Utah Code § 7-24-202 — Utah Code / Title 7 / Chapter 7-24 / § 7-24-202
§ 7-24-202. Operational requirements for title loans.
Status: in_force

(1) A title lender shall: (a) post in a conspicuous location on its premises that can be viewed by a person seeking a title loan: (i) a complete schedule of any interest or fees charged for a title loan that states the interest and fees: (A) as dollar amounts; and (B) as annual percentage rates; and (ii) a telephone number a person may call to make a complaint to the department regarding a title loan; (b) enter into a written contract for the title loan containing: (i) the name of the person receiving the title loan; (ii) the transaction date; (iii) the amount of the title loan; (iv) a statement of the total amount of any interest or fees that may be charged for the title loan, expressed as: (A) a dollar amount; and (B) an annual percentage rate; and (v) (A) the name and address of the designated agent required to be provided the department under Subsection 7-24-201(2)(d)(vi); and (B) a statement that service of process may be made to the designated agent; (c) provide the person seeking the title loan a copy of the written contract described in Subsection (1)(b); (d) prior to the execution of the title loan: (i) orally review with the person seeking the title loan the terms of the title loan including: (A) the amount of any interest rate or fee, expressed as: (I) a dollar amount; and (II) an annual percentage rate; and (B) the date on which the full amount of the title loan is due; and (ii) provide the person seeking the title loan a copy of the disclosure form adopted by the department under Section 7-24-203; and (e) comply with the following as in effect on the date the title loan is extended: (i) Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., and its implementing federal regulations; (ii) Equal Credit Opportunity Act, 15 U.S.C. Sec. 1691, and its implementing federal regulations; (iii) Bank Secrecy Act, 12 U.S.C. Sec. 1829b, 12 U.S.C. Sec. 1951 through 1959, and 31 U.S.C. Sec. 5311 through 5332, and its implementing regulations; and (iv) Title 70C, Utah Consumer Credit Code. (2) If a title lender extends a title loan through the Internet or other electronic means, the title lender shall: (a) provide the information described in Subsection (1)(a) to the person receiving the title loan: (i) in a conspicuous manner; and (ii) prior to the person entering into the title loan; and (b) in connection with the disclosure required under Subsection (2)(a), provide a list of states where the title lender is registered or authorized to offer title loans through the Internet or other electronic means. (3) A title lender may not: (a) rollover a title loan unless the person receiving the title loan requests a rollover of the title loan; (b) extend more than one title loan on any vehicle at one time; (c) extend a title loan that exceeds the fair market value of the vehicle securing the title loan; or (d) extend a title loan without regard to the ability of the person seeking the title loan to repay the title loan, including the person's: (i) current and expected income; (ii) current obligations; and (iii) employment. (4) A title lender has met the requirements of Subsection (3)(d) if the person seeking a title loan provides the title lender with a signed acknowledgment that: (a) the person has provided the title lender with true and correct information concerning the person's income, obligations, and employment; and (b) the person has the ability to repay the title loan.
Utah Code § 7-9-46 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-46
§ 7-9-46. Out-of-state credit unions -- Authorization to do business in state -- Supervision -- Examination.
Status: in_force

(1) As used in this section "out-of-state credit union" means any credit union whose home state is not Utah. (2) An out-of-state credit union may maintain a branch in this state only if: (a) maintaining the Utah branch is permissible under applicable law, including Sections 7-1-702 and 7-1-708 in the case of a state chartered credit union; (b) the branch has been authorized by: (i) the department and the chartering authority of the credit union's home state in the case of a state chartered credit union; or (ii) the National Credit Union Administration or successor agency in the case of a federally chartered credit union; and (c) the branch will not serve a member of the out-of-state credit union who is a member of the credit union based solely on the member residing in a geographic area located in whole or in part in Utah. (3) The commissioner may examine and supervise all out-of-state credit unions with a branch in the state, except federal credit unions, in the same manner as the commissioner examines and supervises credit unions in this state.
Utah Code § 7-28-109 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-109
§ 7-28-109. Injunction or similar relief.
Status: in_force

A court may enjoin, or grant similar relief that would have the effect of enjoining, a bank from paying a depositor or beneficiary only if payment would constitute a material fraud or facilitate a material fraud with respect to a special deposit.
Utah Code § 7-26-301 — Utah Code / Title 7 / Chapter 7-26 / § 7-26-301
§ 7-26-301. Delay of a transaction involving a vulnerable adult.
Status: in_force

(1) A covered financial institution may delay a transaction involving a vulnerable adult, if: (a) a qualified individual reasonably believes that executing the requested transaction will result in financial exploitation of the vulnerable adult; or (b) a law enforcement agency provides the covered financial institution information demonstrating that it is reasonable to believe that financial exploitation of a vulnerable adult is occurring, has or may have occurred, is being attempted, or has been or may have been attempted. (2) (a) A covered financial institution that delays a transaction in accordance with Subsection (1): (i) except as provided in Subsection (2)(b), shall no later than two business days after the day on which the transaction is delayed, send notice of the delay and the reason for the delay to each party: (A) authorized to transact business on the account; and (B) for which the covered financial institution has contact information; (ii) may send notice of the delay, the reason for the delay, or any additional information about the transaction to: (A) a law enforcement agency; or (B) Adult Protective Services. (b) A covered financial institution may: (i) decide not to provide notice to a party described in Subsection (2)(a)(i) if a qualified individual reasonably believes the party has engaged in attempted financial exploitation of the vulnerable adult; or (ii) send a notice described in Subsection (2)(a) electronically. (3) (a) Except as provided in Subsection (3)(b), the delay of a transaction described in Subsection (1) expires when the earlier of the following occurs: (i) the covered financial institution reasonably determines that the transaction will not result in financial exploitation of a vulnerable adult; or (ii) 15 business days pass after the day on which the covered financial institution first initiated the delay of the transaction. (b) (i) If a covered financial institution receives a request from a law enforcement agency to extend the delay of a transaction beyond the expiration date established in Subsection (3)(a), the covered financial institution may extend the delay no more than 25 business days after the day on which the covered financial institution first initiated the delay. (ii) A court of competent jurisdiction may enter an order: (A) extending or shortening the delay of a transaction; or (B) providing relief based on the petition of the covered financial institution, law enforcement agency, or an interested party.
Utah Code § 7-1-212 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-212
§ 7-1-212. Background checks for employees.
Status: in_force

(1) As used in this section,"bureau" means the Bureau of Criminal Identification created in Section 53-10-201. (2) Beginning July 1, 2018, the department shall require current employees in, and all applicants for, the following positions to submit to a fingerprint-based local, regional, and national criminal history background check and ongoing monitoring as a condition of employment: (a) agency information security managers; (b) financial institutions examiners; (c) financial institutions managers; and (d) financial institutions specialists. (3) Each individual in a position listed in Subsection (2) shall provide a completed fingerprint card to the department upon request. (4) The department shall require that an individual required to submit to a background check under Subsection (3) provide a signed waiver on a form provided by the department that meets the requirements of Subsection 53-10-108(4). (5) For a noncriminal justice background search and registration in accordance with Subsection 53-10-108(13), the department shall submit to the bureau: (a) the applicant's personal identifying information and fingerprints for a criminal history search of applicable local, regional, and national databases; and (b) a request for all information received as a result of the local, regional, and nationwide background check. (6) The department is responsible for the payment of all fees required by Subsection 53-10-108(15) and any fees required to be submitted to the Federal Bureau of Investigation by the bureau. (7) The department may make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, that: (a) determine how the department will assess the employment status of an individual upon receipt of background information; and (b) identify the appropriate privacy risk mitigation strategy to be used in accordance with Subsection 53-10-108(13)(b).
Utah Code § 7-1-501 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-501
§ 7-1-501. Institutions and persons subject to jurisdiction of department.
Status: in_force

(1) As provided in this title and the rules of the department, the persons and institutions described in Subsection (2) are subject to: (a) the jurisdiction of the department; and (b) supervision and examination by the department. (2) Subsection (1) applies to: (a) a depository institution chartered under the laws of this state, including any out-of-state branch of the depository institution; (b) a Utah depository institution chartered by the federal government, but only to the extent the application of this title is authorized by: (i) federal law; or (ii) the appropriate federal regulatory agency; (c) a Utah branch of an out-of-state depository institution chartered under the laws of another state; (d) a Utah branch of an out-of-state depository institution chartered by the federal government, but only to the extent the application of this title is authorized by: (i) federal law; or (ii) the appropriate federal regulatory agency; (e) a service corporation or service organization, including a credit union service organization as defined in Section 7-9-3; (f) a trust company; (g) an escrow company; (h) a person or institution engaged in this state in the business of: (i) guaranteeing or insuring deposits, savings accounts, share accounts, or other accounts in depository institutions; (ii) operating a loan production office for: (A) a Utah depository institution; (B) an out-of-state depository institution; or (C) a foreign depository institution; (iii) a check casher or deferred deposit lender, as defined in Section 7-23-102; (iv) a title lender, as defined in Section 7-24-102; or (v) money transmission, as defined in Section 7-25-102; (i) a corporation or other business entity owning or controlling an institution subject to the jurisdiction of the department; (j) subject to Subsection (3), a technology service provider that provides services to a depository institution subject to the jurisdiction of the department; (k) a subsidiary or affiliate of an institution subject to the jurisdiction of the department; and (l) any person or institution that, with or without authority to do so, transacts business as, or holds itself out as being, a depository institution, trust company, or any other person or institution described in this section as being subject to the jurisdiction of the department. (3) A technology service provider is subject to regulation and examination by the commissioner to the same extent as if the service or activity of the technology service provider were being performed by the depository institution itself.
Utah Code § 7-26-302 — Utah Code / Title 7 / Chapter 7-26 / § 7-26-302
§ 7-26-302. Permitted notifications.
Status: in_force

(1) A covered financial institution may notify a law enforcement agency or Adult Protective Services if a qualified individual believes that the financial exploitation of a vulnerable adult is occurring, has or may have occurred, is being attempted, or has been or may have been attempted. (2) A covered financial institution may notify a third party associated with a vulnerable adult if a qualified individual believes that the financial exploitation of the vulnerable adult is occurring, has or may have occurred, is being attempted, or has been or may have been attempted. (3) A covered financial institution may choose not to notify a third party associated with a vulnerable adult as described in Subsection (2), if a qualified individual reasonably believes that the third party is, may be, or may have been engaged in the financial exploitation of the vulnerable adult.
Utah Code § 7-1-502 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-502
§ 7-1-502. Limitations on jurisdiction of department.
Status: in_force

(1) The jurisdiction of the department with respect to the persons and institutions described in Section 7-1-501 is limited as follows: (a) to the portion of the business activities conducted in this state or with residents of this state, whether conducted solely or jointly by combination or contract; and (b) to business activities that the department is not prohibited from regulating by the United States Constitution or laws of the United States. (2) The jurisdictional limitations in Subsection (1) do not prohibit the commissioner from requiring an institution described in Section 7-1-501 to make available for inspection and examination books and records applicable to its business activities in this state, conducted with residents of this state, or relevant to the safety or soundness of a branch in this state. These book and records may include any report filed with a federal or state supervisory agency having jurisdiction over the institution. (3) Section 7-1-501 does not authorize the department to supervise or regulate, by setting interest rates or otherwise, the operation of money market mutual funds or similar investments subject to supervision and regulation by another department or agency of this state or of the United States.
Utah Code § 7-1-809 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-809
§ 7-1-809. Articles of incorporation -- Amended or restated articles of incorporation -- Prerequisites to filing.
Status: in_force

(1) The Division of Corporations and Commercial Code may not file articles of incorporation that state that the purpose of the corporation is to transact business as a depository institution or to hold a corporation that will transact business as a depository institution until the department certifies that it has reviewed and does not object to the articles of incorporation. (2) A corporation whose articles of incorporation have been filed with the Division of Corporations and Commercial Code pursuant to Subsection (1) may not transact business as a depository institution without authorization from the department in accordance with Section 7-1-705. (3) The Division of Corporations and Commercial Code may not file articles of amendment or articles of restatement of a depository institution or depository institution holding company until the department has certified that it has reviewed and does not object to the articles of amendment or articles of restatement.
Utah Code § 7-9-49 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-49
§ 7-9-49. Limitation of personal liability of directors and committee members.
Status: in_force

(1) Without limiting the generality of Section 7-9-50, the articles of incorporation may include a provision eliminating or limiting the personal liability of a director, supervisory committee member, or credit committee member to the credit union, its members, or its depositors for monetary damages for any action taken or any failure to take any action as a director, supervisory committee member, or credit committee member, except liability for: (a) the amount of a financial benefit received by a director, supervisory committee member, or credit committee member to which the individual is not entitled; (b) an intentional infliction of harm on the credit union, its members, or depositors; or (c) an intentional violation of criminal law. (2) No provision authorized under this section may eliminate or limit the liability of a director, supervisory committee member, or credit committee member for any act or omission occurring prior to the date when the provision becomes effective. (3) Any provision authorized under this section to be included in the articles of incorporation may also be adopted in the bylaws or by resolution, but only if the provision is approved by the same percentage of members as would be required to approve it as an amendment to the articles of incorporation.
Utah Code § 7-15-1 — Utah Code / Title 7 / Chapter 7-15 / § 7-15-1
§ 7-15-1. Definitions -- Civil liability of issuer -- Notice of action -- Collection costs -- Exemptions.
Status: in_force

(1) As used in this chapter: (a) "Check" means a payment instrument on a depository institution including a: (i) check; (ii) draft; (iii) order; or (iv) other instrument. (b) "Issuer" means a person who makes, draws, signs, or issues a check, whether as corporate agent or otherwise, for the purpose of: (i) obtaining from any person any money, merchandise, property, or other thing of value; or (ii) paying for any service, wages, salary, or rent. (c) "Mailed" means the day that a notice is properly deposited in the United States mail. (2) (a) An issuer of a check is liable to the holder of the check if: (i) the check: (A) is not honored upon presentment; and (B) is marked "refer to maker"; (ii) the account upon which the check is made or drawn: (A) does not exist; (B) has been closed; or (C) does not have sufficient funds or sufficient credit for payment in full of the check; or (iii) (A) the check is issued in partial or complete fulfillment of a valid and legally binding obligation; and (B) the issuer stops payment on the check with the intent to: (I) fraudulently defeat a possessory lien; or (II) otherwise defraud the holder of the check. (b) If an issuer of a check is liable under Subsection (2)(a), the issuer is liable for: (i) the check amount; and (ii) a service charge of $20. (3) (a) The holder of a check that has been dishonored may: (i) give written or oral notice of dishonor to the issuer of the check; and (ii) waive all or part of the service charge imposed under Subsection (2)(b). (b) Notwithstanding Subsection (2)(b), a holder of a check that has been dishonored may not collect and the issuer is not liable for the service charge imposed under Subsection (2)(b) if: (i) the holder redeposits the check; and (ii) that check is honored. (4) If the issuer does not pay the amount owed under Subsection (2)(b) within 15 calendar days from the day on which the notice required under Subsection (5) is mailed, the issuer is liable for: (a) the amount owed under Subsection (2)(b); and (b) collection costs not to exceed $35. (5) (a) A holder shall provide written notice to an issuer before: (i) charging collection costs under Subsection (4) in addition to the amount owed under Subsection (2)(b); or (ii) commencing an action based upon this section. (b) The written notice required under Subsection (5)(a) shall notify the issuer of the dishonored check that: (i) if the amount owed under Subsection (2)(b) is not paid within 15 calendar days from the day on which the notice is mailed, the issuer is liable for: (A) the amount owed under Subsection (2)(b); and (B) collection costs under Subsection (4); and (ii) the holder may commence a civil action if the issuer does not pay to the holder the amount owed under Subsection (4) within 30 calendar days from the day on which the notice is mailed. (6) (a) Except as provided in Section 7-23-401, if the issuer has not paid the holder the amounts owed under Subsection (4) within 30 calendar days from the day on which the notice required by Subsection (5) is mailed, the holder may offer to not commence a civil action under this section if the issuer pays the holder: (i) the amount owed under Subsection (2)(b); (ii) the collection costs under Subsection (4); (iii) an amount that: (A) is equal to the greater of: (I) $50; or (II) triple the check amount; and (B) does not exceed the check amount plus $250; and (iv) if the holder retains an attorney to recover on the dishonored check, reasonable attorney's fees not to exceed $50. (b) (i) Notwithstanding Subsection (6)(a), all amounts charged or collected under Subsection (6)(a)(iii) shall be paid to and be the property of the original payee of the check. (ii) A person who is not the original payee may not retain any amounts charged or collected under Subsection (6)(a)(iii). (iii) The original payee of a check may not contract for a person to retain any amounts charged or collected under Subsection (6)(a)(iii). (7) (a) A holder may not commence a civil action under this section unless the issuer fails to pay the amounts owed: (i) under Subsection (4); and (ii) within 30 calendar days from the day on which the notice required by Subsection (5) is mailed. (b) Subject to Subsections (7)(c) and (d) and except as provided in Section 7-23-401, in a civil action the issuer of the check is liable to the holder for: (i) the amount owed under Subsection (2)(b); (ii) the collection costs under Subsection (4); (iii) interest; (iv) court costs; (v) reasonable attorney fees; and (vi) damages: (A) equal to the greater of: (I) $100; or (II) triple the check amount; and (B) not to exceed the check amount plus $500. (c) If an issuer is held liable under Subsection (7)(b), notwithstanding Subsection (7)(b), a court may waive any amount owed under Subsections (7)(b)(iii) through (vi) upon a finding of good cause. (d) If a holder of a check violates this section by commencing a civil action under this section before 31 calendar days from the day on which the notice required by Subsection (5) is mailed, an issuer may not be held liable for an amount in excess of the check amount. (e) (i) Notwithstanding Subsection (7)(b), all amounts charged or collected under Subsection (7)(b)(vi) shall be paid to and be the property of the original payee of the check. (ii) A person who is not the original payee may not retain any amounts charged or collected under Subsection (7)(b)(vi). (iii) The original payee of a check may not contract for a person to retain any amounts charged or collected under Subsection (7)(b)(vi). (8) This section may not be construed to prohibit the holder of the check from seeking relief under any other applicable statute or cause of action. (9) (a) Notwithstanding the other provisions of this section, a holder of a check is exempt from this section if the holder is: (i) a depository institution; or (ii) a person that receives a payment on behalf of a depository institution. (b) A holder exempt under Subsection (9)(a) may contract with an issuer for the collection of fees or charges for the dishonor of a check.
Utah Code § 7-1-608 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-608
§ 7-1-608. School or institutional savings plans authorized.
Status: in_force

A depository institution may contract with any public or non-public elementary or secondary school or institution of higher learning, or any public or charitable institution caring for minors, for the participation and implementation by the depository institution in any school or institutional savings plan, and it may accept savings accounts at the school or institution, either by its own collector or by any representative of the school or institution which becomes the agent of the depository institution for that purpose.
Utah Code § 7-1-211 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-211
§ 7-1-211. Reports of commissioner to governor and Legislature.
Status: in_force

The commissioner shall submit on or before October 1 of each year a report to the governor and to the Legislature containing information from the last report of condition furnished by each institution under the supervision of the department and any other proceeding had or done by the department showing generally the condition of the businesses under the supervision of the department and such other matters in connection with the businesses as may be of interest to the public; and a detailed statement, verified by oath, of all fees and other money received by the department during the same period.
Utah Code § 7-16a-201 — Utah Code / Title 7 / Chapter 7-16a / § 7-16a-201
§ 7-16a-201. Authority to operate an automated teller machine.
Status: in_force

An automated teller machine located in this state shall be operated only by: (1) a depository institution; (2) a depository institution holding company; or (3) an institution directly or indirectly owned or controlled by one or more depository institutions or depository institution holding companies.
Utah Code § 7-22-108 — Utah Code / Title 7 / Chapter 7-22 / § 7-22-108
§ 7-22-108. Segregation of accounts -- Duties specified by agreement -- Duties generally.
Status: in_force

(1) Each escrow agent shall place all funds received in escrow into separate federally insured depository accounts specifically denominated as trust accounts and shall allow no other funds to be placed into a trust account for any purpose. Funds may be paid from trust accounts only in accordance with the terms and conditions of the escrow agreement. An agent may maintain a general trust account and individual accounts for specific escrows in the agent's discretion, subject to any specific terms and conditions of an escrow agreement. Earnings on funds held in an escrow trust account may be periodically dispersed to the escrow agent if the escrow contract specifically provides for such disbursements. Otherwise, earnings on funds held in escrow may be paid out of the escrow account to any other party in accordance with the provisions of the escrow agreement if the agreement does not otherwise provide for payment of the earnings or any portion of the earnings on the escrow funds. (2) All other assets or property received by an escrow agent in accordance with an escrow agreement shall be maintained in a manner which will reasonably preserve and protect the property from loss, theft, or damage, and which will otherwise comply with all duties and responsibilities of a fiduciary or bailee generally.
Utah Code § 7-23-104.1 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-104.1
§ 7-23-104.1. No effect on civil liability.
Status: in_force

Nothing in this chapter is intended to limit any civil liability that may exist against a check casher or deferred deposit lender for: (1) breach of contract; (2) violation of federal law; or (3) other unlawful act.
Utah Code § 7-25-205 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-205
§ 7-25-205. Issuance of license.
Status: in_force

(1) Upon the filing of a complete application, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which is to be borne by the applicant in accordance with Subsection 7-1-401(6). (2) The commissioner shall issue a license to the applicant authorizing the applicant to engage in the licensed activities in this state if the commissioner finds that: (a) the applicant's business will be conducted honestly, fairly, and in a manner commanding the confidence and trust of the community; (b) the applicant has fulfilled the requirements imposed by this chapter; and (c) the applicant has paid the required original license fee under Section 7-1-401.
Utah Code § 7-1-302 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-302
§ 7-1-302. Review of supervisor's action by commissioner.
Status: in_force

The commissioner shall review, upon written request of the institution or other person affected, any act or order of a supervisor and may suspend, modify, or revoke any such act or order as the commissioner may find to be arbitrary, capricious, contrary to law or the rules and regulations of the department, or not in the best interest of the public or of the state.
Utah Code § 7-22-102 — Utah Code / Title 7 / Chapter 7-22 / § 7-22-102
§ 7-22-102. Authorization required.
Status: in_force

Without prior authorization by the department, no person may perform escrow services, offer to perform escrow services, advertise that it performs escrow services, use the word "escrow" in a business name, or do any other thing that might reasonably cause anyone to believe that the person performs escrow services.
Utah Code § 7-1-702 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-702
§ 7-1-702. Interstate acquisition, merger, and branching.
Status: in_force

(1) A Utah depository institution or its holding company may acquire control of, acquire all or substantially all the assets of, or merge with: (a) an out-of-state depository institution; or (b) a holding company of an out-of-state depository institution. (2) An out-of-state depository institution or its holding company may acquire control of, acquire all or substantially all the assets of, or merge with: (a) a Utah depository institution; or (b) a holding company of a Utah depository institution. (3) A Utah depository institution may acquire, through merger or otherwise, a branch of a depository institution in another state without acquiring: (a) the depository institution in the other state; or (b) the charter of the depository institution described in Subsection (3)(a). (4) An out-of-state depository institution may acquire, through merger or otherwise, a branch of a depository institution in Utah without acquiring: (a) the Utah depository institution; or (b) the charter of the Utah depository institution. (5) (a) A Utah depository institution may establish a de novo branch in any state that allows de novo interstate branching as described in 12 U.S.C. Secs. 36(g) and 1828(d)(4), as amended. (b) Except as provided in Subsection (5)(c), de novo interstate branching in Utah is prohibited. (c) An out-of-state depository institution may establish a de novo branch in Utah if the home state of that out-of-state depository institution permits a Utah state chartered depository institution to establish and maintain a de novo branch in that home state under substantially the same terms and conditions as that out-of-state depository institution establishes its de novo branch in Utah. (6) (a) Any of the following may do anything described in Subsection (6)(b): (i) a Utah depository institution or holding company that acquires an out-of-state depository institution; (ii) a Utah depository institution that is the resulting depository institution after merging with an out-of-state depository institution; or (iii) a Utah depository institution that otherwise establishes or acquires a branch in a host state. (b) A depository institution or holding company described in Subsection (6)(a) may do any of the following in accordance with applicable state and federal law, including the law of the host state: (i) continue to operate the out-of-state depository institution or branch; (ii) convert any existing main office or branch in the host state into a branch of the Utah depository institution; (iii) establish or acquire additional branches of the Utah depository institution in any state where the out-of-state depository institution could have done so if the out-of-state depository institution had not been acquired or merged; and (iv) exercise any power and engage in any activity in a host state to the same extent as a depository institution of the same class whose home state is that state. (7) (a) Any of the following may do anything described in Subsection (7)(b): (i) an out-of-state depository institution or holding company that acquires a Utah depository institution; (ii) an out-of-state depository institution that is the resulting depository institution after merging with a Utah depository institution; or (iii) an out-of-state depository institution that otherwise establishes or acquires a branch in Utah. (b) A depository institution or holding company described in Subsection (7)(a) may do any of the following in accordance with applicable state and federal law, including the law of this state: (i) continue to operate the Utah depository institution or branch; (ii) convert any existing main office or branch in Utah into a branch of the out-of-state depository institution; (iii) establish or acquire additional branches of the out-of-state depository institution in any state where the Utah depository institution could have done so if the Utah depository institution had not been acquired or merged; and (iv) exercise any power and engage in any activity in this state to the same extent as a depository institution of the same class whose home state is Utah. (8) (a) A Utah branch of an out-of-state depository institution shall comply with: (i) the law of the institution's home state; or (ii) the federal law in the case of a federally chartered institution. (b) If the laws of this state as a host state conflict with the laws of another state as a home state, the laws of the home state prevail except as provided in this section. (c) The commissioner may order that Utah law prevails over home state law if the application of Utah law is necessary to: (i) preserve the safe and sound operation of the Utah branch; (ii) prevent significant competitive disadvantage to Utah depository institutions in local financial markets; or (iii) otherwise protect the citizens of this state. (d) The laws of this state regarding community reinvestment, consumer protection, fair lending, and intrastate branching apply to a Utah branch of an out-of-state depository institution to the same extent as those laws apply to a Utah branch of a depository institution chartered by this state. (e) An out-of-state depository institution authorized to operate a branch in Utah may underwrite or sell insurance, engage in the direct marketing of securities, or engage in the brokerage of real estate only to the extent permissible for a Utah depository institution of the same class. (9) Subsection (8) does not affect the jurisdiction or authority of the commissioner to: (a) examine, supervise, and regulate an out-of-state depository institution operating or seeking to operate a branch in this state; or (b) take any action or issue any order with regard to a branch described in Subsection (9)(a). (10) The acquisition of a charter entitles the acquiring institution to engage in any activity the acquired institution could have engaged in if the acquired institution had not been acquired, so long as the acquiring institution does not convert the acquired institution into, or operate it as, an institution of a different class. (11) (a) The activities authorized in this section are subject to: (i) the limitations for mergers and acquisitions set forth in Sections 7-1-703 and 7-1-705; and (ii) the limitations for branching set forth in Section 7-1-708. (b) An institution shall file all required applications and receive all appropriate approvals before engaging in any of the activities authorized in this section. (12) An out-of-state depository institution that operates a branch in this state shall: (a) maintain a certificate of authority to transact business in this state; (b) comply with all applicable corporate filing requirements under Title 16, Chapter 10a, Utah Revised Business Corporation Act, to the same extent as any nondepository corporation transacting business in this state; and (c) provide written notification to the department of the out-of-state depository certificate of authority to transact business in this state.
Utah Code § 7-23-103.1 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-103.1
§ 7-23-103.1. Exemptions.
Status: in_force

The following are not subject to the requirements of this chapter: (1) a depository institution; (2) a depository institution holding company; (3) an institution directly or indirectly owned or controlled by one or more: (a) depository institutions; or (b) depository institution holding companies; or (4) a person that cashes a check in a transaction: (a) that is incidental to a retail sale of goods or services; and (b) for consideration that does not exceed the greater of: (i) 1% of the amount of the check; or (ii) $1.
Utah Code § 7-5-107 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-107
§ 7-5-107. Confidentiality of communications and writings concerning trust -- Actions to protect property or authorized under probate laws not precluded.
Status: in_force

(1) A trust company exercising the powers and performing the duties described in this chapter shall keep confidential each communication and writing the trust company makes or receives relating to the existence, condition, management or administration of an agency or fiduciary account confided to the trust company. (2) A creditor or stockholder of a trust company is not entitled to disclosure or knowledge of a communication or writing described in Subsection (1), unless the creditor or stockholder is: (a) a director of the trust company; (b) a president of the trust company; (c) a vice president of the trust company; (d) a manager employed by the trust company; (e) a treasurer employed by the trust company; (f) a trust officer of the trust company; (g) an employee of the trust company assigned to work on the trust business; (h) an attorney employed by the trust company; or (i) an auditor employed by the trust company. (3) In a proceeding relating to the existence, condition, management or administration of an account described in Subsection (1), a court may require disclosure of the communication or writing. (4) Nothing in this section precludes a trust company from filing an action in court to protect trust account property or as authorized under Title 75B, Trusts.
Utah Code § 7-23-503 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-503
§ 7-23-503. Reporting by commissioner.
Status: in_force

(1) Subject to Subsection (2), as part of the commissioner's annual report to the governor and Legislature under Section 7-1-211, the commissioner shall report to the governor and Legislature on the operations on an aggregate basis of deferred deposit lenders operating in the state. (2) In preparing the report required by Subsection (1), the commissioner: (a) shall include in the report for the immediately preceding calendar year aggregate information from the one or more operations statements filed under Subsection 7-23-201(2)(e) by deferred deposit lenders for that calendar year; (b) shall include in the report: (i) the total number of written complaints concerning issues material to deferred deposit loan transactions received by the department in a calendar year from persons who have entered into a deferred deposit loan with a deferred deposit lender; (ii) for deferred deposit lenders who are registered with the department: (A) the number of the complaints described in Subsection (2)(b)(i) that the department considers resolved; and (B) the number of the complaints described in Subsection (2)(b)(i) that the department considers unresolved; and (iii) for deferred deposit lenders who are not registered with the department: (A) the number of the complaints described in Subsection (2)(b)(i) that the department considers resolved; and (B) the number of the complaints described in Subsection (2)(b)(i) that the department considers unresolved; (c) may not include in the report information from an operations statement filed with the department that could identify a specific deferred deposit lender; and (d) may not include in the report information from an operations statement filed under Subsection 7-23-201(2)(f).
Utah Code § 7-3-36 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-36
§ 7-3-36. Loans to officers, directors and stockholders.
Status: in_force

A bank may lend its funds or extend credit to any executive officer or director of the bank or to any person who directly or indirectly owns, controls, or has the power to vote 10% or more of any class of voting securities of the bank only in the manner and to the extent that the commissioner may prescribe by regulation. Any limitations imposed by the commissioner under this section may not be more restrictive than those prescribed by regulations issued by the bank's federal supervisory or insuring agency.
Utah Code § 7-2-8 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-8
§ 7-2-8. Special deputies or agents -- Appointment -- Bond.
Status: in_force

The commissioner may appoint one or more special deputies or agents to assist the commissioner in the proceedings. The commissioner may fix the compensation of any agent appointed to assist the commissioner. The commissioner may require from agents security for the faithful discharge of their duties. All bonds given under this section shall be deposited with the commissioner and kept in the commissioner's office.
Utah Code § 7-1-803 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-803
§ 7-1-803. Conflicting interests of commissioner, supervisors, and examiners -- Loans and accounts -- Disclosure -- Penalty.
Status: in_force

(1) Neither the commissioner nor any supervisor or examiner may do any of the following with respect to any institution under the supervision of the department: (a) be indebted, directly or indirectly, as a borrower, accommodation endorser, surety, or guarantor to an institution, or to an individual or any other legal or commercial entity owning or controlling an institution; (b) be an officer, director, or employee of any institution or of an individual or any other legal or commercial entity owning or controlling an institution; (c) own or deal in, directly or indirectly, the shares or obligations of an institution or of a corporation owning or controlling an institution; (d) receive, directly or indirectly, from an institution or any officer, director, or employee of an institution, any salary, fee, or compensation; or (e) be interested in or engage in the negotiations of any loan to, obligation of, or accommodation for another person to or with an institution. (2) Notwithstanding Subsection (1), the commissioner, any supervisor, or any examiner of the department may: (a) have and maintain savings, transaction, share, time deposit, or other accounts, or certificates and deposits in any financial or depository institution in the state, or be a lessee of a safe deposit box on the same terms and conditions available to the public generally; (b) be indebted to a depository institution under the supervision of the department on terms offered to the public generally upon: (i) a mortgage loan upon the mortgagor's own home; (ii) an open or closed end consumer loan granted before the person became employed with the department or before the institution became subject to the jurisdiction of the department; (iii) in the case of a supervisor or examiner, a consumer loan lawfully made prior to January 1, 1991, provided that while the debt is subject to the provisions of this chapter, the terms of the debt are not changed in favor of the debtor in a manner not offered and provided to other creditworthy borrowers or waived or extended as a result of delinquency or default; and (iv) a debt fully secured at all times by deposits in the institution; (c) be indebted on an installment debt transferred to an institution under the jurisdiction of the department in the regular course of business by a seller of consumer goods; and (d) continue to receive payments under a regularly established pension plan of general application for fully retired employees of an institution under the supervision of the department. (3) Full disclosure in writing of any indebtedness incurred under Subsection (2) shall be filed in the commissioner's office. (4) Any person who knowingly violates this section with the intention of getting gain through the influence of that person's office shall forfeit the office or employment and is guilty of a third degree felony.
Utah Code § 7-29-104 — Utah Code / Title 7 / Chapter 7-29 / § 7-29-104
§ 7-29-104. Exemption from money transmission license.
Status: in_force

The following activities do not require an individual or business to obtain a money transmitter license under Title 7, Chapter 25, Money Transmitter Act: (1) operating one or more nodes on a blockchain protocol; (2) developing software on a blockchain protocol; or (3) operating a business or decentralized protocol that: (a) effectuates the exchange of one digital asset for another digital asset; and (b) does not exchange digital assets for legal tender or bank deposits.
Utah Code § 7-9-3 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-3
§ 7-9-3. Definitions.
Status: in_force

As used in this chapter: (1) (a) "Association" means a group of persons that: (i) constitute the members of a formal association organized for: (A) an identifiable interest; (B) an identifiable purpose; (C) a specific profession; or (D) a specific occupation; or (ii) are employed by a common employer. (b) "Association" does not include a group of persons that is: (i) identified or created primarily on the basis of a relationship between any person and: (A) a consumer; (B) a customer; or (C) a client; or (ii) created primarily for the purpose of expanding the membership in a credit union. (2) "Capital and surplus" means: (a) shares; (b) deposits; (c) reserves; and (d) undivided earnings. (3) "Corporate credit union" means any credit union organized pursuant to any state or federal act for the purpose of serving other credit unions. (4) "Credit union service organization" means an entity: (a) that provides any of the services listed in Subsection 7-9-59(2); and (b) in which a credit union organized under this chapter holds an ownership interest. (5) "Deposits" means that portion of the capital paid into the credit union by members on which a specified rate of interest will be paid. (6) "Field of membership" means persons designated as eligible for credit union membership in accordance with: (a) Section 7-9-51 or 7-9-53; and (b) the bylaws of the credit union. (7) "Immediate family" means parents, spouse, surviving spouse, children, and siblings of the member. (8) (a) "Member-business loan" means any loan, line of credit, or letter of credit, the proceeds of which will be used for: (i) a commercial purpose; (ii) other business investment property or venture purpose; or (iii) an agricultural purpose. (b) "Member-business loan" does not include an extension of credit: (i) that is fully secured by a lien on a one- to four- family dwelling that is the primary residence of a member; (ii) that is fully secured by: (A) shares or deposits in the credit union making the extension of credit; or (B) deposits in other financial institutions; (iii) the repayment of which is fully insured or fully guaranteed by, or where there is an advance commitment to purchase in full by, an agency of: (A) the federal government; (B) a state; or (C) a political subdivision of a state; or (iv) that is granted by a corporate credit union to another credit union. (9) "Nonexempt credit union" means a credit union that is a nonexempt credit union under Section 7-9-55. (10) "Share drafts," "deposit drafts," and "transaction accounts" mean accounts from which owners are permitted to make withdrawals by negotiable or transferable instruments or other orders for the purpose of making transfers to other persons or to the owner. (11) "Shares" means that portion of the capital paid into the credit union by members on which dividends may be paid.
Utah Code § 7-1-104 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-104
§ 7-1-104. Exemptions from application of title.
Status: in_force

(1) This title does not apply to: (a) investment companies registered under the Investment Company Act of 1940, 15 U.S.C. Sec. 80a-1 et seq.; (b) securities brokers and dealers registered pursuant to: (i) Title 61, Chapter 1, Utah Uniform Securities Act; or (ii) the federal Securities Exchange Act of 1934, 15 U.S.C. Sec. 78a et seq.; (c) depository or other institutions performing transaction account services, including third party transactions, in connection with: (i) the purchase and redemption of investment company shares; or (ii) access to a margin or cash securities account maintained by a person identified in Subsection (1)(b); or (d) insurance companies selling interests in an investment company or "separate account" and subject to regulation by the Utah Insurance Department. (2) (a) An institution, organization, or person is not exempt from this title if, within this state, it holds itself out to the public as receiving and holding deposits from residents of this state, whether evidenced by a certificate, promissory note, or otherwise. (b) An investment company is not exempt from this title unless the investment company is registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940, 15 U.S.C. Sec. 80a-1 et seq., and is advised by an investment adviser: (i) which is registered with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940, 15 U.S.C. Sec. 80b-1 et seq.; and (ii) which advises investment companies and other accounts with a combined value of at least $50,000,000.
Utah Code § 7-18a-104 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-104
§ 7-18a-104. Application of Utah Financial Institutions Act.
Status: in_force

A foreign depository institution authorized under Section 7-18a-201 to transact business in this state through an agency, branch, or representative office is subject to this title.
Utah Code § 7-2-19 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-19
§ 7-2-19. Suspension of payments by institution -- Order of commissioner -- Approval of governor -- Period effective -- Exempt payments -- Operation during suspension -- Modification of orders -- Adoption of rules and regulations.
Status: in_force

(1) The commissioner, whenever in the commissioner's opinion the action is necessary in the public interest, may, if the governor approves, order such institutions as are subject to the commissioner's supervision to suspend the payment in any manner of their respective liabilities to their depositors and other creditors, except as hereinafter provided. (2) The order shall become effective upon notice, and shall continue in full force and effect until rescinded or modified by the commissioner. No such order shall be issued for an initial period of more than 60 days, but any such order may, if the governor approves, be extended from time to time for further periods not exceeding 60 days each. (3) Nothing contained in this chapter shall affect the right of the institutions to pay current operating expenses and other liabilities incurred during a period of suspension. (4) Whenever in the opinion of the commissioner conditions warrant such action, the commissioner may, if the governor approves, authorize the issuance of clearing house certificates, post notes or other evidences of indebtedness, either during a period of suspension, or during such longer period as the commissioner may prescribe, and during a period of suspension, the commissioner may permit the suspended institution to receive deposits and may authorize any such institution to pay any part of its liabilities, or of any class thereof, payment of which has been suspended. (5) The commissioner may, if the governor approves, at any time, by order, modify or rescind any or all previous orders made by the commissioner under authority of this chapter. (6) The commissioner may, if the governor approves, prescribe such rules and regulations as the commissioner considers necessary in order to carry out the provisions of this chapter, and an order may be issued on such terms and conditions as may be incorporated in the order.
Utah Code § 7-1-613 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-613
§ 7-1-613. Incompetency of savings account owner.
Status: in_force

When a savings account is held in any depository institution by a person who becomes incompetent and an adjudication of incompetency has been made by a court of competent jurisdiction, the institution may pay or deliver the withdrawal value of the savings account and any earnings that may have accrued on the account to the conservator for that person upon proof of the conservator's appointment and qualification. However, if the institution has received no written notice and is not on actual notice that the savings account holder has been adjudicated incompetent, it may pay or deliver the funds to the holder in accordance with the provision of the savings account contract, and the receipt or acquittance of the holder therefor shall be a valid and sufficient release and discharge of the institution for the payment or delivery so made.
Utah Code § 7-9-18 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-18
§ 7-9-18. Expulsion of member.
Status: in_force

(1) The board of directors or board-designated representatives may expel from the credit union any member who has not carried out the member's engagements with the credit union, or neglected or refused to comply with the credit union board policies, provisions of this chapter, or of the credit union bylaws. (2) If the member whose expulsion is under consideration is a member of the board of directors or credit committee, the supervisory committee shall call a special meeting of the members to hear the facts and act upon the proposed expulsion.
Utah Code § 7-9-17 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-17
§ 7-9-17. Membership officer -- Appointment -- Eligibility -- Function -- Appeals from.
Status: in_force

(1) One or more membership officers may be appointed by the board of directors. (2) A membership officer may approve applications for membership under conditions prescribed by the board of directors and the bylaws. (3) A membership officer shall be appointed from among the members of the credit union. (4) A president, vice president, or loan officer may not serve as a membership officer. (5) The membership officer authorized to approve membership shall submit to the board of directors at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting, and other related information as the board or the bylaws may require. (6) A person denied membership by a membership officer may appeal the denial to the board of directors.
Utah Code § 7-24-203 — Utah Code / Title 7 / Chapter 7-24 / § 7-24-203
§ 7-24-203. Disclosure form for title loans.
Status: in_force

(1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department shall adopt a disclosure form for title loans that complies with this section. (2) The department shall specify by rule: (a) the information to be provided in the disclosure form including: (i) the costs of obtaining a title loan; (ii) the consequences of defaulting on a title loan; (iii) generally available alternatives to a title loan; and (iv) methods of obtaining credit counseling or other financial advice; (b) the type size of the disclosure form; and (c) the manner in which a title lender shall conspicuously provide the disclosure form to a person seeking a title loan.
Utah Code § 7-18a-501 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-501
§ 7-18a-501. Supervisory actions by commissioner.
Status: in_force

A foreign depository institution authorized by this state to transact business in this state through an agency, branch, or representative office is subject to supervisory actions by the commissioner under Chapter 2, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, if the commissioner, with or without an administrative hearing, finds: (1) any of the circumstances set forth in Section 7-2-1; (2) that the foreign depository institution is transacting business in or outside this state in an unsafe and unsound manner; (3) that the foreign depository institution or its agency, branch, or representative office is in an unsafe and unsound condition; (4) that the foreign depository institution has ceased to operate its agency, branch, or representative office without the prior approval of the commissioner as required in Section 7-18a-202; (5) that the foreign depository institution or its agency or branch has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due; (6) that the foreign depository institution or its agency or branch has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any foreign or domestic bankruptcy, reorganization, insolvency, or moratorium law, or that any person has applied for any such relief under such law against the foreign depository institution and the foreign depository institution has by any affirmative act approved of or consented to such action or such relief has been granted; (7) that a receiver, liquidator, or conservator has been appointed for the foreign depository institution, or that any proceeding for such an appointment or any similar proceeding has been initiated in the chartering country; (8) that the foreign depository institution's existence or authority to transact depository institution business under the laws of the chartering country has been suspended or terminated; or (9) that any fact or condition exists that, if it had existed at the time when the foreign depository institution applied for a certificate of authority to transact business through an agency, branch, or representative office in this state, would have been grounds for denying the application.
Utah Code § 7-25-203 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-203
§ 7-25-203. License qualifications.
Status: in_force

(1) An applicant for a license shall: (a) demonstrate, and a licensee shall maintain, a net worth of not less than $1,000,000 as demonstrated by a financial statement for the most recent fiscal year that is prepared and certified by an independent auditor and is satisfactory to the commissioner; and (b) demonstrate experience, character, and general fitness to command the confidence of the public and warrant the belief that the business to be operated will be operated lawfully and fairly. (2) A corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. A noncorporate applicant shall, at the time of the filing of an application for a license under this chapter and at all times after a license is issued, be qualified to do business in the state. (3) Subject to the commissioner's discretion, a person may not be licensed under this chapter to do business in the state: (a) if the person has been convicted of, or pled guilty or no contest to, a felony: (i) during the seven years preceding the day on which the individual files an application; or (ii) at any time, if the felony involves an act of: (A) fraud; (B) dishonesty; (C) breach of trust; or (D) money laundering; or (b) if an executive officer, key shareholder, or director of the person has been convicted of, or pled guilty or no contest to, a felony: (i) during the seven years preceding the day on which the individual files an application; or (ii) at any time, if the felony involves an act of: (A) fraud; (B) dishonesty; (C) breach of trust; or (D) money laundering. (4) The applicant shall submit evidence satisfactory to the commissioner that the person is registered with the nationwide database. (5) The commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide for the transition of persons being licensed under this chapter.
Utah Code § 7-9-28 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-28
§ 7-9-28. Loan to credit union official.
Status: in_force

The board of directors shall review and either approve or deny a loan application on which a member of the board of directors, credit committee, supervisory committee, president, or credit manager is a direct obligor, or endorser, cosigner, or guarantor.
Utah Code § 7-9-10 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-10
§ 7-9-10. Filing amendment.
Status: in_force

The Division of Corporations and Commercial Code shall accept for filing an amendment to the articles of incorporation if it finds that the amendment conforms to law and has been approved by the commissioner.
Utah Code § 7-18a-206 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-206
§ 7-18a-206. Change of control of foreign depository institution.
Status: in_force

A foreign depository institution authorized by this state to transact business through an agency, branch, or representative office in this state shall file with the commissioner a notice, in such form and containing such information as the commissioner may prescribe, no later than 14 days after the change of control of the foreign depository institution.
Utah Code § 7-5-109 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-109
§ 7-5-109. Segregation of trust assets -- Books and records required -- Examination -- Trust property not subject to claims or debts against trust company.
Status: in_force

(1) A trust company exercising the powers to act as an agent or fiduciary under this chapter shall: (a) segregate all assets the trust company holds in any agency or fiduciary capacity from the general assets of the trust company; and (b) keep a separate set of books and records showing in proper detail each transaction in which the trust company engages in accordance with this chapter. (2) The trust company shall allow the commissioner, an examiner the commissioner appoints in accordance with Chapter 1, General Provisions, and an appropriate regulating agency to inspect books and records described in Subsection (1). (3) Property the trust company holds in an agency or fiduciary capacity is not subject to claims or debts against the trust company.
Utah Code § 7-8-20 — Utah Code / Title 7 / Chapter 7-8 / § 7-8-20
§ 7-8-20. Limitations on loans to one borrower -- Exceptions -- Rules.
Status: in_force

(1) Except as provided in this section, the total loans and extensions of credit, including credit exposure to a derivative transaction, by an industrial bank to a person outstanding at any one time may not exceed 15% of the industrial bank's total capital. (2) Subsection (1) does not apply to an extension of credit that is subject to, or expressly exempted from, a federal statute or federal regulation limiting the amount of total loans and credit that may be extended to any person or group of persons. (3) The commissioner may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act: (a) exempt from Subsection (1) a class of loans or class of extensions of credit, including credit exposure to a derivative transaction, that are adequately secured or are not otherwise a risk to the safe and sound operation of an industrial bank; (b) define terms and phrases necessary to interpret and implement this section; (c) adopt standards for aggregating or segregating loans to the same or different persons; (d) describe records required to be maintained; (e) require specific actions to be taken by an institution's board of directors or executive officers; and (f) prescribe other actions necessary to interpret and implement this section.
Utah Code § 7-23-101 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-101
§ 7-23-101. Title.
Status: in_force

This chapter is known as the "Check Cashing and Deferred Deposit Lending Registration Act."
Utah Code § 7-17-7 — Utah Code / Title 7 / Chapter 7-17 / § 7-17-7
§ 7-17-7. Limit on amount borrower required to pay into account -- Deficiency -- Method of recouping and remedies for default.
Status: in_force

A lender in connection with a real estate loan may not require a borrower, the borrower's successors or assigns, or a prospective borrower: (1) to deposit in any reserve account established in connection with the loan, prior to or upon closing, a sum exceeding the estimated total payments for taxes, insurance premiums, or other charges which will be due and payable on the date of closing, and the pro rata portion thereof which has accrued, plus 1/6th of the estimated total taxes, insurance premiums, and other charges which will become due and payable during the 12-month period beginning on the date of closing; or (2) to deposit in any reserve account in any month beginning after closing a sum exceeding 1/12th of the total estimated taxes, insurance premiums, or other charges which will become due and payable during the 12-month period beginning on the first day of the month plus an amount necessary to maintain the additional balance permitted in Subsection (1) in the reserve account not to exceed 1/6th of the total estimated taxes, insurance premiums, or other charges that will become due and payable during the 12-month period beginning on the first day of the month, except that: (a) if the lender determines there will be a deficiency on the due date, it may require additional monthly deposits in the reserve account of pro rata portions of the deficiency corresponding to the number of months from the date of the lender's determination of the deficiency to the date upon which the charges become due and payable; (b) if the lender determines there is a deficiency on or after the due date, it may: (i) bill the borrower, the borrower's successors or assigns, for the deficiency, which bill shall promptly be paid; (ii) add the deficiency to the principal; or (iii) charge the reserve account, and require additional monthly deposits in the reserve account for up to 12 months to recoup the deficiency; (c) if the borrower, the borrower's successors or assigns, fails to pay any amount billed by the lender to meet the deficiency as permitted under Subsection (2)(b)(i), the lender may exercise any remedies for default contained in the real estate loan document. If such failure to pay continues for 30 days after written notice to borrower, the lender may also terminate any obligation to pay interest or to otherwise pay compensation for the use of the funds in the reserve account.
Utah Code § 7-1-808 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-808
§ 7-1-808. Closing days for depository institutions.
Status: in_force

(1) Depository institutions shall be closed to the general public on Sundays. (2) (a) The commissioner may designate any additional or different day on which depository institutions are closed to the general public, such as in the event of: (i) an emergency; (ii) disaster; (iii) flood; (iv) earthquake; (v) fire; (vi) power outage; (vii) heavy snow; (viii) other impediment to: (A) business; or (B) the safety of customers and employees; or (ix) any circumstance in which closing on an additional or different day serves the public interest. (b) The commissioner may designate a day under Subsection (2)(a) as applying to all or any portion of the state. (3) (a) A depository institution may elect to be open or closed to the general public during business hours of its choosing on any day not designated under this section as a day for closing. (b) A depository institution shall provide adequate notice to its customers or members of any change from normal business hours.
Utah Code § 7-1-617 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-617
§ 7-1-617. No concentration limit under state law.
Status: in_force

(1) There is no state deposit cap or concentration limit under Utah law. A depository institution or depository institution holding company may control any percentage of the total deposits held within this state by all depository institutions of the same class. (2) To the extent authorized by federal law, the commissioner may, on a case by case basis, waive any applicable federal deposit concentration limit that has the effect of being more limiting than Subsection (1). In making a decision to waive a federal deposit concentration limit, the commissioner shall apply a standard that does not discriminate against out-of-state depository institutions, upon a finding that the waiver promotes: (a) the availability of financial services; (b) the marketability of Utah depository institutions; or (c) another public interest. (3) This section does not affect the applicability, if any, of antitrust law.
Utah Code § 7-18a-202 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-202
§ 7-18a-202. Application and fee to establish, relocate, or discontinue a foreign depository institution agency, branch, or representative office -- Certificate of authority.
Status: in_force

(1) To obtain a certificate of authority to transact business through an agency, branch, or representative office in this state, a foreign depository institution shall: (a) comply with Section 7-1-708; (b) provide a copy and an accurate English translation of the foreign depository institution's articles of incorporation, or equivalent, that evidences authority to transact business as a depository institution; (c) provide satisfactory evidence that the foreign depository institution has complied with the laws of the chartering country authorizing the foreign depository institution to engage in the business of a depository institution; (d) irrevocably designate the commissioner as the foreign depository institution's agent for service of process; (e) provide a written certificate of designation that specifies the name and address of the person to whom the commissioner shall forward any process that has been served; and (f) pay to the department a filing fee as required by Subsection 7-1-401(6). (2) The written certificate of designation, required in Subsection (1)(e) may be changed from time to time by filing a new certificate of designation. (3) To obtain authorization to relocate an authorized agency, branch, or representative office in this state, a foreign depository institution shall comply with Section 7-1-708. (4) (a) To obtain authorization to discontinue an agency, branch, or representative office in this state, a foreign depository institution shall comply with Section 7-1-709. (b) Upon notice of authorization to discontinue an agency, branch, or representative office and the satisfaction of all conditions precedent to discontinuance, the foreign depository institution may close the agency, branch, or representative office and promptly surrender to the commissioner the certificate of authority. (5) If the commissioner authorizes a foreign depository institution to transact business through an agency, branch, or representative office in this state, the commissioner shall issue a certificate of authority that states: (a) fully the name of the foreign depository institution to which the certificate of authority is issued; (b) the address at which the agency, branch, or representative office of the foreign depository institution is to be located; (c) the authority granted to the foreign depository institution; (d) the effective and expiration dates of the certificate of authority; and (e) any other information required by the commissioner. (6) Each foreign depository institution agency, branch, or representative office shall display the certificate of authority issued by the commissioner in a conspicuous place at the place of business specified in the certificate. (7) A certificate of authority is neither transferable nor assignable.
Utah Code § 7-1-801 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-801
§ 7-1-801. False statement derogatory to financial condition of depository institution a misdemeanor -- Exemptions.
Status: in_force

(1) Any person who willfully and knowingly makes or circulates or transmits to another any statement or rumor, written, printed, or by word of mouth, which is untrue in fact and is directly or by inference derogatory to the financial condition or standing of any depository institution, or who knowingly counsels, aids, procures, or induces another to state, transmit, or circulate any such statement or rumor, is guilty of a class B misdemeanor. (2) Subsection (1) does not apply to the exchange of information between personnel of the department and the personnel of other regulatory and deposit insurance agencies in the discharge of regulatory duties, which communications are considered absolutely privileged.
Utah Code § 7-8-3 — Utah Code / Title 7 / Chapter 7-8 / § 7-8-3
§ 7-8-3. Organization -- Authorization to conduct business -- Deposit insurance.
Status: in_force

10/1/2026 (1) Subject to Subsection (4), the commissioner may authorize a person described in Subsection (2) to conduct business as an industrial bank. (2) (a) Each person organized to conduct the business of an industrial bank in this state shall be organized under: (i) Title 16, Chapter 10a, Utah Revised Business Corporation Act; or (ii) in accordance with Section 7-1-810 or Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act. (b) A person may not conduct business as an industrial bank authorized under this chapter to conduct business as an industrial bank in any form of entity other than those provided in Subsection (2)(a). (3) (a) All rights, privileges, powers, duties, and obligations of a corporation authorized to conduct business as an industrial bank and its officers, directors, and stockholders shall be governed by Title 16, Chapter 10a, Utah Revised Business Corporation Act, except as otherwise provided in this title. (b) All rights, privileges, powers, duties, and obligations of a limited liability company authorized to conduct business as an industrial bank and its members and managers shall be governed by Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act, except as otherwise provided in this title. (4) (a) An industrial bank is authorized to receive and hold deposits. (b) An industrial bank may not conduct business under this chapter as an industrial bank unless the industrial bank obtains insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity for any deposits received or held by the industrial bank.
Utah Code § 7-14-3 — Utah Code / Title 7 / Chapter 7-14 / § 7-14-3
§ 7-14-3. Information an institution may furnish.
Status: in_force

Any institution doing business in the state may report to any other financial institution, or credit reporting agency the following: (1) that an account maintained to effect third party payment transactions has been closed out by the institution, the reasons therefor, and the identity of the depositor or account holder; (2) upon the request of another financial institution any other information in the files of the institution relating to the credit experience of the reporting institution with respect to a particular person as to whom inquiry is made; and (3) any information concerning attempted or potential activity to defraud a financial institution or to obtain funds from a financial institution by fraudulent or other unlawful means or other information relating to individuals sought by law enforcement authorities for alleged violations of criminal laws.
Utah Code § 7-18a-403 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-403
§ 7-18a-403. Asset maintenance.
Status: in_force

(1) Each foreign depository institution authorized to transact business in this state through an agency or branch shall hold assets in this state consisting of currency, bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness, including loan participation agreements or certificates, or other obligations that are payable: (a) in the United States in United States funds; or (b) with the prior approval of the commissioner, in funds freely convertible into United States funds. (2) The amount of assets required in Subsection (1) shall be in an amount not less than 108% of the aggregate amount of liabilities of the foreign depository institution appearing in the books, accounts, or records of its agency or branch located in this state, including acceptances, but excluding amounts due and other liabilities to other offices, agencies, or branches of, and wholly owned, except for a nominal number of directors' shares, subsidiaries of, the foreign depository institution, and such other liabilities as the commissioner shall determine. (3) For the purposes of this section, the commissioner: (a) shall value marketable securities at principal amount or market value, whichever is lower; (b) may determine the value of any non-marketable bond, note, debenture, draft, bill of exchange, other evidence of indebtedness or other asset or obligation held by or owed to the foreign depository institution in this state; and (c) in determining the amount of assets for the purpose of computing the above ratio of assets to liabilities in Subsection (2), may exclude in whole or in part any particular asset. (4) The commissioner may require a foreign depository institution to deposit the assets required to be held in this state pursuant to this section with a Utah depository institution designated by the commissioner if, because of the existence or the potential occurrence of unusual and extraordinary circumstances, the commissioner considers it necessary or desirable: (a) for the maintenance of a sound financial condition; (b) for the protection of depositors, creditors, and the public interest; or (c) to maintain public confidence in the business of an agency or branch. (5) The assets held to satisfy the ratio of assets to liabilities prescribed by this section, shall include obligations of any person for money borrowed from an agency or branch of a foreign depository institution authorized to transact business in this state only to the extent that the total of these obligations of any person are not more than 10% of the assets considered for purposes of this section.
Utah Code § 7-1-402 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-402
§ 7-1-402. Time for payment of fees -- Schedule of additional fees -- Revocation of permit or license for failure to pay fees.
Status: in_force

(1) All financial institutions or other persons under the jurisdiction of the department shall pay to the commissioner for the fiscal year beginning July 1, 1987, and annually thereafter, the fees, charges, and assessments for the costs of supervision, examination, and administration of the department and for processing all applications and notices as required under this title. (2) All per diem and other examination fees shall be paid promptly upon order of the commissioner after completion of an examination. All other fees, unless otherwise provided, shall be assessed on July 1 and shall be payable to the commissioner on or before July 15. (3) Any financial institution or other person subject to the jurisdiction of the department as of July 1 of each year shall pay the total fee for the fiscal year of July 1 through June 30. (4) The commissioner may adopt a schedule of fees in addition to those provided in this section that may be assessed for services rendered by the department. These fees shall be reasonable and fair and shall reflect the cost of the services provided. (5) The fees and assessments established in this section shall be in addition to any other fee or tax imposed by law. (6) The commissioner may revoke the license or permit of any institution under the jurisdiction of the department for failure to pay the fees, charges, or assessments as provided in this title.
Utah Code § 7-1-616 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-616
§ 7-1-616. Authority to accept transaction accounts -- Payment of instruments.
Status: in_force

(1) A financial institution may accept or advertise that it accepts transaction accounts only if authorized to do so under federal or state law. An institution may submit a written request for this authority to the commissioner, except that an institution authorized to accept transaction accounts as of June 1, 1994, does not, in the first instance, need to request or be granted any additional authority. The commissioner shall grant the authority if the commissioner finds that: (a) the institution has adequate capital and reserves in relation to the character and condition of its assets and its deposit and other liabilities; (b) the deposits and other accounts held by the institution are insured or guaranteed by an agency of the federal government; and (c) the management of the institution is qualified to handle transaction accounts. (2) The commissioner may revoke, limit, or condition an institution's authority to accept and handle transaction accounts upon a finding that: (a) the institution no longer meets the criteria set forth in Subsection (1); or (b) it would be contrary to the public interest and the soundness of the financial system of this state to allow the institution to continue to accept or handle transaction accounts without limitation or condition. (3) One or more depository institutions may, by written agreement, vary the terms of Title 70A, Chapter 3, Uniform Commercial Code - Negotiable Instruments, and Chapter 4, Uniform Commercial Code - Bank Deposits and Collections, for the purposes of facilitating the transfer, exchange, and prompt payment of instruments drawn on transaction accounts.
Utah Code § 7-1-810 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-810
§ 7-1-810. Limited liability companies.
Status: in_force

10/1/2026 (1) Notwithstanding any other provision of this title and subject to Subsection (8), if the conditions of this section are met, the following may be organized as or convert to a limited liability company under Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act: (a) an industrial bank chartered under Chapter 8, Industrial Banks; (b) an industrial loan company as defined in Section 7-8-21; or (c) any of the following if the institution is an S Corporation, as defined in Section 1361, Internal Revenue Code, immediately before becoming a limited liability company: (i) a bank chartered under Chapter 3, Banks; or (ii) a depository institution holding company. (2) (a) Before an institution described in Subsection (1) may organize as or convert to a limited liability company, the institution shall obtain approval of the commissioner. (b) (i) To obtain the approval under this section from the commissioner, the institution shall file a request for approval with the commissioner at least 30 days before the day on which the institution becomes a limited liability company. (ii) If the commissioner does not disapprove the request for approval within 30 days from the day on which the commissioner receives the request, the request is considered approved. (iii) When taking action on a request for approval filed under this section, the commissioner may: (A) approve the request; (B) approve the request subject to terms and conditions the commissioner considers necessary; or (C) disapprove the request. (3) To approve a request for approval, the commissioner shall find: (a) for an institution described in Subsection (1) that is required to be insured by a federal deposit insurance agency, that the institution: (i) will operate in a safe and sound manner; (ii) has the following characteristics: (A) the institution is not subject to automatic termination, dissolution, or suspension upon the happening of some event other than the passage of time; (B) the exclusive authority to manage the institution is vested in a board of managers or directors that: (I) is elected or appointed by the owners; (II) is not required to have owners of the institution included on the board; (III) possesses adequate independence and authority to supervise the operation of the institution; and (IV) operates with substantially the same rights, powers, privileges, duties, and responsibilities as the board of directors of a corporation; (C) neither state law, nor the institution's operating agreement, bylaws, or other organizational documents provide that an owner of the institution is liable for the debts, liabilities, and obligations of the institution in excess of the amount of the owner's investment; and (D) (I) neither state law, nor the institution's operating agreement, bylaws, or other organizational documents require the consent of any other owner of the institution in order for an owner to transfer an ownership interest in the institution, including voting rights; and (II) the institution is able to obtain new investment funding if needed to maintain adequate capital; and (iii) is able to comply with all legal and regulatory requirements for an insured depository institution under applicable federal and state law; and (b) for an institution described in Subsection (1) that is not required to be insured by a federal deposit insurance agency, that the institution will operate in a safe and sound manner. (4) An institution described in Subsection (3)(a) that is organized as a limited liability company shall maintain the characteristics listed in Subsection (3)(a)(ii) during such time as it is authorized to conduct business under this title as a limited liability company. (5) (a) All rights, privileges, powers, duties, and obligations of an institution described in Subsection (1) that is organized as a limited liability company and its members and managers shall be governed by Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act, except: (i) the following do not apply to an institution that is described in Subsection (3)(a): (A) Section 16-1a-402; (B) Section 16-20-108; (C) Section 16-20-201; (D) Section 16-20-401; (E) Subsections 16-20-407(1) and (3)(c); (F) Section 16-20-410; (G) Subsection 16-20-502(1)(c); (H) Title 16, Chapter 20, Part 6, Dissociation; and (I) Section 16-20-701; and (ii) as otherwise provided in this title. (b) Notwithstanding Subsection (5)(a), for an institution that is described in Subsection (3)(a): (i) for purposes of transferring a member's interests in the institution, a member's interest in the institution shall be treated like a share of stock in a corporation; and (ii) if a member's interest in the institution is transferred voluntarily or involuntarily to another person, the person who receives the member's interest shall obtain the member's entire rights associated with the member's interest in the institution including: (A) all economic rights; and (B) all voting rights. (c) An institution described in Subsection (3)(a) may not by agreement or otherwise change the application of Subsection (5)(a) to the institution. (6) Unless the context requires otherwise, for the purpose of applying this title to an institution described in Subsection (1) that is organized as a limited liability company: (a) a citation to Title 16, Chapter 10a, Utah Revised Business Corporation Act, includes the equivalent citation to Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act; (b) "articles of incorporation" includes a limited liability company's certificate of organization as that term is used in Section 16-20-201; (c) "board of directors" includes one or more persons who have, with respect to an institution described in Subsection (1), authority substantially similar to that of a board of directors of a corporation; (d) "bylaws" includes a limited liability company's operating agreement as that term is defined in Section 16-20-201; (e) "corporation" includes a limited liability company organized under Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act; (f) "director" includes any of the following of a limited liability company: (i) a manager; (ii) a director; or (iii) other person who has with respect to the institution described in Subsection (1), authority substantially similar to that of a director of a corporation; (g) "dividend" includes distributions made by a limited liability company under Title 16, Chapter 20, Part 4, Relations of Members to Each Other and to a Limited Liability Company; (h) "incorporator" includes an organizer of a limited liability company as provided in Title 16, Chapter 20, Part 2, Formation -- Certificate of Organization and Other Filings; (i) "officer" includes any of the following of an institution described in Subsection (1): (i) an officer; or (ii) other person who has with respect to the institution described in Subsection (1) authority substantially similar to that of an officer of a corporation; (j) "security," "shares," or "stock" of a corporation includes: (i) a membership interest in a limited liability company as provided in Title 16, Chapter 20, Part 4, Relations of Members to Each Other and to a Limited Liability Company; and (ii) a certificate or other evidence of an ownership interest in a limited liability company; and (k) "shareholder" or "stockholder" includes an owner of an interest in an institution described in Subsection (1) including a member as provided in Title 16, Chapter 20, Part 4, Relations of Members to Each Other and to Limited Liability Company. (7) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner shall make rules governing the form of a request for approval filed under this section. (8) A depository institution organized under the laws of this state may not be organized as or converted to a series of transferable interests in a limited liability company as provided in Title 16, Chapter 20, Part 10, Series Limited Liability Companies.10/1/2026 (1) Notwithstanding any other provision of this title and subject to Subsection (8), if the conditions of this section are met, the following may be organized as or convert to a limited liability company under Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act: (a) an industrial bank chartered under Chapter 8, Industrial Banks; (b) an industrial loan company as defined in Section 7-8-21; or (c) any of the following if the institution is an S Corporation, as defined in Section 1361, Internal Revenue Code, immediately before becoming a limited liability company: (i) a bank chartered under Chapter 3, Banks; or (ii) a depository institution holding company. (2) (a) Before an institution described in Subsection (1) may organize as or convert to a limited liability company, the institution shall obtain approval of the commissioner. (b) (i) To obtain the approval under this section from the commissioner, the institution shall file a request for approval with the commissioner at least 30 days before the day on which the institution becomes a limited liability company. (ii) If the commissioner does not disapprove the request for approval within 30 days from the day on which the commissioner receives the request, the request is considered approved. (iii) When taking action on a request for approval filed under this section, the commissioner may: (A) approve the request; (B) approve the request subject to terms and conditions the commissioner considers necessary; or (C) disapprove the request. (3) To approve a request for approval, the commissioner shall find: (a) for an institution described in Subsection (1) that is required to be insured by a federal deposit insurance agency, that the institution: (i) will operate in a safe and sound manner; (ii) has the following characteristics: (A) the institution is not subject to automatic termination, dissolution, or suspension upon the happening of some event other than the passage of time; (B) the exclusive authority to manage the institution is vested in a board of managers or directors that: (I) is elected or appointed by the owners; (II) is not required to have owners of the institution included on the board; (III) possesses adequate independence and authority to supervise the operation of the institution; and (IV) operates with substantially the same rights, powers, privileges, duties, and responsibilities as the board of directors of a corporation; (C) neither state law, nor the institution's operating agreement, bylaws, or other organizational documents provide that an owner of the institution is liable for the debts, liabilities, and obligations of the institution in excess of the amount of the owner's investment; and (D) (I) neither state law, nor the institution's operating agreement, bylaws, or other organizational documents require the consent of any other owner of the institution in order for an owner to transfer an ownership interest in the institution, including voting rights; and (II) the institution is able to obtain new investment funding if needed to maintain adequate capital; and (iii) is able to comply with all legal and regulatory requirements for an insured depository institution under applicable federal and state law; and (b) for an institution described in Subsection (1) that is not required to be insured by a federal deposit insurance agency, that the institution will operate in a safe and sound manner. (4) An institution described in Subsection (3)(a) that is organized as a limited liability company shall maintain the characteristics listed in Subsection (3)(a)(ii) during such time as it is authorized to conduct business under this title as a limited liability company. (5) (a) All rights, privileges, powers, duties, and obligations of an institution described in Subsection (1) that is organized as a limited liability company and its members and managers shall be governed by Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act, except: (i) the following do not apply to an institution that is described in Subsection (3)(a): (A) Section 16-1a-402; (B) Section 16-20-108; (C) Section 16-20-201; (D) Section 16-20-401; (E) Subsections 16-20-407(1) and (3)(c); (F) Section 16-20-410; (G) Subsection 16-20-502(1)(c); (H) Title 16, Chapter 20, Part 6, Dissociation; and (I) Section 16-20-701; and (ii) as otherwise provided in this title. (b) Notwithstanding Subsection (5)(a), for an institution that is described in Subsection (3)(a): (i) for purposes of transferring a member's interests in the institution, a member's interest in the institution shall be treated like a share of stock in a corporation; and (ii) if a member's interest in the institution is transferred voluntarily or involuntarily to another person, the person who receives the member's interest shall obtain the member's entire rights associated with the member's interest in the institution including: (A) all economic rights; and (B) all voting rights. (c) An institution described in Subsection (3)(a) may not by agreement or otherwise change the application of Subsection (5)(a) to the institution. (6) Unless the context requires otherwise, for the purpose of applying this title to an institution described in Subsection (1) that is organized as a limited liability company: (a) a citation to Title 16, Chapter 10a, Utah Revised Business Corporation Act, includes the equivalent citation to Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act; (b) "articles of incorporation" includes a limited liability company's certificate of organization as that term is used in Section 16-20-201; (c) "board of directors" includes one or more persons who have, with respect to an institution described in Subsection (1), authority substantially similar to that of a board of directors of a corporation; (d) "bylaws" includes a limited liability company's operating agreement as that term is defined in Section 16-20-201; (e) "corporation" includes a limited liability company organized under Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act; (f) "director" includes any of the following of a limited liability company: (i) a manager; (ii) a director; or (iii) other person who has with respect to the institution described in Subsection (1), authority substantially similar to that of a director of a corporation; (g) "dividend" includes distributions made by a limited liability company under Title 16, Chapter 20, Part 4, Relations of Members to Each Other and to a Limited Liability Company; (h) "incorporator" includes an organizer of a limited liability company as provided in Title 16, Chapter 20, Part 2, Formation -- Certificate of Organization and Other Filings; (i) "officer" includes any of the following of an institution described in Subsection (1): (i) an officer; or (ii) other person who has with respect to the institution described in Subsection (1) authority substantially similar to that of an officer of a corporation; (j) "security," "shares," or "stock" of a corporation includes: (i) a membership interest in a limited liability company as provided in Title 16, Chapter 20, Part 4, Relations of Members to Each Other and to a Limited Liability Company; and (ii) a certificate or other evidence of an ownership interest in a limited liability company; and (k) "shareholder" or "stockholder" includes an owner of an interest in an institution described in Subsection (1) including a member as provided in Title 16, Chapter 20, Part 4, Relations of Members to Each Other and to Limited Liability Company. (7) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner shall make rules governing the form of a request for approval filed under this section. (8) A depository institution organized under the laws of this state may not be organized as or converted to a series of transferable interests in a limited liability company as provided in Title 16, Chapter 20, Part 10, Series Limited Liability Companies.
Utah Code § 7-1-802 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-802
§ 7-1-802. Confidentiality of information received by department -- Availability of information.
Status: in_force

(1) The commissioner shall receive and place on file in the department's office all reports required by law and shall certify all reports required to be published. (2) Except as provided in this section, the following are confidential, not public records, and not open to public inspection: (a) all reports received or prepared by the department; (b) all information obtained from an institution or person under the jurisdiction of the department; and (c) all orders and related records of the department. (3) The following records and information are public and are open to public inspection: (a) reports of condition required by Section 7-1-318; (b) information that is otherwise generally available to the public; and (c) information contained in, and final decisions on, an application filed under Sections 7-1-702, 7-1-703, 7-1-704, 7-1-705, 7-1-706, 7-1-708, 7-1-709, 7-1-712, 7-1-713, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, excluding: (i) proprietary information, business plans, and personal financial information; and (ii) information for which: (A) the applicant requests confidentiality; and (B) the commissioner grants the request for confidentiality. (4) The department may disclose records and information that are not public to the following: (a) to an agency or authority: (i) that regulates: (A) the subject of the record; or (B) an affiliate of the subject of the record, as defined by the commissioner by rule; and (ii) is of: (A) the federal government; (B) the state; or (C) another state; (b) to a federal deposit insurance agency; (c) to an official legally authorized to investigate criminal charges in connection with the affairs of the subject of the record, and to any tribunal conducting legal proceedings resulting from such an investigation; (d) to a person preparing a proposal for merging or acquiring an institution under Chapter 2, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, but only after the department provides notice of the disclosure to the institution; (e) to any other person, if the commissioner determines, after notice to the institution or person that is the subject of the record and opportunity for hearing, that the interests favoring disclosure of the information outweigh the interests favoring confidentiality of the information; and (f) to any court in a proceeding under: (i) Sections 7-1-304, 7-1-320, 7-1-322; or (ii) a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. (5) The commissioner may limit the use and further disclosure of any information disclosed under Subsection (4): (a) to protect the business confidentiality interest of the subject of the record; and (b) to protect the public interest, such as to avoid: (i) a liquidity crisis in a depository institution; or (ii) undue speculation in securities or currency markets. (6) The department shall disclose information in the manner and to the extent directed by a court order signed by a judge from a court of competent jurisdiction if: (a) the disclosure does not violate applicable federal or state law; (b) the information to be disclosed deals with a matter in controversy over which the court has jurisdiction; (c) the person requesting the order has provided reasonable prior written notice to the commissioner; (d) the court has considered the merits of the request for disclosure and has determined that the interests favoring disclosure of the information outweigh the interests favoring confidentiality of the information; and (e) the court has appropriately limited the use and further disclosure of the information: (i) to protect the business confidentiality interest of the subject of the record; and (ii) to protect the public interest, such as to avoid: (A) a liquidity crisis in a depository institution; or (B) undue speculation in securities or currency markets. (7) Notwithstanding the other provisions of this section, the commissioner may provide information from a report of an examination performed by the commissioner of the condition and affairs of a technology service provider to a depository institution serviced by the technology service provider.
Utah Code § 7-19-5.5 — Utah Code / Title 7 / Chapter 7-19 / § 7-19-5.5
§ 7-19-5.5. Transferred assets free of encumbrances.
Status: in_force

(1) Any institution or other person to whom assets, business, and property are transferred pursuant to a supervisory merger or a supervisory acquisition shall take those assets, business, and property: (a) free and clear of all liens, claims, and encumbrances that have been avoided or disallowed by the commissioner under Sections 7-2-6 and 7-2-12; (b) free and clear of all unperfected liens, claims, and encumbrances pertaining to the assets, business, and property, except to the extent expressly assumed by the transferee; and (c) subject to all allowed perfected liens, claims, security interests, and encumbrances relating to such assets, business, and property. (2) Only those deposit liabilities and other liabilities, claims, and obligations of or against the transferring institution, its officers, directors, employees, and agents which are expressly assumed by the transferee shall be transferred or assigned pursuant to a supervisory merger or a supervisory acquisition. In addition, no such transferee shall be liable for any claim or obligation made against or attributable to acts or omissions of the commissioner, the department, or any of their agents, arising out of or related to the supervisory merger or the supervisory acquisition.
Utah Code § 7-1-604 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-604
§ 7-1-604. Savings accounts -- Qualifications to hold -- Representation -- Transfer -- Holder treated as owner -- Exception.
Status: in_force

(1) Savings accounts may be opened and held solely and absolutely by any adult or minor individual, male or female, single or married in the individual's own right or in trust or other fiduciary capacity for any such adult or minor. (2) Savings accounts shall be represented only by the account of each savings account holder on the books of the depository institution. (3) Savings accounts shall be transferable only on the books of the depository institution and only upon written application. Acceptance by the institution of the transferee as an account holder may only be upon terms approved by its board of directors. Nothing in this subsection shall be construed as prohibiting the transfer of part or all of the funds in a transaction account to a third party by means of checks, drafts, or other instruments or by electronic means. (4) The institution may treat the holder of record of a savings account as the owner of the account for all purposes and may disregard any notice to the contrary, unless the institution has acknowledged, in writing, notice of a pledge of the savings account.
Utah Code § 7-9-50 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-50
§ 7-9-50. General limitation on liability.
Status: in_force

A director, supervisory committee member, credit committee member, or officer is not liable to the credit union, its members, its depositors, any conservator or receiver, or any assignee or successor-in-interest thereof, for any action taken, or any failure to take any action, as a director, supervisory committee member, credit committee member, or officer, as the case may be, unless: (1) the director, supervisory committee member, credit committee member, or officer has breached or failed to perform the duties of the office in compliance with this title; and (2) the breach or failure to perform constitutes gross negligence, willful misconduct, or intentional infliction of harm on the credit union or its members.
Utah Code § 7-18a-402 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-402
§ 7-18a-402. Disclosure of lack of deposit insurance.
Status: in_force

Each foreign depository institution authorized to transact business in this state through an agency or branch shall give notice to the customers of the foreign depository institution, as prescribed by rule or order, that deposits and credit balances in the agency or branch are not insured by a federal deposit insurance agency.
Utah Code § 7-17-8 — Utah Code / Title 7 / Chapter 7-17 / § 7-17-8
§ 7-17-8. Damages for lender's violation of act -- Limitations on recovery.
Status: in_force

(1) Except as otherwise provided in this act, a lender who violates this act is liable to the borrower, his successors or assigns, for the actual damages suffered by the borrower, his assigns or successors, or $100, whichever is greater. If an action is commenced, the prevailing party may be awarded reasonable attorney's fees as determined by the court. (2) A lender has no liability under this section if the court finds that written demand for payment of the claim of the borrower, his successors or assigns, was made on the lender not less than 30 days before commencement of the action and that the lender tendered to the borrower, his successors or assigns, prior to the commencement of the action, an amount not less than the damages awarded. (3) A lender may not be held liable under this section for a violation of this act if the lender shows that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures to avoid such errors. (4) A reserve account established or maintained in violation of this act is voidable, at the option of the borrower, his successors or assigns, at any time, but does not otherwise affect the validity of the loan, the security interest in the real property or any other obligation of the borrower. (5) No action under this section may be brought more than one year after the date of the violation.
Utah Code § 7-1-403 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-403
§ 7-1-403. Funds and balances paid to treasurer -- Separate account -- Use of funds.
Status: in_force

(1) The commissioner shall deposit unexpended balances and money accruing to the department with the state treasurer monthly. The unexpended balances and money accruing to the department constitute a separate account within the General Fund. No part of the account may revert to the General Fund except an amount as required by law to be transferred for general government and administrative costs. (2) With the approval of the director of the Division of Finance, the commissioner may withdraw money from the account to pay costs and expenses of administration incurred in proceedings under Chapter 1, General Provisions, Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, or to use in connection with the rehabilitation, reorganization, or liquidation of an institution under the jurisdiction of the department. (3) The commissioner, after consultation with the Board of Financial Institutions and with the approval of the director of the Division of Finance, may withdraw money from the account to promote, protect, and encourage the dual banking system and state-chartered institutions.
Utah Code § 7-17-4 — Utah Code / Title 7 / Chapter 7-17 / § 7-17-4
§ 7-17-4. Options in lieu of reserve account -- Notice by lender -- Selection by borrower -- Noninterest-bearing reserve account -- Exemption.
Status: in_force

(1) A lender not requiring the establishment and maintenance of a reserve account shall offer the borrower the following options: (a) the borrower may elect to maintain a noninterest-bearing reserve account to be serviced by the lender at no charge to the borrower; or (b) the borrower may manage the payment of insurance premiums, taxes and other charges for the borrower's own account. (2) (a) The lender shall give written notice of the options to the borrower: (i) with respect to real estate loans existing on July 1, 1979, by notice mailed not more than 30 days after July 1, 1979; or (ii) with respect to real estate loans made on or after July 1, 1979, by notice given at or prior to the closing of the loan. (b) The notice required by this Subsection (2) shall: (i) clearly describe the options; and (ii) state that: (A) a reserve account is not required by the lender; (B) the borrower is legally responsible for the payment of taxes, insurance premiums, and other charges; and (C) the notice is being given pursuant to this chapter. (c) For real estate loans in existence on July 1, 1979, the borrower shall select one of the options prior to 60 days after July 1, 1979. (d) If no option is selected prior to 60 days after July 1, 1979, the borrower will be considered to have selected the option described in Subsection (1)(a), provided, however, that the borrower at a later time may select the option described in Subsection (1)(b). (e) For loans made on or after July 1, 1979, the borrower shall select one of the options at the closing. (f) If the borrower selects the option described in Subsection (1)(a), the lender may not be required to account for earnings, if any, on the account. (3) (a) Subject to Subsection (3)(b), if the borrower who selects the option described in Subsection (1)(b), or the borrower's successors or assigns, fails to pay the taxes, insurance premiums, or other charges pertaining to the property securing the loan prior to the delinquency date for such payments, the lender may require a reserve account without interest or other compensation for the use of the funds. (b) Notwithstanding Subsection (3)(a), the lender may not require a reserve account without interest or other compensation if: (i) the borrower pays any delinquency within 30 days; and (ii) the borrower has not previously been delinquent in payment of taxes, insurance premiums, or other charges. (4) This section does not apply to a loan made, renewed, or modified on or after May 6, 2002.
Utah Code § 7-18a-301 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-301
§ 7-18a-301. Powers of an agency, branch, or representative office of a foreign depository institution.
Status: in_force

(1) Subject to the limitations set forth in Subsections (2) and (3), and notwithstanding any other law of this state, a foreign depository institution authorized by this state to transact business through an agency or branch shall transact business with the same rights, privileges, and powers as a Utah depository institution and shall be subject to all the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply under the laws of this state to a Utah depository institution. (2) The general rights, powers, and privileges of a foreign depository institution authorized by this state to transact business through an agency or branch set forth in Subsection (1) are limited to the following: (a) An agency may not accept any deposits from citizens or residents of the United States, other than credit balances that are incidental to or arise out of its exercise of other lawful powers, but it may accept deposits from persons who are neither citizens nor residents of the United States. (b) An agency may pay checks or loan money. (c) A branch operating in this state may not accept from citizens or residents of the United States deposits, other than credit balances that are incidental to or arise out of its exercise of other lawful powers, of less than $100,000. (d) An agency or branch is not required to maintain federal deposit insurance. (e) After considering the applicable limitations on the retail deposit-taking powers and privileges of an agency or branch of a foreign depository institution, the commissioner may, by rule or order, modify the applicability to an agency or branch, of any law of this state that is generally applicable to insured depository institutions doing business in this state. (f) The commissioner may adopt such additional standards, conditions, or requirements, or modify the applicability of any existing standards, conditions, or requirements, by rule or order, as the commissioner may consider necessary to ensure the safety and soundness and the protection of creditors of the operations of an agency or branch of a foreign depository institution in this state. (3) A foreign depository institution authorized by this state to transact business through a representative office may only: (a) engage in loan production office activities authorized by Section 7-1-715; (b) solicit new business; (c) conduct research; or (d) perform administrative functions expressly permitted by rule or order.
Utah Code § 7-1-304 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-304
§ 7-1-304. Civil actions against unauthorized operations.
Status: in_force

The commissioner may bring any appropriate civil action to prevent or restrain any person from engaging in this state in any business subject to the jurisdiction of the department without first having obtained the authority to do so as provided in this title or from violating any other provisions of this title or any rule, regulation, or order of the commissioner.
Utah Code § 7-8-21 — Utah Code / Title 7 / Chapter 7-8 / § 7-8-21
§ 7-8-21. Application of chapter to industrial loan companies.
Status: in_force

(1) As used in this section, "industrial loan company" is a person that on March 17, 2004, is: (a) authorized to conduct business under this chapter; and (b) not authorized to hold or receive deposits. (2) An industrial loan company may operate as an industrial bank under this chapter except that the industrial loan company: (a) may not hold or receive deposits without: (i) the prior written approval of the commissioner; and (ii) obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity; (b) may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsections (2)(a)(i) and (ii); and (c) may not use a term listed in Subsection 7-1-701(3) in its name without meeting the conditions described in Subsections (2)(a)(i) and (ii). (3) If a person is not authorized to conduct business under this chapter on March 17, 2004, that person may not be considered an industrial loan company under this section.
Utah Code § 7-9-16 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-16
§ 7-9-16. Members -- Eligibility -- Liability -- Grounds for closing account -- Denial of membership.
Status: in_force

(1) A person within the field of membership of a credit union may be admitted to membership, upon: (a) payment of any required entrance or membership fee; (b) payment for one or more shares; and (c) compliance with this chapter and the bylaws of the credit union. (2) A member who is eligible for membership in a credit union at the time the member is admitted as a member but who is no longer in the field of membership of the credit union may retain membership in the credit union unless otherwise provided in the bylaws of the credit union. (3) A member of the credit union may not be held personally or individually liable for payment of the credit union's debts. (4) The credit union may close the account of any member whose actions have resulted in any financial loss to the credit union. (5) Denial of membership is not considered a denial of credit.
Utah Code § 7-9-26 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-26
§ 7-9-26. Loans to members -- Investment officers -- Investments.
Status: in_force

(1) Subject to Subsections 7-9-20(7) and (8) and Section 7-9-58, capital and surplus of the credit union shall be loaned to the members for the purposes and upon the endorsements or security and the terms as the bylaws provide. (2) Within 30 days after the annual meeting of the members the board of directors may appoint one or more investment officers who shall have responsibilities for the credit union investment portfolio based upon policy established by the board of directors and as provided in this chapter or in the bylaws. (3) The credit union by action of its board of directors may invest its funds as follows: (a) in securities, obligations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by, the United States of America or any of its agencies, or in any trusts established by investing directly or collectively in these instruments; (b) in obligations of any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories organized by Congress, or any of their political subdivisions; (c) in certificates of deposit or accounts issued by a federally insured state or national depository institution; (d) in loans to, or in shares or deposits of, other federally insured credit unions, central credit unions, corporate credit unions, or a central liquidity facility established under state or federal law; (e) in shares, stocks, loans, or other obligations of any organization, corporation, or association, if the membership or ownership of the organization, corporation, or association is primarily confined or restricted to credit unions, and if the purpose for which it is organized is to strengthen or advance the development of credit unions or credit union organizations; and (f) in other investments that are reasonable and prudent.
Utah Code § 7-24-302 — Utah Code / Title 7 / Chapter 7-24 / § 7-24-302
§ 7-24-302. Examination of books, accounts, and records by the department.
Status: in_force

(1) The department may examine the books, accounts, and records of a title lender and may make investigations to determine compliance with this chapter. (2) In accordance with Section 7-1-401, a title lender shall pay a fee for an examination conducted under Subsection (1).
Utah Code § 7-3-22 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-22
§ 7-3-22. Certificates and evidences of deposit binding -- Issuance of items intended to circulate as money prohibited.
Status: in_force

All certificates or evidences of deposit made by the proper officers of any bank bind the bank with or without its corporate seal affixed. No bank shall issue any bill, note, or certificate intended to circulate as money.
Utah Code § 7-24-101 — Utah Code / Title 7 / Chapter 7-24 / § 7-24-101
§ 7-24-101. Title.
Status: in_force

This chapter is known as the "Title Lending Registration Act."
Utah Code § 7-1-308 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-308
§ 7-1-308. Suspension or removal of director or officer -- Grounds -- Procedure for issuance of order.
Status: in_force

(1) (a) If the commissioner has determined that any officer or director of an institution or other person under the jurisdiction of the department has: (i) violated any law, rule, regulation, or a cease and desist order which has become final; (ii) engaged or participated in any unsafe or unsound practice in the conduct of the affairs of the institution or other person; (iii) committed or engaged in any act, omission, or practice which constitutes a breach of the person's fiduciary duty as an officer or director; (iv) been charged in any information, indictment, or complaint authorized by a county attorney, a district attorney, or the attorney general of the state relative to a violation of this title; or (v) been charged with the commission of or participation in a crime involving dishonesty or breach of trust; and (b) if the commissioner determines that: (i) the institution or other person under the jurisdiction of the department has suffered or will suffer substantial financial loss or other damage due to such actions and that such action may impair the safety and soundness of the institution or other person or prejudice in any manner the interests of the depositors, members, creditors, or shareholders; or (ii) the director or officer has received financial gain by reason of any breach of fiduciary duty,the commissioner may, after notice and opportunity for hearing, serve upon such director or officer a written notice of suspension or removal of the individual from office or prohibition from further participation in the conduct of the affairs of the institution or other person. (2) If the commissioner deems it necessary for the protection of an institution or other person under the jurisdiction of the department or the interests of its depositors, members, creditors, or shareholders, the commissioner may, by written notice served upon the officer or director, suspend that officer or director from office or prohibit the officer or director from further participation in any manner in the conduct of the affairs of the institution or other person. The suspension or prohibition is effective upon service of the notice and, unless stayed by a court, shall remain in effect until the commissioner dismisses the charges specified in the notice, or, if an order of removal or prohibition is issued against the officer or director, until the effective date of that order.
Utah Code § 7-8-13 — Utah Code / Title 7 / Chapter 7-8 / § 7-8-13
§ 7-8-13. Real estate acquisition, holding, and conveyance.
Status: in_force

An industrial bank may purchase, hold, and convey real estate, other than premises used in the conduct of its business, only for the purposes and in a manner prescribed by rule.
Utah Code § 7-9-30 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-30
§ 7-9-30. Reserve requirements -- "Risk assets" defined.
Status: in_force

(1) As used in this section, the words "risk assets" means all assets except the following: (a) cash on hand; (b) deposits and shares in federal or state banks, savings and loan associations, and credit unions; (c) assets which are insured by any agency of the federal government, the Federal National Mortgage Association, or the Government Mortgage Association; (d) loans to students insured under Title IV, Part B of the Higher Education Act of 1965, 20 U.S.C. Sections 1071 et seq. or similar state insurance programs; (e) loans insured under Title 1 of the National Housing Act, 12 U.S.C. Sections 1702 et seq. by the Federal Housing Administration; (f) shares or deposits in corporate credit unions as provided in Section 7-9-44, or of any other state act, or of the Federal Credit Union Act; (g) accrued interest on nonrisk investments; and (h) loans fully guaranteed by shares or deposits. (2) At the end of each accounting period, after payment of any interest refunds, the credit union shall determine the gross income from member loans and from this amount shall set aside a regular reserve in accordance with Subsections (2)(a), (b), and (c). (a) A credit union in operation for more than four years and having assets of $500,000 or more shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 4% of the total of outstanding loans and risk assets, then a minimum of 5% of gross income from member loans until the regular reserve equals at least 6% of the total of outstanding loans and risk assets. (b) A credit union in operation for less than four years or having assets of less than $500,000 shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 7-1/2% of the total of outstanding loans and risk assets, then a minimum of 5% of gross income from member loans until the regular reserve equals at least 10% of the total of outstanding loans and risk assets. (c) The regular reserve belongs to the credit union and shall be used to build equity and to meet contingencies or losses when authorized by the commissioner or the supervisor of credit unions. (d) The commissioner may temporarily reduce or waive the requirements for the regular reserve placement if he finds it to be in the best interest of the credit union.
Utah Code § 7-5-104 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-104
§ 7-5-104. Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company.
Status: in_force

(1) A person seeking authorization to become a trust company and engage in trust business in this state shall: (a) file an application with the commissioner in the manner provided in Section 7-1-704; and (b) pay the fee described in Section 7-1-401. (2) When deciding whether to approve an application described in Subsection (1), the commissioner shall consider: (a) the character and condition of the applicant's assets; (b) the adequacy of the applicant's capital; (c) the applicant's earnings record; (d) the quality of the applicant's management; (e) the qualifications of an individual the applicant proposes to be an officer in charge of the trust operations; (f) the needs of the community for fiduciary services; (g) the volume of business that the applicant will probably do; and (h) any other relevant facts and circumstances, including the availability of legal counsel to advise and pass upon matters relating to the trust business. (3) The commissioner may not apply criteria that makes the process to obtain approval to engage in trust business in this state more difficult for a state chartered depository institution than for a federally chartered depository institution of the same class. (4) Notwithstanding Subsection (3), the commissioner may impose criteria the commissioner considers appropriate to protect the public interest when authorizing a person to engage in trust business. (5) Upon receiving authorization from the commissioner to become a trust company and engage in trust business, the trust company may act as fiduciary in any capacity without bond.
Utah Code § 7-25-406 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-406
§ 7-25-406. Consent orders -- Emergency order.
Status: in_force

(1) The commissioner may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the terms contained in the consent order. A consent order need not constitute an admission by any person that any provision of this chapter, or any rule or order made or issued under this chapter, has been violated, nor need it constitute a finding by the commissioner that the person has violated any provision of this chapter or any rule or order made or issued under this chapter. (2) Notwithstanding the issuance of a consent order, the commissioner may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order. (3) In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any enforcement action authorized by this chapter without providing the opportunity for a prior hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken, which is filed with the commissioner within 20 days of the receipt of the notice of the commissioner's emergency action.
Utah Code § 7-23-401 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-401
§ 7-23-401. Operational requirements for deferred deposit loans.
Status: in_force

(1) If a deferred deposit lender extends a deferred deposit loan, the deferred deposit lender shall: (a) post in a conspicuous location on its premises that can be viewed by a person seeking a deferred deposit loan: (i) a complete schedule of any interest or fees charged for a deferred deposit loan that states the interest and fees using dollar amounts; (ii) a number the person can call to make a complaint to the department regarding the deferred deposit loan; and (iii) a list of states where the deferred deposit lender is registered or authorized to offer deferred deposit loans through the Internet or other electronic means; (b) enter into a written contract for the deferred deposit loan; (c) conspicuously disclose in the written contract: (i) that under Subsection (3)(a), a person receiving a deferred deposit loan may make a partial payment in increments of at least $5 on the principal owed on the deferred deposit loan without incurring additional charges above the charges provided in the written contract; (ii) that under Subsection (3)(b), a person receiving a deferred deposit loan may rescind the deferred deposit loan on or before 5 p.m. of the next business day without incurring any charges; (iii) that under Subsection (4)(b), the deferred deposit loan may not be rolled over without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; (iv) that under Subsection (4)(c), the deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is executed; and (v) (A) the name and address of a designated agent required to be provided the department under Subsection 7-23-201(2)(d)(vi); and (B) a statement that service of process may be made to the designated agent; (d) provide the person seeking the deferred deposit loan: (i) a copy of the written contract described in Subsection (1)(c); and (ii) written notice that the person seeking the deferred deposit loan is eligible to enter into an extended payment plan described in Section 7-23-403; (e) orally review with the person seeking the deferred deposit loan the terms of the deferred deposit loan including: (i) the amount of any interest rate or fee; (ii) the date on which the full amount of the deferred deposit loan is due; (iii) that under Subsection (3)(a), a person receiving a deferred deposit loan may make a partial payment in increments of at least $5 on the principal owed on the deferred deposit loan without incurring additional charges above the charges provided in the written contract; (iv) that under Subsection (3)(b), a person receiving a deferred deposit loan may rescind the deferred deposit loan on or before 5 p.m. of the next business day without incurring any charges; (v) that under Subsection (4)(b), the deferred deposit loan may not be rolled over without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; and (vi) that under Subsection (4)(c), the deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is executed; (f) comply with the following as in effect on the date the deferred deposit loan is extended: (i) Truth in Lending Act, 15 U.S.C. Sec. 1601 et seq., and its implementing federal regulations; (ii) Equal Credit Opportunity Act, 15 U.S.C. Sec. 1691, and its implementing federal regulations; (iii) Bank Secrecy Act, 12 U.S.C. Sec. 1829b, 12 U.S.C. Sec. 1951 through 1959, and 31 U.S.C. Sec. 5311 through 5332, and its implementing regulations; and (iv) Title 70C, Utah Consumer Credit Code; (g) in accordance with Subsection (6), make an inquiry to determine whether a person attempting to receive a deferred deposit loan has the ability to repay the deferred deposit loan in the ordinary course, which may include rollovers or extended payment plans as allowed under this chapter; (h) in accordance with Subsection (7), receive a signed acknowledgment from a person attempting to receive a deferred deposit loan that the person has the ability to repay the deferred deposit loan, which may include rollovers or extended payment plans as allowed by this chapter; and (i) report the original loan amount, payment in full, or default of a deferred deposit loan to a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a, in accordance with procedures established by the consumer reporting agency. (2) If a deferred deposit lender extends a deferred deposit loan through the Internet or other electronic means, the deferred deposit lender shall provide the information described in Subsection (1)(a) to the person receiving the deferred deposit loan: (a) in a conspicuous manner; and (b) prior to the person entering into the deferred deposit loan. (3) A deferred deposit lender that engages in a deferred deposit loan shall permit a person receiving a deferred deposit loan to: (a) make partial payments in increments of at least $5 on the principal owed on the deferred deposit loan at any time prior to maturity without incurring additional charges above the charges provided in the written contract; and (b) rescind the deferred deposit loan without incurring any charges by returning the deferred deposit loan amount to the deferred deposit lender on or before 5 p.m. the next business day following the deferred deposit loan transaction. (4) A deferred deposit lender that engages in a deferred deposit loan may not: (a) collect additional interest on a deferred deposit loan with an outstanding principal balance 10 weeks after the day on which the deferred deposit loan is executed; (b) roll over a deferred deposit loan without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; (c) roll over a deferred deposit loan if the rollover requires a person to pay the amount owed by the person under a deferred deposit loan in whole or in part more than 10 weeks from the day on which the deferred deposit loan is first executed; (d) extend a new deferred deposit loan to a person on the same business day that the person makes a payment on another deferred deposit loan if: (i) the payment results in the principal of that deferred deposit loan being paid in full; and (ii) the combined terms of the original deferred deposit loan and the new deferred deposit loan total more than 10 weeks of consecutive interest; (e) avoid the limitations of Subsections (4)(a) and (4)(c) by extending a new deferred deposit loan whose proceeds are used to satisfy or refinance any portion of an existing deferred deposit loan; (f) threaten to use or use the criminal process in any state to collect on the deferred deposit loan; (g) in connection with the collection of money owed on a deferred deposit loan, communicate with a person who owes money on a deferred deposit loan at the person's place of employment if the person or the person's employer communicates, orally or in writing, to the deferred deposit lender that the person's employer prohibits the person from receiving these communications; (h) modify by contract the venue provisions in Title 78B, Chapter 3a, Venue for Civil Actions; or (i) avoid the requirements of Subsection 7-23-403(1)(c) by extending an interest-bearing loan within seven calendar days before the day on which the 10-week period ends. (5) Notwithstanding Subsections (4)(a) and (f), a deferred deposit lender that is the holder of a check used to obtain a deferred deposit loan that is dishonored may use the remedies and notice procedures provided in Chapter 15, Dishonored Instruments, except that the issuer, as defined in Section 7-15-1, of the check may not be: (a) asked by the holder to pay the amount described in Subsection 7-15-1(6)(a)(iii) as a condition of the holder not filing a civil action; or (b) held liable for the damages described in Subsection 7-15-1(7)(b)(vi). (6) (a) The inquiry required by Subsection (1)(g) applies solely to the initial period of a deferred deposit loan transaction with a person and does not apply to any rollover or extended payment plan of a deferred deposit loan. (b) Subject to Subsection (6)(c), a deferred deposit lender is in compliance with Subsection (1)(g) if the deferred deposit lender, at the time of the initial period of the deferred deposit loan transaction: (i) obtains one of the following regarding the person seeking the deferred deposit loan: (A) a consumer report, as defined in 15 U.S.C. Sec. 1681a, from a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a; or (B) written proof or verification of income from the person seeking the deferred deposit loan; or (ii) relies on the prior repayment history with the deferred deposit lender from the records of the deferred deposit lender. (c) If a person seeking a deferred deposit loan has not previously received a deferred deposit loan from that deferred deposit lender, to be in compliance with Subsection (1)(g), the deferred deposit lender, at the time of the initial period of the deferred deposit loan transaction, shall obtain a consumer report, as defined in 15 U.S.C. Sec. 1681a, from a consumer reporting agency, as defined in 15 U.S.C. Sec. 1681a. (7) A deferred deposit lender is in compliance with Subsection (1)(h) if the deferred deposit lender obtains from the person seeking the deferred deposit loan a signed acknowledgment that is in 14-point bold font, that the person seeking the deferred deposit loan has: (a) reviewed the payment terms of the deferred deposit loan agreement; (b) received a disclosure that a deferred deposit loan may not be rolled over if the rollover requires the person to pay the amount owed by the person under the deferred deposit loan in whole or in part more than 10 weeks after the day on which the deferred deposit loan is first executed; (c) received a disclosure explaining the extended payment plan options; and (d) acknowledged the ability to repay the deferred deposit loan in the ordinary course, which may include rollovers, or extended payment plans as allowed under this chapter. (8) (a) Before initiating a civil action against a person who owes money on a deferred deposit loan, a deferred deposit lender shall provide the person at least 30 days notice of default, describing that: (i) the person must remedy the default; and (ii) the deferred deposit lender may initiate a civil action against the person if the person fails to cure the default within the 30-day period or through an extended payment plan meeting the requirements of Section 7-23-403. (b) A deferred deposit lender may provide the notice required under this Subsection (8): (i) by sending written notice to the address provided by the person to the deferred deposit lender; (ii) by sending an electronic transmission to a person if electronic contact information is provided to the deferred deposit lender; or (iii) pursuant to the Utah Rules of Civil Procedure. (c) A notice under this Subsection (8), in addition to complying with Subsection (8)(a), shall: (i) be in English, if the initial transaction is conducted in English; (ii) state the date by which the person must act to enter into an extended payment plan; (iii) explain the procedures the person must follow to enter into an extended payment plan; (iv) subject to Subsection 7-23-403(7), if the deferred deposit lender requires the person to make an initial payment to enter into an extended payment plan: (A) explain the requirement; and (B) state the amount of the initial payment and the date the initial payment shall be made; (v) state that the person has the opportunity to enter into an extended payment plan for a time period meeting the requirements of Subsection 7-23-403(2)(b); and (vi) include the following amounts: (A) the remaining balance on the original deferred deposit loan; (B) the total payments made on the deferred deposit loan; (C) any charges added to the deferred deposit loan amount allowed pursuant to this chapter; and (D) the total amount due if the person enters into an extended payment plan.
Utah Code § 7-1-325 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-325
§ 7-1-325. Compliance with applicable federal law.
Status: in_force

(1) As used in this section, "federal law" means: (a) a statute passed by the Congress of the United States; or (b) a final regulation: (i) adopted by an administrative agency of the United States government; and (ii) published in the code of federal regulations or the federal register. (2) (a) An institution subject to the jurisdiction of the department violates this title if the institution violates a federal law: (i) that is applicable to the institution; and (ii) pursuant to the terms of the federal law in effect on the day the institution violates the federal law. (b) The department shall by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and consistent with this title, designate which one or more federal laws are applicable to an institution subject to the jurisdiction of the department. (3) Except for criminal penalties, the department may enforce a violation described in Subsection (2) by taking any action: (a) permitted by: (i) this part; (ii) Chapter 2, Possession of Depository Institution by Commissioner; (iii) Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies; (iv) in the case of a check casher or deferred deposit lender, Chapter 23, Check Cashing and Deferred Deposit Lending Registration Act; or (v) in the case of a title lender, Chapter 24, Title Lending Registration Act; and (b) including bringing an action permitted under this title in state court.
Utah Code § 7-9-21 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-21
§ 7-9-21. Executive officers -- Election -- Power -- Terms.
Status: in_force

(1) At their first meeting held within 30 days following each annual meeting of the members, the board of directors shall elect from their own number a board chairman, one or more vice chairmen, and a secretary. These officers shall be the executive officers of the credit union. (2) The executive officers may act for the board in matters delegated to them by the board, as provided in the bylaws, however, the president appointed by the board, who may be a member of the board, shall take active direction of the credit union's operation, as prescribed in this chapter or in the bylaws. (3) The terms of the executive officers shall be one year or until their successors are chosen by the board of directors and have been duly qualified.
Utah Code § 7-25-405 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-405
§ 7-25-405. Criminal and civil penalties.
Status: in_force

(1) A person who violates this chapter or who files materially false information with a license application or renewal under this chapter is: (a) guilty of a class B misdemeanor; and (b) subject to revocation of the person's license under this chapter. (2) Subject to Title 63G, Chapter 4, Administrative Procedures Act, if the commissioner determines that a person is engaging in the business of money transmission in violation of this chapter, the commissioner may: (a) suspend, revoke, or not renew that person's license under this chapter; (b) issue a cease and desist order from committing any further violation; (c) prohibit the person from continuing to engage in the business of money transmission; (d) impose an administrative fine not to exceed $1,000 per violation, except that 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) If the commissioner revokes a license, the department is not required to refund any portion of the licensee's filing or renewal fee for the remainder of the period for which the fee is paid.
Utah Code § 7-1-713 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-713
§ 7-1-713. Conversion of financial institution -- Approval required -- Procedure -- Federal-state conversion.
Status: in_force

(1) Any financial institution authorized to do business as a particular class of financial institution under any chapter of this title may convert to an institution authorized to do business under another chapter by applying to the department for approval in the manner provided in Section 7-1-706. (2) If the commissioner approves the conversion, the institution shall immediately surrender its former charter to the commissioner. Under its new charter as a financial institution of a different class, it is entitled to all the benefits and powers conferred under the applicable chapter to other financial institutions of that class and is subject to examination, supervision, and regulation to the same extent as all other financial institutions of that class. (3) Any depository institution organized under the laws of this state may convert to a depository institution organized under the laws of the United States upon compliance with the laws of the United States and upon surrender of its charter to the commissioner. (4) Any depository institution organized under the laws of the United States or any other state that is authorized to do business in this state may convert into a depository institution subject to the jurisdiction of the department by applying to the department for approval in the manner provided in Section 7-1-706.
Utah Code § 7-18a-205 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-205
§ 7-18a-205. Amended certificate of authority to establish an agency, branch, or representative office.
Status: in_force

(1) A foreign depository institution authorized by this state to transact business in this state through an agency, branch, or representative office shall secure an amended certificate of authority if it: (a) changes its corporate name; (b) changes the duration of its corporate existence; or (c) desires to expand or contract the purposes set forth in the foreign depository institution's prior application for certificate of authority. (2) An application for an amended certificate of authority shall be filed with the department in a form prescribed by the commissioner.
Utah Code § 7-1-610 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-610
§ 7-1-610. Attorney-in-fact as to savings account -- Institution immune from liability.
Status: in_force

Any depository institution may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals either in whole or in part from the savings account of a holder, whether minor or adult, until it is on actual notice of the revocation of the authority of the attorney-in-fact. No such institution shall be liable for damages, penalty, or tax by reason of any payment made under this section.
Utah Code § 7-1-606 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-606
§ 7-1-606. Savings accounts and credit union share accounts -- Form of ownership certificate.
Status: in_force

A certificate of ownership may be issued to each savings account or credit union share account holder of record as shown by the books of the institution and may be in separate certificate form, or from time to time incorporated in an account book, statement of account, certificate of savings account withdrawal value, or card, device or other evidence or means of access or identity or may be shown in book entry form on the books of the institution, at the discretion of the institution. An account established in statement, book entry or other form shall be evidenced by a written agreement and deposits shall be confirmed by issuance of a receipt or advice.
Utah Code § 7-25-206 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-206
§ 7-25-206. Renewal of license.
Status: in_force

(1) A license issued or renewed pursuant to this chapter expires on December 31. A licensee may renew the license through the nationwide database for the ensuing 12-month period upon application by the license holder showing continued compliance with the requirements of Sections 7-25-201, 7-25-203, and 7-25-204, and the payment of the license renewal fee required by Section 7-1-401 to the commissioner. (2) The licensee shall include in its renewal application: (a) a copy of the licensee's most recent audited unconsolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder's equity, and statement of changes in financial position, except that a licensee may provide the most recent audited consolidated annual financial statement of the parent corporation if the statement separately includes the balance sheet, statement of income or loss, statement of changes in shareholder's equity, and statement of changes of financial position of the licensee; (b) material changes to the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this chapter; (c) a list of the locations within this state at which business regulated by this chapter is conducted by either the licensee or its authorized agent; (d) notification of material litigation or litigation relating to money transmission; and (e) other information the commissioner requires by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (3) Failure to pay the renewal fee or to submit a completed renewal application between November 1 and December 31 shall cause the license to expire at the close of business on December 31.
Utah Code § 7-1-307 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-307
§ 7-1-307. Cease and desist orders -- Procedure for issuance.
Status: in_force

(1) If the commissioner has determined that any institution or other person under the jurisdiction of the department, or any director, officer, employee, agent, or other person participating in the conduct of the affairs of such institution or other person, is engaging or has engaged or that the commissioner has reasonable cause to believe is about to engage in an unsafe or unsound practice in conducting the business of such institution or other person, or is violating or has violated or the commissioner has reasonable cause to believe is about to violate any applicable provision of this title, or any rule, regulation, order, or any condition imposed in writing by the commissioner in the granting of any application or other request by the institution or other person, or any written agreement entered into with the commissioner, the commissioner may, after notice and opportunity for hearing, issue a cease and desist order against such institution or other person. (2) If the commissioner has determined that any institution or other person under the jurisdiction of the department or any director, officer, employee, agent, or other person participating in the conduct of the affairs of such institution or other person is engaging in any unsafe or unsound practice or is violating any relevant provision of this title, or any rule, regulation, order, or any condition imposed in writing by the commissioner which the commissioner determines threatens the safety and soundness of the institution or other person, the commissioner may issue a temporary cease and desist order. A temporary cease and desist order is effective immediately upon issuance for 30 days and may be extended by the commissioner in writing for two consecutive 15-day periods. A hearing on the temporary cease and desist order shall be held by the commissioner within 10 days of its issuance, at which time the temporary cease and desist order may be set aside, modified, terminated, or made final.
Utah Code § 7-25-202 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-202
§ 7-25-202. Exemptions.
Status: in_force

This chapter does not apply to: (1) the United States or a department or agency of the United States; (2) the state or a political subdivision of the state; or (3) a depository institution or a trust company organized under the laws of a state or the United States.
Utah Code § 7-1-106 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-106
§ 7-1-106. Venue for action or petition brought by commissioner.
Status: in_force

If the commissioner brings an action in the district court under this title, the commissioner shall bring the action: (1) in accordance with Title 78B, Chapter 3a, Venue for Civil Actions; or (2) in the county where the office of the commissioner is located.
Utah Code § 7-3-35 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-35
§ 7-3-35. Examinations in lieu of directors' examination -- Report filed with board minutes.
Status: in_force

(1) With the approval of the commissioner, and under rules and regulations prescribed by the commissioner, any examination made during an 18-month period by the department, the applicable federal reserve bank or the Federal Deposit Insurance Corporation, or a certified audit prepared by an independent certified public accountant may be substituted for the directors' examination required under Section 7-3-33. (2) If an examination by the department, the applicable federal reserve bank, or the Federal Deposit Insurance Corporation or an audit by a certified public accountant, is substituted for the directors' examination, the board of directors of the examined bank, or an examining committee appointed by the board shall prepare and file with the minutes of the board a detailed written report of the findings and recommendations based upon the examination. The report shall be in addition to any other requirements prescribed by the commissioner.
Utah Code § 7-22-106 — Utah Code / Title 7 / Chapter 7-22 / § 7-22-106
§ 7-22-106. Accounts to be maintained -- Records open to inspection -- Retention of records.
Status: in_force

(1) Each escrow agent shall maintain in its main office sufficient books, accounts, and records for the department to determine at any time the escrow agent's financial condition, what duties and responsibilities the escrow agent has undertaken to perform and whether it is properly performing all such duties, and any other information considered necessary to determine whether the escrow agent is operating in a safe, competent, and lawful manner. The books, accounts, and records shall be maintained in accordance with generally accepted accounting principles and good business practice. (2) For each individual escrow account, the escrow agent shall maintain the escrow agreement and all amendments, all instructions affecting the agreement, all related correspondence, and an individual ledger reflecting all activity pertinent to that account. (3) Each escrow agent shall continuously maintain the following general accounts: (a) a general ledger reflecting assets, liabilities, income, expense, and equity accounts; (b) an escrow liability control ledger for all escrow accounts; (c) a cash receipts and disbursements journal; and (d) copies of all receipts and disbursements used as a medium of posting to individual escrow accounts. (4) The records referred to in this section shall be reconciled at least monthly. (5) All records pertaining to individual escrow accounts in Subsection (2) shall be maintained by the escrow agent for six years following the close of each account. All records relating to general accounts required in Subsection (3) shall be maintained for six years after the end of the fiscal year to which they relate.
Utah Code § 7-1-612 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-612
§ 7-1-612. Pledge or hypothecation of joint savings accounts.
Status: in_force

The pledge or hypothecation to any depository institution of all or part of a savings account in joint tenancy signed by any tenant or tenants whether minor or adult, upon whose signature or signatures withdrawals may be made from the account shall, unless the terms of the savings account provide specifically to the contrary, be a valid pledge and transfer to the institution of that part of the account pledged or hypothecated, and does not operate to sever or terminate the joint and survivorship ownership of all or any part of the account.
Utah Code § 7-1-202 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-202
§ 7-1-202. Commissioner of financial institutions as executive officer -- Appointment -- Term -- Salary -- Qualifications.
Status: in_force

The chief executive officer of the Department of Financial Institutions shall be the commissioner of financial institutions who shall be appointed by the governor with the advice and consent of the Senate. The commissioner shall hold office for a term of four years following appointment and confirmation and until a successor is appointed and qualified, but shall be subject to removal at the pleasure of the governor. The governor shall establish the commissioner's salary within the salary range fixed by the Legislature in Title 67, Chapter 22, State Officer Compensation. The commissioner of financial institutions shall be a citizen of the United States and shall have sufficient experience with depository institutions or as an employee of a state or federal agency having supervision over financial institutions to demonstrate the commissioner's qualifications and fitness to perform the duties of the commissioner's office.
Utah Code § 7-5-110 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-110
§ 7-5-110. Registration of investment in name of nominee -- Records -- Possession of investment.
Status: in_force

(1) As used in this section, "security" means the same as that term is defined in Section 75-1-201. (2) A trust company may require that a person register and hold a security that the trust company holds in the trust company's agency or fiduciary capacity in the name of a nominee or nominees of the trust company. (3) The trust company is liable for the acts of a nominee described in Subsection (2) with respect to any investment registered in accordance with Subsection (2). (4) An investment other than a security held in the name of a nominee on June 30, 1981, may continue to be held in that manner. (5) For an investment described in Subsection (4), the trust company shall: (a) at all times maintain records that show the trust company's ownership of an investment; (b) maintain possession or control over the investment; and (c) keep the investment separate and apart from the assets of the trust company.
Utah Code § 7-18a-103 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-103
§ 7-18a-103. Application of Utah Revised Business Corporation Act.
Status: in_force

A foreign depository institution authorized to transact business in this state through an agency, branch, or representative office shall comply with Title 16, Chapter 10a, Utah Revised Business Corporation Act.
Utah Code § 7-28-105 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-105
§ 7-28-105. Permissible purpose.
Status: in_force

(1) A special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit. (2) If, before termination of the special deposit, the bank or a court determines the special deposit no longer satisfies Subsection (1), Sections 7-28-107 through 7-28-110 cease to apply to any funds deposited in the special deposit after the special deposit ceases to satisfy Subsection (1). (3) If, before termination of a special deposit, the bank determines the special deposit no longer satisfies Subsection (1), the bank may take action the bank believes is necessary under the circumstances, including terminating the special deposit.
Utah Code § 7-24-102 — Utah Code / Title 7 / Chapter 7-24 / § 7-24-102
§ 7-24-102. Definitions.
Status: in_force

As used in this chapter: (1) "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) "Rollover" means the extension or renewal of the term of a title loan. (3) (a) "Title lender" means a person that extends a title loan. (b) "Title lender" includes a person that: (i) arranges a title loan on behalf of a title lender; (ii) acts as an agent for a title lender; or (iii) assists a title lender in the extension of a title loan. (4) (a) "Title loan" means a loan secured by the title to a: (i) motor vehicle, as defined in Section 41-6a-102; (ii) mobile home, as defined in Section 41-6a-102; or (iii) motorboat, as defined in Section 73-18-2. (b) "Title loan" includes a title loan extended at the same premise on which any of the following are sold: (i) a motor vehicle, as defined in Section 41-6a-102; (ii) a mobile home, as defined in Section 41-6a-102; or (iii) a motorboat, as defined in Section 73-18-2. (c) "Title loan" does not include: (i) a purchase money loan; (ii) a loan made in connection with the sale of a: (A) motor vehicle, as defined in Section 41-6a-102; (B) mobile home, as defined in Section 41-6a-102; or (C) motorboat, as defined in Section 73-18-2; (iii) a loan extended by an institution listed in Section 7-24-305; or (iv) a loan with a repayment term that is longer than 364 days.
Utah Code § 7-3-1 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-1
§ 7-3-1. Application of chapter.
Status: in_force

This chapter applies to all banks organized under the laws of this state, to all other banks doing business in this state as permitted by the laws and Constitution of the United States, and to all persons conducting banking business in this state except as provided in Chapter 1, General Provisions.
Utah Code § 7-1-706 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-706
§ 7-1-706. Application to commissioner to exercise power -- Procedure -- Notice.
Status: in_force

(1) Except as provided in Sections 7-1-704 and 7-1-705, by filing a request for agency action with the commissioner, any person may request the commissioner to: (a) issue any rule or order; (b) exercise any powers granted to the commissioner under this title; or (c) act on any matter that is subject to the approval of the commissioner. (2) Within 10 days of receipt of the request, the commissioner shall, at the applicant's expense, cause a supervisor to make a careful investigation of the facts relevant or material to the request. (3) (a) The supervisor shall submit written findings and recommendations to the commissioner. (b) The application, any additional information furnished by the applicant, and the findings and recommendations of the supervisor may be inspected by any person at the office of the commissioner, except those portions of the application or report that the commissioner designates as confidential to prevent a clearly unwarranted invasion of privacy. (4) (a) If a hearing is held concerning the request, the commissioner shall publish notice of the hearing, at the applicant's expense, for the county where the applicant is located, as a class A notice under Section 63G-30-102, for three weeks before the date of the hearing. (b) The notice required by Subsection (4)(a) shall include the information required by the department's rules. (c) The commissioner shall act upon the request within 30 days after the close of the hearing, based on the record before the commissioner. (5) (a) If no hearing is held, the commissioner shall approve or disapprove the request within 90 days of receipt of the request based on: (i) the application; (ii) additional information filed with the commissioner; and (iii) the findings and recommendations of the supervisor. (b) The commissioner shall act on the request by issuing findings of fact, conclusions, and an order, and shall mail a copy of each to: (i) the applicant; (ii) all persons who have filed protests to the granting of the application; and (iii) other persons that the commissioner considers should receive copies. (6) The commissioner may impose any conditions or limitations on the approval or disapproval of a request that the commissioner considers proper to: (a) protect the interest of creditors, depositors, and other customers of an institution; (b) protect its shareholders or members; and (c) carry out the purposes of this title.
Utah Code § 7-1-705 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-705
§ 7-1-705. Approval required for certain transactions -- Application -- Grounds for disapproval.
Status: in_force

(1) Except as provided in Subsection (5), an applicant for authorization to engage in any of the transactions described in Sections 7-1-702 and 7-1-703 shall file with the commissioner: (a) an application in a form prescribed by the commissioner; (b) the fee prescribed for the transaction by the commissioner; (c) other information that is required by rule, or that the commissioner considers necessary to make the findings required by Subsection (3); and (d) if the applicant is not a Utah resident, a Utah corporation, or an out-of-state corporation qualified to do business in this state, a written consent to service of process on a resident of this state in any action or suit arising out of or connected with the proposed action. (2) (a) Within 60 days of acceptance of the application as complete, the commissioner shall respond to the application by writing the commissioner's findings of fact, conclusions, and order. (b) The commissioner may approve an application subject to the terms and conditions the commissioner considers necessary to protect the public interest and carry out the purposes of this title. (c) The commissioner may defer acceptance of the application as complete until the applicant has provided any information the commissioner considers necessary to decide whether to approve or deny the application. (3) The commissioner may disapprove any application filed under this section if the commissioner finds that: (a) the proposed transaction would be detrimental to the safety and soundness of the applicant, to any institution that is a party to the transaction, or to a subsidiary or affiliate of that institution; (b) the applicant, its executive officers, directors, or principal stockholders have not established a record of sound performance, efficient management, financial responsibility, and integrity so that it would be against the interest of the depositors, other customers, creditors, or shareholders of an institution, or the public to authorize the proposed transaction; (c) the financial condition of the applicant or any other institution that is a participant in the proposed transaction might jeopardize the financial stability of the applicant or other institution, or prejudice the interests of depositors or other customers of the applicant or other institutions; (d) the consummation of the proposed transaction will tend to substantially lessen competition, unless the commissioner finds that the anticompetitive effects of the proposed transaction are clearly outweighed by the benefit of meeting the convenience and needs of the relevant market area to be served; (e) the applicant has not established a record of meeting the credit needs of the communities that it or its subsidiary depository institution serves; or (f) in the case of an interstate transaction, the applicant fails to obtain any required approval from a federal or state agency with regulatory authority over any of the institutions participating in the transaction. (4) In the case of an interstate transaction, the commissioner may accept an application in the form and manner prescribed by the state or federal agency that primarily regulates the applicant, supplemented as necessary to enable the commissioner to decide whether to approve or deny the application. (5) (a) The following branching activities, if they do not involve a merger or acquisition, are not subject to the requirements of this section, but are subject to Section 7-1-708: (i) the establishment of a branch in Utah or another state by an out-of-state depository institution with a previously established branch in Utah; and (ii) the establishment of a branch in another state by a Utah depository institution. (b) Other interstate branching activities are subject to the requirements of both this section and Section 7-1-708.
Utah Code § 7-1-607 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-607
§ 7-1-607. Lost or destroyed account book or certificate.
Status: in_force

If the holder of record of an account as shown by the books of a depository institution, or his legal representative, files with the institution an affidavit to the effect that the account book or certificate has been lost or destroyed and has not been pledged or assigned in whole or in part, the institution shall issue a new account book or certificate in the name of the holder of record. The new account book or certificate shall state that it is issued in lieu of the one lost or destroyed. The institution is not liable thereafter on the original account book or certificate. However, the board of directors of the institution shall, if in its judgment it is necessary, require a bond in an amount it considers sufficient to indemnify the institution against any loss which might result from the issuance of the new account book or certificate.
Utah Code § 7-18a-101 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-101
§ 7-18a-101. Title.
Status: in_force

This chapter is known as the "Utah Foreign Depository Institutions Act."
Utah Code § 7-16a-102 — Utah Code / Title 7 / Chapter 7-16a / § 7-16a-102
§ 7-16a-102. Definitions.
Status: in_force

As used in this chapter: (1) "Automated teller machine" means an electronic information processing device that: (a) is readily accessible to the general public; and (b) on behalf of an issuer: (i) dispenses currency or coin; or (ii) accepts deposits or payments. (2) "Customer" means a user of a device for access. (3) "Device for access" means a card, code, or other means of access to a customer's account, or any combination of these, that may be used to deposit or withdraw cash through an automated teller machine. (4) "Electronic information processing device" means equipment activated by a device for access that transmits electronic impulses to a depository institution on a real-time or delayed-time basis. (5) "Issuer" means: (a) a depository institution that issues a device for access, whether or not the depository institution is an operator; or (b) a state or federal governmental agency that issues a device for access that allows a person to receive benefits from or through the state or federal governmental agency. (6) "Point-of-sale terminal" means an electronic information processing device controlled by or accessible to a merchant or other provider of goods or services that authorizes: (a) in payment for goods or services, a debit or credit to a customer's account at: (i) a depository institution; or (ii) a state or federal governmental agency; and (b) the merchant or other provider of goods or services to dispense currency or coin to a customer. (7) "Operator" means an institution that: (a) (i) is a depository institution; (ii) is a depository institution holding company; or (iii) is an institution directly or indirectly owned or controlled by one or more depository institutions or depository institution holding companies; and (b) owns or contracts with an owner of an automated teller machine to operate the automated teller machine.
Utah Code § 7-22-104 — Utah Code / Title 7 / Chapter 7-22 / § 7-22-104
§ 7-22-104. Net worth requirements.
Status: in_force

An escrow agent shall at all times maintain a positive net worth no less than the greater of $50,000 or 10% of the agent's average daily escrow liabilities during the preceding 12 months, or during all preceding operations if less than 12 months. For purposes of this section, net worth shall be calculated in accordance with generally accepted accounting principles.
Utah Code § 7-2-18 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-18
§ 7-2-18. Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals.
Status: in_force

(1) If the commissioner has taken possession of any institution or other person under the jurisdiction of the department, the commissioner may propose to the court a plan for the reorganization or liquidation of the institution or the establishment of a new institution by filing a petition with the court, setting forth the details of the plan and requesting the court to set a day for hearing on the petition. (2) The court shall make an order fixing a day for the hearing of the petition, prescribing the manner in which notice of the hearing is given, and may prescribe a deadline for filing written objections. The court may adjourn the hearing from time to time and no further notice is required. At the time of hearing or any adjournment of a hearing the court shall take testimony, and if it appears that it is in the best interests of the depositors and other creditors, the court shall approve the plan. (3) A plan of reorganization or liquidation approved by the court shall be fully binding upon and constitute a final adjudication of all claims, rights, and interests of all depositors, creditors, shareholders, and members of the institution being reorganized or liquidated, and all other parties in interest with regard to the plan and with regard to any institution or other person receiving any assets or assuming any liabilities under the plan. (4) Notice of an appeal of an order approving a plan of reorganization or liquidation shall be filed within 10 days after the date of entry of the order appealed from.
Utah Code § 7-1-320 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-320
§ 7-1-320. Actions to enjoin violations -- Bond not required -- Recovery -- Attorney fees.
Status: in_force

(1) Whenever it appears to the commissioner that any person has engaged in or is about to engage in any act or practice constituting a violation of this title or any rule, regulation, or order of the commissioner or the department, the commissioner may bring an action in an appropriate court of general jurisdiction to enjoin the acts or practices and to enforce compliance with this title or any rule or order issued under this title. Upon a proper showing, a permanent or temporary injunction, restraining order, or extraordinary writ shall be granted and a receiver or conservator may be appointed for the defendant or the defendant's assets. The court may not require the commissioner to post a bond. (2) If the court finds that the defendant in an action brought by the commissioner pursuant to this section has violated or is about to violate any provision of this title or any rule or order of the commissioner, the court may award to the department an amount not exceeding $10,000 per day for each day the defendant was in violation. The court may also award the department reasonable attorney fees.
Utah Code § 7-1-203 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-203
§ 7-1-203. Board of Financial Institutions.
Status: in_force

(1) There is created a Board of Financial Institutions consisting of the commissioner and the following five members, who shall be qualified by training and experience in their respective fields and shall be appointed or reappointed by the governor with the advice and consent of the Senate: (a) one representative from the commercial banking business; (b) one representative from the consumer lending, money services business, or escrow agency business; (c) one representative from the industrial bank business; (d) one representative from the credit union business; and (e) one representative of the general public who, as a result of education, training, experience, or interest, is well qualified to consider economic and financial issues and data as they may affect the public interest in the soundness of the financial systems of this state. (2) The commissioner shall act as chair. (3) (a) A member of the board shall be a resident of this state. (b) No more than two members of the board may be connected with the same financial institution or its holding company. (c) A member may not participate in any matter involving an institution with which the member has a conflict of interest. (4) (a) Except as required by Subsection (4)(b), the terms of office shall be four years each expiring on July 1. (b) The governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of board members are staggered so that approximately half of the board is appointed every two years. (c) A member serves until the member's successor is appointed and qualified. (d) When a vacancy occurs in the membership for any reason, the governor shall, with the advice and consent of the Senate, appoint a replacement for the unexpired term. (5) (a) The board shall meet at least quarterly on a date the board sets. (b) The commissioner or any two members of the board may call additional meetings. (c) Four members constitute a quorum for the transaction of business. (d) Actions of the board require a vote of a majority of those present when a quorum is present. (e) A meeting of the board and records of the board's proceedings are subject to Title 52, Chapter 4, Open and Public Meetings Act, except for discussion of confidential information pertaining to a particular financial institution. (6) (a) A member of the board shall, by sworn or written statement filed with the commissioner, disclose any position of employment or ownership interest that the member has with respect to any institution subject to the jurisdiction of the department. (b) The member shall: (i) file the statement required by this Subsection (6) when first appointed to the board; and (ii) subsequently file amendments to the statement if there is any material change in the matters covered by the statement. (7) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with: (a) Section 63A-3-106; (b) Section 63A-3-107; and (c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107. (8) The board shall: (a) advise the commissioner with respect to: (i) the exercise of the commissioner's duties, powers, and responsibilities under this title; and (ii) the organization and performance of the department and its employees; (b) advise the governor and the commissioner on problems relating to financial institutions and foster the interest and cooperation of financial institutions in the improvement of their services to the people of the state; and (c) recommend annually to the governor and the Legislature a budget for the requirements of the department in carrying out its duties, functions, and responsibilities under this title.
Utah Code § 7-3-24 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-24
§ 7-3-24. Certification of check.
Status: in_force

It shall be unlawful for any bank to certify any check drawn upon the bank unless the person drawing the check has on deposit with the bank at the time the check is certified an amount of money equal to the amount specified in the check.
Utah Code § 7-1-611 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-611
§ 7-1-611. Deposit accounts of minors or married persons.
Status: in_force

(1) A depository institution may issue a deposit account to a married person or minor as the sole and absolute owner of the deposit account, and receive payment on the account by or for the owner, and pay withdrawals, accept pledges to the institution, and act in any other manner with respect to the account on the order of the married person or minor. (2) A payment or delivery of rights to a married person or minor, or a receipt or acquisition signed by a married person or minor who holds a deposit account, shall be a valid and sufficient release and discharge of the institution for any payment so made or delivery of rights to the married person or minor. (3) In the case of a minor, the receipt, acquittance, pledge, or other action required by the institution to be taken by the minor shall be binding upon the minor with like effect as if the minor were of full age and legal capacity. (4) The parent or guardian of the minor may not in the capacity as parent or guardian have the power to attach or in any manner to transfer any deposit account issued to or in the name of the minor. However, in the event of the death of the minor, the receipt or acquittance of either parent or of a person standing in loco parentis to the minor shall be a valid and sufficient discharge of the institution for any sum or sums not exceeding in the aggregate $2,500, unless the minor gave written notice to the institution not to accept the signature of the parent or person.
Utah Code § 7-1-507 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-507
§ 7-1-507. Assessing institution's record in meeting credit needs -- Requirements -- Remedial order.
Status: in_force

(1) With respect to institutions subject to the jurisdiction of the department that are engaged in soliciting deposits or selling or offering for sale evidences of indebtedness or similar investments, the commissioner shall periodically assess the institution's record of meeting the credit needs of residents of this state in relation to the deposits received from or investments sold to residents of this state. (2) The commissioner may not impose requirements more restrictive than those applicable to federally chartered or federally insured depository institutions doing business in this state. (3) The commissioner may order an institution to take remedial action consistent with the safe and sound operation of the institution that will promote the availability of credit to Utah residents.
Utah Code § 7-1-712 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-712
§ 7-1-712. Acquisition of office of another financial institution.
Status: in_force

Any financial institution authorized to do business in this state may acquire an office of any other financial institution located in this state upon obtaining the prior written approval of the commissioner in the manner provided in Section 7-1-708 for the establishment of a branch.
Utah Code § 7-9-27 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-27
§ 7-9-27. Dividends -- Interest refunds.
Status: in_force

(1) After allocations to required reserves, a credit union may declare and pay a dividend from current earnings and undivided earnings at the discretion of the board of directors and as provided in its bylaws. (2) Dividends may be paid at different rates on different types or sizes of accounts. (3) The board of directors may authorize any interest refunds on such classes of loans and under such conditions as the board authorizes. (4) A credit union need not pay a dividend on any account less than the par value of one share.
Utah Code § 7-5-106 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-106
§ 7-5-106. Revocation of trust authority -- Procedure -- Violations.
Status: in_force

(1) (a) The commissioner may issue and serve upon a trust company a notice of intent to revoke the authority of the trust company to exercise the powers granted by this chapter, if, in the commissioner's opinion, the trust company: (i) is unlawfully or unsoundly exercising the powers granted under this chapter; (ii) has unlawfully or unsoundly exercised the powers granted under this chapter; (iii) has failed, for a period of five consecutive years, to exercise the powers granted by this chapter; (iv) fails or has failed to comply with requirements upon which the trust company's permit is conditioned; or (v) fails or has failed to comply with any rule of the commissioner. (b) The notice shall: (i) contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply; and (ii) fix the time and place at which the commissioner shall hold a hearing to determine whether the commissioner should issue an order revoking authority to execute the powers described in the notice. (2) (a) If the trust company or the trust company's representative does not appear at the hearing, the commissioner may consider the trust company to be in default, and may issue a revocation order. (b) If default has occurred, or if upon the record made at any hearing the commissioner finds that any allegation specified in the notice of charges has been established, the commissioner shall issue and serve upon the trust company a revocation order: (i) prohibiting the trust company from accepting any new or additional trust accounts; and (ii) revoking the trust company's authority to exercise any powers granted under this chapter. (c) Any order issued under this section permits the trust company to continue to service all previously accepted trust accounts pending the trust accounts' expeditious divestiture or termination. (3) A revocation order becomes effective 30 days after the day on which the commissioner serves the revocation order to the trust company and remains effective and enforceable, unless the commissioner or a court, in accordance with Section 7-1-714, stays, modifies, terminates, or sets aside the revocation order. (4) If an attorney described in Subsection 7-5-101(4)(b)(iii) violates Title 75B, Trusts, the attorney: (a) is not subject to enforcement by the commissioner or the department; and (b) may be subject to disciplinary action generally applicable to an attorney licensed to practice in this state. (5) If a certified public accountant described in Subsection 7-5-101(4)(b)(iv) violates Title 75B, Trusts, the certified public accountant: (a) is not subject to enforcement by the commissioner or the department; and (b) may be subject to disciplinary action under Title 58, Chapter 26a, Certified Public Accountant Licensing Act. (6) If the commissioner or the department receives a complaint that an attorney described in Subsection 7-5-101(4)(b)(iii) or a certified public accountant described in Subsection 7-5-101(4)(b)(iv) violates Title 75B, Trusts, the commissioner or the department shall forward the complaint to: (a) if the complaint involves an attorney, the Utah State Bar; or (b) if the complaint involves a certified public accountant, the Division of Professional Licensing.
Utah Code § 7-1-716 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-716
§ 7-1-716. Affiliate depository institutions acting as agents -- Notification required.
Status: in_force

(1) Any depository institution may, at its main office or at any branch, act as an agent of any other depository institution that is a subsidiary of the same depository institution holding company in conducting the activities authorized under this section. (2) This section applies regardless of whether the affiliate depository institutions have the same home state. (3) A depository institution acting as agent for an affiliate depository institution may: (a) receive deposits; (b) renew time deposits; (c) engage in the activities authorized for a loan production office under Section 7-1-715; (d) service loans; and (e) receive payments on loans and other obligations. (4) A depository institution may not do any of the following as an agent on behalf of an affiliate depository institution: (a) open or originate deposit, savings, or share accounts; (b) evaluate or approve loans; (c) disburse loan funds; or (d) conduct any activity as an agent that it is prohibited from conducting as a principal under any applicable law. (5) A depository institution acting as a principal may not have an affiliate depository institution act as its agent in conducting any activity that: (a) the principal depository institution is prohibited from conducting; or (b) the agent depository institution would be prohibited from conducting as a principal. (6) An agency relationship between affiliates under this section shall be consistent with safe and sound practices and shall comply with all applicable law. (7) A depository institution acting as an agent is not considered to be a branch of the affiliate solely because of activities conducted under this section.
Utah Code § 7-9-24 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-24
§ 7-9-24. Compensation of directors, committee members, and president -- Expense reimbursement.
Status: in_force

(1) A member of the board of directors, credit committee, or supervisory committee may not receive any compensation for services as such, except that the reimbursement of reasonable expenses incurred in the execution of the duties of the position may not be considered compensation. (2) Any member of a credit union who incurs any expenses or performs any service authorized by the board of directors may be compensated or reimbursed for the expenses or services in an amount approved by the board of directors. (3) The board of directors shall determine the compensation for a president appointed as general manager.
Utah Code § 7-29-101 — Utah Code / Title 7 / Chapter 7-29 / § 7-29-101
§ 7-29-101. Definitions.
Status: in_force

As used in this chapter: (1) "Blockchain protocol" means any executable software deployed to enable the transfer of data and electronic records through a distributed network of nodes, including an additional standardized set of rules that uses a previously existing blockchain as a base. (2) "Digital asset" means: (a) virtual currency; (b) cryptocurrency; (c) natively electronic assets, including: (i) stablecoins; and (ii) non-fungible tokens; or (d) other digital-only assets that confer economic, proprietary, or access rights or powers. (3) "Hardware wallet" means a physical device that: (a) is not continuously connected to the Internet; (b) allows an individual to secure and transfer digital assets; and (c) enables the owner of digital assets to retain independent control over the digital assets.
Utah Code § 7-28-114 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-114
§ 7-28-114. Uniformity of application and construction.
Status: in_force

In applying and construing this uniform act, a court shall consider the promotion of uniformity of the law among jurisdictions that enact this uniform act.
Utah Code § 7-27-202 — Utah Code / Title 7 / Chapter 7-27 / § 7-27-202
§ 7-27-202. Disclosures for commercial financing transactions.
Status: in_force

(1) Before consummating a commercial financing transaction, a provider shall disclose the terms of the commercial financing transaction in accordance with this section and rules made by the commissioner. (2) A provider shall disclose the following information in connection with each commercial financing transaction: (a) the total amount of funds provided to the business under the terms of the commercial financing transaction; (b) the total amount of funds disbursed to the business under the terms of the commercial financing transaction, if less than the amount described in Subsection (2)(a); (c) the total amount to be paid to the provider under the terms of the commercial financing transaction; (d) the total dollar cost of the commercial financing transaction, calculated by finding the difference between: (i) the amount described in Subsection (2)(a); and (ii) the amount described in Subsection (2)(c); (e) (i) the manner, frequency, and amount of each payment; or (ii) if the amount of each payment may vary, the manner, frequency, and estimated amount of the initial payment; and (f) a statement of whether there are any costs or discounts associated with prepayment under the commercial financing transaction, including a reference to the paragraph in the commercial financing transaction agreement that creates each cost or discount. (3) The commercial financing transaction agreement shall include a description of the methodology for calculating any variable payment amount and the circumstances that may cause a payment amount to vary. (4) The provisions of this section apply to a commercial financing transaction consummated on or after January 1, 2023.
Utah Code § 7-8-15 — Utah Code / Title 7 / Chapter 7-8 / § 7-8-15
§ 7-8-15. Bad debts.
Status: in_force

(1) All demand and matured debts due to any industrial 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 the process of collection, are considered bad debts and shall be charged off to the profit and loss account. (2) The industrial bank shall maintain in its files documentation to support its evaluation of the security and monthly reports of its collection efforts and a plan of collection.
Utah Code § 7-28-103 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-103
§ 7-28-103. Variation by agreement or amendment.
Status: in_force

(1) (a) The effect of Sections 7-28-101 through 7-28-105, Sections 7-28-107 through 7-28-110, and Section 7-28-113 may not be varied by agreement, except as provided in those sections. (b) Subject to Subsection (2), the effect of Sections 7-28-106, 7-28-111, and 7-28-112 may be varied by agreement. (2) A provision in an account agreement or other record that substantially excuses liability or substantially limits remedies for failure to perform an obligation under this chapter is not sufficient to vary the effect of a provision of this chapter. (3) If a beneficiary is a party to an account agreement, the bank and the depositor may amend the agreement without the consent of the beneficiary only if the agreement expressly permits the amendment. (4) If a beneficiary is not a party to an account agreement and the bank and the depositor know the beneficiary has knowledge of the agreement's terms, the bank and the depositor may amend the agreement without the consent of the beneficiary only if the amendment does not adversely and materially affect a payment right of the beneficiary. (5) If a beneficiary is not a party to an account agreement and the bank and the depositor do not know whether the beneficiary has knowledge of the agreement's terms, the bank and the depositor may amend the agreement without the consent of the beneficiary only if the amendment is made in good faith.
Utah Code § 7-17-3 — Utah Code / Title 7 / Chapter 7-17 / § 7-17-3
§ 7-17-3. Lender to pay interest -- Exceptions -- Service charges prohibited.
Status: in_force

(1) Except as provided in Subsection (2), each lender requiring the establishment or continuance of a reserve account in connection with an existing or future real estate loan shall, on a yearly basis as of December 31, calculate and credit to the account interest on the average daily balance of funds deposited in the account at a rate equal to: (a) 5-1/2%; (b) the average of the 11th District monthly weighted average cost of funds index as calculated and published by the Federal Home Loan Bank of San Francisco during the calendar year, less 1-1/2 percentage points; or (c) the statement savings rate or share account rate offered to the public for accounts of like size by the depository institution holding the reserve account. (2) Subsection (1) does not apply to: (a) a reserve account required by a governmental insurer or guarantor of the loan as a condition of insurance or guaranty; (b) a reserve account maintained in connection with a real estate loan in an original principal amount exceeding 80% of the lender's appraised value of the property at the time the loan is made, until the principal balance of the loan is paid down to 80% of the lender's appraised value at the time of the loan; or (c) payment of interest or other compensation to the borrower if this payment is prohibited by federal law or regulations. (3) A lender may not require or impose a service charge for the administration of a reserve account.
Utah Code § 7-2-16 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-16
§ 7-2-16. Interim ratable dividends.
Status: in_force

At any time after the expiration of the date fixed for the presentation of claims and prior to the declaration of a final dividend the commissioner may, out of the funds remaining in the commissioner's hands after the payment of expenses, declare and pay, subject to their priorities established under Section 7-2-15, one or more interim ratable dividends to any person and in the amount and upon such notice as the court directs.