the commissioner or of any federal deposit insurance agency as a receiver appointed by the commissioner while acting pursuant to this chapter shall be deemed to be the exercise of a discretionary function within the meaning of Section 63G-7-301 of the laws of this state or Section 28 U.S.C. 2680(a) of the laws of the United States. (5) (a) Actions, decisions, or agreements of a receiver under this chapter, other than allowance or disallowance of claims under Section 7-2-6, are subject to judicial review if: (i) a petition is filed in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, within 90 days after the day on which the act, decision, or agreement became effective or its terms are filed with the court; and (ii) the petition states in simple, concise, and direct terms the facts and principles of law upon which the petitioner claims the act, decision, or agreement of the receiver was or would be arbitrary, capricious, fraudulent, or contrary to law and how the petitioner is or may be damaged thereby. (b) The court shall dismiss any petition which fails to allege that the petitioner would be directly injured or damaged by the act, decision, or agreement which is the subject of the petition. (c) Rule 11 of the Utah Rules of Civil Procedure shall apply to all parties with respect to the allegations set forth in a petition or response. (d) The receiver shall have 30 days after the day on which the petition is served to respond. (e) All further proceedings are to be conducted in accordance with the Utah Rules of Civil Procedure. (6) All notices required under this section shall be made in accordance with the Utah Rules of Civil Procedure and served upon the attorney general of the state of Utah, the commissioner of financial institutions, the receiver of the institution appointed under this chapter, and upon the designated representative of any party in interest who requests in writing such notice.
Utah Code § 7-18a-102 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-102
§ 7-18a-102. Definitions.
Status: in_force

As used in this chapter: (1) "Agency" means a place of business of a foreign depository institution located in this state that is authorized to exercise the powers permitted in Section 7-18a-301. (2) "Branch," when used in reference to a foreign depository institution, means a place of business of a foreign depository institution located in this state that is authorized to exercise the powers permitted in Section 7-18a-301. (3) "Foreign person" means a person who is a citizen or national of a country, including any colony, dependency, or possession of such country, other than the United States. (4) "Representative office" means a place of business of a foreign depository institution located in this state that is authorized to exercise powers permitted in Section 7-18a-301.
Utah Code § 7-22-103 — Utah Code / Title 7 / Chapter 7-22 / § 7-22-103
§ 7-22-103. Registration -- Fees -- Qualifications -- Rulemaking.
Status: in_force

(1) (a) An escrow agent shall register with the department annually on or before December 31 of each year and pay a registration fee of $100. (b) Registration of an escrow agent in accordance with this section includes all directors, officers, employees, and representatives of the escrow agent while acting in the course of the escrow agent's business. (2) To register under this chapter an escrow agent shall provide the department: (a) evidence satisfactory to the commissioner that the person is registered with the nationwide database; (b) a financial statement; and (c) any other information requested by the department. (3) The commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide for the transition of persons registering with the nationwide database.
Utah Code § 7-9-23 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-23
§ 7-9-23. Supervisory committee -- Duties -- Suspension or removal of officer, director, or credit committee member.
Status: in_force

(1) (a) Appointees to the supervisory committee shall hold office until the next annual meeting of the members and until successors are appointed. (b) One member of the board of directors, except the chair of the board and the president, may be appointed to the supervisory committee. (c) The president and other employees of the credit union may not be appointed to the supervisory committee. (2) (a) The commissioner may remove any member of the supervisory committee for: (i) any violation of this chapter or the bylaws of the credit union; (ii) failure to fulfill the duties of office; (iii) malfeasance; or (iv) maladministration in office. (b) The board of directors shall fill any vacancy created by removal of a supervisory committee member. (3) It is the duty of the supervisory committee to: (a) make or cause to be made an examination of the affairs of the credit union at least annually, including an inspection of the credit union's books, securities, cash, accounts, and loans; (b) investigate or cause to be investigated any complaint that action by the credit union, board of directors, committees, officers, or employees does not comply with the law or the credit union's bylaws; (c) make or cause to be made supplemental audits and examinations it considers necessary, or as required by the commissioner or board of directors; (d) make a written report to the board of directors of its findings following each audit or examination; and (e) make or cause to be made a verification of member accounts: (i) annually by statistical sampling or otherwise, in accordance with generally accepted accounting principles; or (ii) at least every two years by a complete verification. (4) (a) The supervisory committee may, by majority vote, recommend to the board of directors: (i) the suspension or removal of a credit union officer or a member of the credit committee; or (ii) any other action the board of directors could lawfully take. (b) Within 30 days after submission of the recommendation to the board of directors, if the board fails to adopt the material aspects of the recommendation, the supervisory committee may, by unanimous vote and after notifying the commissioner, call a meeting of the credit union members to consider the recommendation. The members may, by majority vote of those present at the meeting, adopt the supervisory committee's recommendation. (5) (a) The supervisory committee may, by unanimous vote, suspend or remove a director for any violation of this chapter or the bylaws of the credit union, malfeasance, or maladministration in office. (b) Within 30 days after the suspension or removal of a director, the supervisory committee shall, after notifying the commissioner, call a special meeting to present the matter to the membership of the credit union. The members may, by majority vote of those present, ratify or reject the action of the supervisory committee. If the members vote to remove the director, they may at the same meeting elect a replacement. If the members vote to reject the suspension or removal, they shall reinstate the director. (6) The bylaws may prescribe other duties and responsibilities of the supervisory committee.
Utah Code § 7-2-10 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-10
§ 7-2-10. Inventory of assets -- Listings of claims -- Report of proceedings -- Filing -- Inspection.
Status: in_force

(1) As soon as is practical after taking possession of an institution the commissioner, or any receiver or liquidator appointed by the commissioner, shall make or cause to be made in duplicate an inventory of its assets, one copy to be filed in the commissioner's office and one with the clerk of the court. (2) Upon the expiration of the time fixed for presentation of claims the commissioner, or any receiver or liquidator appointed by the commissioner, shall make in duplicate a full and complete list of the claims presented, including and specifying claims disallowed by the commissioner, of which one copy shall be filed in the commissioner's office and one copy in the office of the clerk of the court. (3) The commissioner, or any receiver or liquidator appointed by the commissioner, shall in like manner make and file supplemental lists showing all claims presented after the filing of the first list. (4) The supplemental lists shall be filed every six months and at least 15 days before the declaration of any dividend. (5) At the time of the order for final distribution the commissioner, or any receiver or liquidator appointed by the commissioner, shall make a report in duplicate of the proceeding, showing the disposition of the assets and liabilities of the institution, one copy to be filed in the commissioner's office and one with the clerk of the court. (6) The accounting, inventory, and lists of claims shall be open at all reasonable times for inspection. (7) Any objection to any report or accounting shall be filed with the clerk of the court within 30 days after the report of accounting has been filed by the commissioner, or any receiver or liquidator appointed by the commissioner, and shall be subject to judicial review only as provided in Section 7-2-9.
Utah Code § 7-1-317 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-317
§ 7-1-317. Reports of condition called for by commissioner.
Status: in_force

The commissioner may call upon any institution under the jurisdiction of the department for a report of its condition at the close of business on any day specified in the call within the preceding three months. The reports required shall be transmitted by the institution to the commissioner within 30 days after the date of the call. Reports prepared by an independent certified public accountant or reports accepted by supervisory agencies of the United States or other states shall be acceptable.
Utah Code § 7-8-11 — Utah Code / Title 7 / Chapter 7-8 / § 7-8-11
§ 7-8-11. Dividends.
Status: in_force

(1) The board of directors of an industrial bank may declare a dividend out of the net profits of the industrial bank after providing for all expenses, losses, interest, and taxes accrued or due from the industrial bank in accordance with this section. (2) The industrial bank shall transfer to a surplus fund at least 10% of its net profits before dividends for the period covered by the dividend, until the surplus reaches 100% of its capital stock. (3) Any amount paid from the industrial bank's net earnings into a fund for the retirement of any debenture capital or preferred stock for the period covered by the dividend is considered an addition to its surplus fund if, upon the retirement of the debenture capital or preferred stock, the amount paid into the retirement fund for the period may be properly carried to the surplus fund of the industrial bank. In this case the industrial bank shall transfer to the surplus fund the amount paid into the retirement fund.
Utah Code § 7-9-42 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-42
§ 7-9-42. Record requirements.
Status: in_force

(1) A credit union shall maintain all books, records, accounting systems, and procedures in accordance with rules the commissioner may prescribe or in accordance with Chapter 1, General Provisions. (2) In prescribing these rules, the commissioner shall consider the size of a credit union and its ability to comply. (3) A credit union is not liable for destroying records after the expiration of the record retention time prescribed by the rules. (4) A photostatic or photographic reproduction of any credit union records shall be admissible as evidence of transactions with the credit union.
Utah Code § 7-24-303 — Utah Code / Title 7 / Chapter 7-24 / § 7-24-303
§ 7-24-303. Penalties.
Status: in_force

(1) A person who violates this chapter or who files materially false information with a registration or renewal under Section 7-24-201 is: (a) guilty of a class B misdemeanor except for a violation of: (i) Subsection 7-24-202(1)(e)(i), (ii), or (iii); or (ii) rules made under Subsection 7-24-301(2)(b); and (b) subject to revocation of a person's registration under this chapter. (2) Subject to Title 63G, Chapter 4, Administrative Procedures Act, if the department determines that a person is extending title loans in violation of this chapter, the department may: (a) revoke that person's registration under this chapter; (b) issue a cease and desist order from committing any further violations; (c) prohibit the person from continuing to extend title loans; (d) impose an administrative fine not to exceed $1,000 per violation, except that: (i) a fine imposed under Subsection 7-24-201(2)(e) shall comply with Subsection 7-24-201(2)(e); and (ii) the aggregate total of fines imposed under this chapter against a person in a calendar year may not exceed $30,000 for that calendar year; or (e) take any combination of actions listed under this Subsection (2). (3) A person is not subject to the penalties under this section for a violation of this chapter that was not willful or intentional, including a violation resulting from a clerical error.
Utah Code § 7-3-13 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-13
§ 7-3-13. Changes in articles of incorporation restricted.
Status: in_force

No change shall be made in the articles of incorporation of any bank if the change would result in the impairment of the rights, remedies, or securities of depositors and other creditors of the bank.
Utah Code § 7-18a-203 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-203
§ 7-18a-203. No concurrent maintenance of agencies or branches.
Status: in_force

(1) A foreign depository institution authorized under this chapter to transact business through an agency or branch may not concurrently transact business in this state through an agency or branch authorized under federal law. (2) A foreign depository institution authorized under federal law to transact business through an agency or branch in this state may not concurrently transact business through an agency or branch authorized under this chapter. (3) A foreign depository institution authorized to transact business through an agency may not concurrently transact business through a branch in this state. (4) A foreign depository institution authorized to transact business through a branch may not concurrently transact business through an agency in this state. (5) Subsections (1) through (4) do not prohibit a foreign depository institution authorized to transact business through an agency or branch in this state from transacting business through a representative office.