Utah Code § 7-9-6 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-6
§ 7-9-6. Formation of corporation to conduct credit union -- Approval of commissioner.
Status: in_force

(1) (a) Ten or more incorporators belonging to the same group of 200 persons or more having a field of membership may, with the approval of the commissioner, form a corporation to conduct a credit union under: (i) this chapter; (ii) Title 16, Chapter 10a, Utah Revised Business Corporation Act; and (iii) Chapter 1, General Provisions. (b) This chapter takes precedence over conflicting provisions of other state law governing: (i) the formation of the corporation; and (ii) the duties and obligations of: (A) the corporation; (B) the corporation's officers; and (C) the corporation's shareholders or members. (2) The commissioner may grant the approval referenced in Subsection (1) if the commissioner finds that: (a) the proposed field of membership is favorable to the success of the credit union; (b) the standing of the proposed membership will give assurance that its affairs will be administered in accordance with this chapter; (c) the proposed credit union has a reasonable promise of financial viability; and (d) formation of the credit union would not result in a substantial adverse financial impact on an existing credit union having the same or substantially the same field of membership. (3) (a) Except as provided in Subsection (3)(b) and in addition to the requirements of Subsections (1) and (2), Section 7-1-704 governs the formation of a credit union. (b) Notwithstanding Subsection (3)(a): (i) if the proposed credit union has a field of membership that does not base eligibility on residence in a county, the persons seeking formation of the proposed credit union are not required to provide the notice required under Subsection 7-1-704(3); and (ii) a credit union may not be required to obtain federal insurance if the credit union complies with Subsection 7-9-45(2).
Utah Code § 7-2-2 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-2
§ 7-2-2. Action to review the commissioner's actions -- Supervision of actions of commissioner in possession -- Authority of commissioner and court.
Status: in_force

(1) Before taking possession of an institution or other person under the commissioner's jurisdiction, or within a reasonable time after taking possession of an institution or other person without court order, as provided in this chapter, the commissioner shall bring an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, to provide the court with supervisory jurisdiction to review the actions of the commissioner. (2) (a) The actions of the commissioner are subject to review of the court. (b) The court may: (i) hear all objections to the actions of the commissioner; and (ii) rule upon all motions and actions coming before the court. (c) Standing to seek review of any action of the commissioner or any receiver or liquidator appointed by the commissioner is limited to persons whose rights, claims, or interests in the institution would be adversely affected by the action. (3) (a) The authority of the commissioner under this chapter is of an administrative and not judicial receivership. (b) The court may not overrule a determination or decision of the commissioner if it is not arbitrary, capricious, fraudulent, or contrary to law. (c) If the court overrules an action of the commissioner, the matter shall be remanded to the commissioner for a new determination by the commissioner, and the new determination shall be subject to court review.
Utah Code § 7-1-1004 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-1004
§ 7-1-1004. Reimbursement of financial institution for costs of obtaining information.
Status: in_force

(1) Except as provided in Subsection (2), a financial institution is entitled to reimbursement by a governmental entity seeking information, for costs reasonably and directly incurred in searching for, reproducing, or transporting a record required to be produced if the financial institution produces the record: (a) pursuant to written permission by all account holders of the account referenced in the record in accordance with: (i) Subsection 7-1-1001(2)(a); or (ii) Subsection 7-1-1006(2)(b)(iii); (b) in compliance with an order obtained under this part; or (c) in compliance with an order of a court or administrative body of competent jurisdiction. (2) A depository institution is not allowed reimbursement under this section by the State Tax Commission for information the depository institution provides or action the depository institution takes in accordance with Title 59, Chapter 1, Part 17, Depository Institution Data Match System and Levy Act. (3) The commissioner shall by rule establish the rates and conditions under which a governmental entity shall reimburse a financial institution.
Utah Code § 7-1-310 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-310
§ 7-1-310. Subpoena power of commissioner.
Status: in_force

The commissioner may issue subpoenas to compel the attendance of witnesses and the production of books, records, and other papers and documents and may examine or cause to be examined under oath any officer, director, or employee of any institution subject to the jurisdiction of the department or any other person whose testimony the commissioner finds relevant to any matter before the commissioner or whose testimony is necessary or appropriate in carrying out the commissioner's duties and responsibilities.
Utah Code § 7-2-12 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-12
§ 7-2-12. Powers of commissioner in possession -- Sale of assets -- Postpossession financing -- New deposit instruments -- Executory contracts -- Transfer of property -- Avoidance of transfers -- Avoidable preferences -- Setoff.
Status: in_force

(1) Upon taking possession of the institution, the commissioner may do all things necessary to preserve its assets and business, and shall rehabilitate, reorganize, or liquidate the affairs of the institution in a manner he determines to be in the best interests of the institution's depositors and creditors. Any such determination by the commissioner may not be overruled by a reviewing court unless it is found to be arbitrary, capricious, fraudulent, or contrary to law. In the event of a liquidation, he shall collect all debts due and claims belonging to it, and may compromise all bad or doubtful debts. He may sell, upon terms he may determine, any or all of the property of the institution for cash or other consideration. The commissioner shall give such notice as the court may direct to the institution of the time and place of hearing upon an application to the court for approval of the sale. The commissioner shall execute and deliver to the purchaser of any property of the institution sold by him those deeds or instruments necessary to evidence the passing of title. (2) With approval of the court and upon terms and with priority determined by the court, the commissioner may borrow money and issue evidence of indebtedness. To secure repayment of the indebtedness, he may mortgage, pledge, transfer in trust, or hypothecate any or all of the property of the institution superior to any charge on the property for expenses of the proceeding as provided in Section 7-2-14. These loans may be obtained for the purpose of facilitating liquidation, protecting or preserving the assets in the charge of the commissioner, expediting the making of distributions to depositors and other claimants, aiding in the reopening or reorganization of the institution or its merger or consolidation with another institution, or the sale of all of its assets. Neither the commissioner nor any special deputy or other person lawfully in charge of the affairs of the institution is under any personal obligation to repay those loans. The commissioner may take any action necessary or proper to consummate the loan and to provide for its repayment and to give bond when required for the faithful performance of all undertakings in connection with it. The commissioner or special deputy shall make application to the court for approval of any loan proposed under this section. Notice of hearing upon the application shall be given as the court directs. At the hearing upon the application any stockholder or shareholder of the institution or any depositor or other creditor of the institution may appear and be heard on the application. Prior to the obtaining of a court order, the commissioner or special deputy in charge of the affairs of the institution may make application or negotiate for the loan or loans subject to the obtaining of the court order. (3) With the approval of the court pursuant to a plan of reorganization or liquidation under Section 7-2-18, the commissioner may provide for depositors to receive new deposit instruments from a depository institution that purchases or receives some or all of the assets of the institution in the possession of the commissioner. All new deposit instruments issued by the acquiring depository institution may, in accordance with the terms of the plan of reorganization or liquidation, be subject to different amounts, terms, and interest rates than the original deposit instruments of the institution in the possession of the commissioner. All deposit instruments issued by the acquiring institution shall be considered new deposit obligations of the acquiring institution. The original deposit instruments issued by the institution in the possession of the commissioner are not liabilities of the acquiring institution, unless assumed by the acquiring institution. Unpaid claims of depositors against the institution in the possession of the commissioner continue, and may be provided for in the plan of reorganization or liquidation. (4) The commissioner, after taking possession of any institution or other person subject to the jurisdiction of the department, may terminate any executory contract, including standby letters of credit, unexpired leases and unexpired employment contracts, to which the institution or other person is a party. If the termination of an executory contract or unexpired lease constitutes a breach of the contract or lease, the date of the breach is the date on which the commissioner took possession of the institution. Claims for damages for breach of an executory contract shall be filed within 30 days of receipt of notice of the termination, and if allowed, shall be paid in the same manner as all other allowable claims of the same priority out of the assets of the institution available to pay claims. (5) With approval of the court and upon a showing by the commissioner that it is in the best interests of the depositors and creditors, the commissioner may transfer property on account of an indebtedness incurred by the institution prior to the date of the taking. (6) (a) The commissioner may avoid any transfer of any interest of the institution in property or any obligation incurred by the institution that is void or voidable by a creditor under Title 25, Chapter 6, Uniform Voidable Transactions Act. (b) The commissioner may avoid any transfer of any interest in real property of the institution that is void as against or voidable by a subsequent purchaser in good faith and for a valuable consideration of the same real property or any portion thereof who has duly recorded his conveyance at the time possession of the institution is taken, whether or not such a purchaser exists. (c) The commissioner may avoid any transfer of any interest in property of the institution or any obligation incurred by the institution that is invalid or void as against, or is voidable by a creditor that extends credit to the institution at the time possession of the institution is taken by the commissioner, and that obtains, at such time and with respect to such credit, a judgment lien or a lien by attachment, levy, execution, garnishment, or other judicial lien on the property involved, whether or not such a creditor exists. (d) The right of the commissioner under Subsections (6)(b) and (c) to avoid any transfer of any interest in property of the institution shall be unaffected by and without regard to any knowledge of the commissioner or of any creditor of the institution. (e) "Transfer" means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, or disposing of or parting with property or with an interest in property, including retention of title as a security interest. (f) The commissioner may avoid and recover any payment or other transfer of any interest in property of the institution to or for the benefit of a creditor, for or on account of an antecedent debt owed by the institution before the transfer was made if the creditor at the time of such transfer had reasonable cause to believe that the institution was insolvent, and if the payment or other transfer will allow the creditor to obtain a greater percentage of his debt than he would be entitled to under the provisions of Section 7-2-15. For the purposes of this subsection: (i) antecedent debt does not include earned wages and salaries and other operating expenses incurred and paid in the normal course of business; (ii) a transfer of any interest in real property is deemed to have been made or suffered when it became so far perfected that a subsequent good faith purchaser of the property from the institution for a valuable consideration could not acquire an interest superior to the transferee; and (iii) a transfer of property other than real property is deemed to have been made or suffered when it became so far perfected that a creditor on a simple contract could not acquire a lien by attachment, levy, execution, garnishment, or other judicial lien superior to the interest of the transferee. (g) For purposes of this section, "date of possession" means the earlier of the date the commissioner takes possession of a financial institution under Title 7, Chapter 2, Possession of Depository Institution by Commissioner, or the date when the commissioner enters an order suspending payments to depositors and other creditors under Section 7-2-19. (7) (a) With or without the prior approval of the court, the commissioner or any federal deposit insurance agency appointed by him as receiver or liquidator of a depository institution closed by the commissioner under the provisions of this chapter may setoff against the deposits or other liabilities of the institution any debts or other obligations of the depositor or claimant due and owing to the institution. The amount of any setoff against the liabilities of the institution shall be no greater than the amount the depositor or claimant would receive pursuant to Section 7-2-15 after final liquidation of the institution. When the liquidation value of a depositor's or claimant's claim against the institution will or may be less than the full amount of the claim, setoff may be made prior to final liquidation if the commissioner or any receiver or liquidator appointed by him can reasonably estimate the liquidation value of the claim, and the court, after notice and opportunity for hearing, approves the estimate for purposes of making the setoff. If the right of setoff is exercised, the commissioner or any receiver or liquidator appointed by him shall give written notice to the depositor or claimant of the amount setoff. (b) The existence and amount of a debtor or creditor relationship or both, between the institution and its depositor or claimant and the right to the proceeds in a deposit account shall be determined solely by the books and records of the institution. (c) Any contract purporting to affect the right of setoff shall be in writing and signed by the depositor-debtor and an authorized officer of the institution and be maintained as a part of the records of the institution. (d) Any claim that a deposit account is a special account not subject to setoff because it was maintained for a specific purpose or to satisfy a particular obligation other than satisfaction of or as security for an indebtedness to the institution or that the right to the deposit actually belongs to a third party does not affect the right to setoff of the commissioner or any receiver or liquidator appointed by him unless the special nature of the account is clearly shown in the books and records of the institution. (e) In the absence of any other instrument in writing, the terms and provisions of the signature card applicable to a particular account in effect at the time the commissioner takes possession of the institution shall be determinative of the right of setoff by the commissioner or any receiver or liquidator appointed by him. (f) Knowledge of the institution or of any director, officer, or employee of the institution that the nature of the account is other than as shown in the books and records of the institution does not affect the right of setoff by the commissioner or any receiver or liquidator appointed by him. (g) The liability of the commissioner or any receiver or liquidator appointed by him for exercising a right of setoff other than as authorized by this section shall be only to a person who establishes by the procedure set forth in Section 7-2-6 that his interest in the account is superior to that of the person whose debt to the institution was setoff against the account. The amount of any such liability shall be no greater than the amount of the setoff and neither the commissioner or any receiver or liquidator appointed by him shall be liable for any action taken under this section unless the action taken is determined by the court to be arbitrary or capricious.
Utah Code § 7-28-115 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-115
§ 7-28-115. Transitional provision.
Status: in_force

This chapter applies to: (1) a special deposit made under an account agreement executed on or after May 7, 2025; and (2) a deposit made under an agreement executed before May 7, 2025, if: (a) all parties entitled to amend the agreement agree to make the deposit a special deposit governed by this chapter; and (b) the special deposit referenced in the amended agreement satisfies Section 7-28-104.
Utah Code § 7-18a-302 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-302
§ 7-18a-302. Trust business.
Status: in_force

A foreign depository institution may not engage in the trust business, as that term is defined in Section 7-5-101, in this state.
Utah Code § 7-1-618 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-618
§ 7-1-618. Deposit production offices prohibited.
Status: in_force

(1) Except as provided in Subsection (2), it is unlawful to establish or operate a deposit production office or similar office in this state for the purpose of soliciting deposits or similar evidence of indebtedness or participation interests in indebtedness. (2) This prohibition does not apply to: (a) activities conducted at a main office or branch of the depository institution conducting the activities; or (b) activities conducted at the main office or branch of an affiliate depository institution acting as an agent to the extent permitted under Section 7-1-716.
Utah Code § 7-1-701 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-701
§ 7-1-701. Representing and transacting business as financial institution restricted -- Restricted names -- Penalty.
Status: in_force

(1) As used in this section, "transact business" includes: (a) advertising; (b) representing oneself in any manner as being engaged in transacting business; (c) registering an assumed name under which to transact business; or (d) using an assumed business name, sign, letterhead, business card, promotion, or other indication that one is transacting business. (2) Unless authorized by the department or an agency of the federal government to do so, it is unlawful for a person to: (a) transact business as a: (i) bank; (ii) savings and loan association; (iii) savings bank; (iv) industrial bank; (v) credit union; (vi) trust company; or (vii) other financial or depository institution; or (b) engage in any other activity subject to the jurisdiction of the department. (3) (a) Except as provided in Subsections (3)(b) through (d), only the following may transact business in this state under a name that includes "bank," "banker," "banking," "banque," "banc," "banco," "bancorp," "bancorporation," a derivative of these words, or another word or combination of words reasonably identifying the business of a bank: (i) a national bank; (ii) a bank authorized to do business under Chapter 3, Banks; (iii) a bank holding company; or (iv) an industrial bank. (b) A person authorized to operate in this state as a credit card bank, as described in Section 7-3-3: (i) may transact business under the name "credit card bank"; and (ii) may not transact business under the name of "bank" unless it is immediately preceded by "credit card." (c) A nonbank subsidiary of a bank holding company may transact business under a name restricted in Subsection (3)(a) if the name: (i) is also part of the name of its parent holding company; or (ii) is used for a group of subsidiaries of the parent holding company. (d) A bona fide trade association of authorized banks recognized by the commissioner may transact its affairs in this state under a name restricted under Subsection (3)(a) if it does not operate and does not hold itself out to the public as operating a depository or financial institution. (4) (a) Except as provided in Subsection (4)(b), only the following may transact business in this state under a name that includes "savings association," "savings and loan association," "building and loan association," "building association," a derivative of these words, or another word or combination of words reasonably identifying the business of a savings and loan association: (i) a federal savings and loan association; or (ii) a federal savings bank. (b) A national bank may transact business under a name restricted in Subsection (4)(a) if the restricted words are part of the bank's corporate name. (5) Only the following may transact business under the name "savings bank": (a) a depository institution listed in Subsection (3)(a); (b) a depository institution listed in Subsection (4)(a); or (c) a depository institution authorized under the law of another state to operate in this state as a savings bank. (6) (a) Only an industrial loan company authorized to do business under Chapter 8, Industrial Banks, to the extent permitted by Section 7-8-21, may transact business in this state under a name that includes "industrial loan company," "ILC," or another word, combination of words, or abbreviation reasonably identifying the business of an industrial loan company. (b) Only an industrial bank authorized to do business under Chapter 8, Industrial Banks, may transact business in this state under a name that includes "industrial bank," "thrift," or another word, combination of words, or abbreviation reasonably identifying the business of an industrial bank. (7) (a) Except as provided in Subsection (7)(b), only a credit union authorized to do business under the laws of the United States or Chapter 9, Utah Credit Union Act, may transact business in this state under a name that includes "credit union" or another word or combination of words reasonably identifying the business of a credit union. (b) The restriction in Subsection (7)(a) does not apply to a bona fide trade association of authorized credit unions recognized by the commissioner, a credit union chapter, or another association affiliated with a bona fide trade association of authorized credit unions recognized by the commissioner that restricts its services primarily to credit unions. (8) (a) Except as provided in Subsection (8)(b), only a person granted trust powers under Chapter 5, Trust Business, may transact business in this state under a name that includes "trust," "trustee," "trust company," or another word or combination of words reasonably identifying the business of a trust company. (b) A business entity organized as a business trust, as defined in Section 7-5-101, may use "business trust" in its name if it does not hold itself out as being a trust company. (9) The restrictions of Subsections (3) through (8) do not apply to: (a) the name under which an out-of-state depository institution operates a loan production office in this state, if the commissioner approves the name as not being reasonably likely to mislead the public; (b) the name under which a service organization of a financial institution transacts business, if the commissioner approves the name as not being reasonably likely to mislead the public; (c) the name under which a subsidiary of a depository or financial institution transacts business, if the commissioner approves the name as not being reasonably likely to mislead the public; or (d) a trade association or other nonprofit organization composed of members of a particular class of financial institutions using words applicable to that class. (10) (a) Upon written request, the commissioner may grant an exemption to this section if the commissioner finds that the use of an otherwise restricted name or word is not reasonably likely to cause confusion or lead the public to believe that the person requesting the exemption is a depository or financial institution or is conducting a business subject to the jurisdiction of the department. (b) In granting an exemption under Subsection (10)(a), the commissioner may restrict or condition the use of the name or word or the activities of the person or business as the commissioner considers necessary to protect the public. (11) (a) A person and a principal and officer of a business entity violating this section is guilty of a class A misdemeanor. Each day of violation constitutes a separate offense. (b) In addition to a criminal penalty imposed under Subsection (11)(a), the commissioner may issue a cease and desist order against a person violating this section. The commissioner may impose a civil penalty of up to $500 for each day the person fails to comply with the cease and desist order.
Utah Code § 7-26-201 — Utah Code / Title 7 / Chapter 7-26 / § 7-26-201
§ 7-26-201. Permitted delay of wire transfers.
Status: in_force

(1) This section applies to a wire transfer that transfers money from a consumer account at a covered financial institution. (2) If a qualified individual reasonably believes that executing a requested wire transfer will result in financial exploitation, the covered financial institution may: (a) delay the wire transfer; and (b) contact: (i) a law enforcement agency; (ii) Adult Protective Services; or (iii) a joint co-owner on the account. (3) The delay of a wire transfer described in Subsection (2) expires when the earlier of the following occurs: (a) the covered financial institution reasonably determines that the wire transfer is not financial exploitation; or (b) 15 business days pass after the day on which the covered financial institution first initiated the delay of the wire transfer.
Utah Code § 7-19-3 — Utah Code / Title 7 / Chapter 7-19 / § 7-19-3
§ 7-19-3. Waiver of procedures.
Status: in_force

The commissioner may waive any of the procedures of Section 7-1-705 or any regulation of the department if the commissioner considers it necessary to protect the interest of depositors, creditors, and other customers of a failing or failed depository institution or failing or failed depository institution holding company in a supervisory merger or a supervisory acquisition.
Utah Code § 7-1-316 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-316
§ 7-1-316. Forms for reports required from institutions.
Status: in_force

The commissioner shall prescribe the forms for all reports required by law or regulation from financial institutions subject to the jurisdiction of the department and may change the forms at the commissioner's discretion. The department shall furnish without charge upon the request of any such institution any blank form necessary or required by law.
Utah Code § 7-24-301 — Utah Code / Title 7 / Chapter 7-24 / § 7-24-301
§ 7-24-301. Enforcement by department -- Rulemaking.
Status: in_force

(1) Subject to the requirements of Title 63G, Chapter 4, Administrative Procedures Act, the department may: (a) receive and act on complaints; (b) take action designed to obtain voluntary compliance with this chapter; or (c) commence administrative or judicial proceedings on its own initiative to enforce compliance with this chapter. (2) The department may: (a) counsel persons and groups on their rights and duties under this chapter; (b) make rules to: (i) restrict or prohibit lending or servicing practices that are misleading, unfair, or abusive; (ii) promote or assure fair and full disclosure of the terms and conditions of agreements and communications between title lenders and customers; or (iii) promote or assure uniform application of or to resolve ambiguities in applicable state or federal laws or federal regulations; and (c) employ hearing examiners, clerks, and other employees and agents as necessary to perform the department's duties under this chapter.
Utah Code § 7-23-301 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-301
§ 7-23-301. Posting of fee schedules for cashing checks.
Status: in_force

(1) A check casher shall post a complete schedule of all fees for cashing a check in a conspicuous location on its premises that can be viewed by a person cashing a check. (2) The schedule of fees required to be posted under Subsection (1) shall state the fees using dollar amounts.
Utah Code § 7-3-2 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-2
§ 7-3-2. Restrictions on conduct of banking business.
Status: in_force

(1) The establishment or operation in this state of private or partnership banks is expressly prohibited. (2) An institution may establish or maintain a main office or branch in this state at which to conduct banking business only if: (a) it is legitimately chartered as a bank by a state, the federal government, or a foreign government; and (b) in the case of a bank whose home state is not Utah, it is authorized to have a branch in Utah under the laws of this state and the laws of its home state.
Utah Code § 7-3-26 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-26
§ 7-3-26. Overdraft as asset.
Status: in_force

An overdraft of more than 90 days' standing may not be allowed as an asset of a bank, unless amply secured and in the process of collection.
Utah Code § 7-5-111 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-111
§ 7-5-111. Lending trust funds to trust company, officer, director, or employee a felony.
Status: in_force

(1) Except as provided in Subsection (2), a trust company may not lend funds that the trust company holds in a trust account in accordance with this chapter to: (a) the trust company; (b) an officer of the trust company; (c) a director of the trust company; or (d) an employee of the trust company. (2) A trust company may lend funds to a person described in Subsection (1) if: (a) the instrument creating a trust account authorizes the trust company to lend funds to the person; (b) a person authorized to grant authorization to the trust company to lend funds to the person grants authorization; or (c) a court issues an order in accordance with Section 75B-2-802. (3) An officer, a director, or an employee is guilty of a third degree felony if the officer, director, or employee: (a) makes a loan in violation of Subsection (1); or (b) receives a loan that violates Subsection (1).
Utah Code § 7-24-305 — Utah Code / Title 7 / Chapter 7-24 / § 7-24-305
§ 7-24-305. 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; or (3) an institution directly or indirectly owned or controlled by one or more: (a) depository institutions; or (b) depository institution holding companies.
Utah Code § 7-1-207 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-207
§ 7-1-207. Supervisor of industrial banks -- Responsibilities.
Status: in_force

(1) The commissioner shall designate an examiner as supervisor of industrial banks who shall be sufficiently qualified by training and experience in the business of industrial banks or other financial institutions or as an employee of a state or federal agency supervising financial institutions to perform the duties of the office. (2) (a) The supervisor of industrial banks is responsible, subject to the direction and control of the commissioner, for the general supervision and examination of all industrial banks subject to the jurisdiction of the department and other institutions as assigned. (b) The supervisor shall: (i) assist and advise the commissioner in the execution of the laws of this state relating to these institutions; and (ii) perform other duties prescribed in this title or assigned by the commissioner.
Utah Code § 7-28-101 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-101
§ 7-28-101. Definitions.
Status: in_force

As used in this chapter: (1) "Account agreement" means an agreement that: (a) is in a record between a bank and one or more depositors; (b) may have one or more beneficiaries as additional parties; and (c) states the intention of the parties to establish a special deposit governed by this chapter. (2) (a) "Bank" means a person engaged in the business of banking. (b) "Bank" includes a savings bank, savings and loan association, credit union, and trust company. (c) Each branch or separate office of a bank is a separate bank for the purpose of this chapter. (3) "Beneficiary" means a person that: (a) is identified as a beneficiary in an account agreement; or (b) if not identified as a beneficiary in an account agreement, may be entitled to payment from a special deposit: (i) under the account agreement; or (ii) on termination of the special deposit. (4) "Contingency" means an event or circumstance stated in an account agreement that is not certain to occur but shall occur before the bank is obligated to pay a beneficiary. (5) "Creditor process" means attachment, garnishment, levy, notice of lien, sequestration, or similar process issued by or on behalf of a creditor or other claimant. (6) "Depositor" means a person that establishes or funds a special deposit. (7) "Good faith" means honesty in fact and observance of reasonable commercial standards of fair dealing. (8) "Knowledge of a fact" means: (a) with respect to a beneficiary, actual knowledge of the fact; or (b) with respect to a bank holding a special deposit: (i) if the bank: (A) has established a reasonable routine for communicating material information to an individual to whom the bank has assigned responsibility for the special deposit; and (B) maintains reasonable compliance with the routine, actual knowledge of the fact by that individual; or (ii) if the bank has not established and maintained reasonable compliance with a routine described in Subsection (8)(b)(i) or otherwise exercised due diligence, implied knowledge of the fact that would have come to the attention of an individual to whom the bank has assigned responsibility for the special deposit. (9) "Obligated to pay a beneficiary" means a beneficiary is entitled under the account agreement to receive from the bank a payment when: (a) a contingency has occurred; and (b) the bank has knowledge the contingency has occurred. (10) (a) "Permissible purpose" means a governmental, regulatory, commercial, charitable, or testamentary objective of the parties stated in an account agreement. (b) "Permissible purpose" includes an objective to: (i) hold funds: (A) in escrow, including for a purchase and sale, lease, buyback, or other transaction; (B) as a security deposit of a tenant; (C) that may be distributed to a person as remuneration, retirement or other benefit, or compensation under a judgment, consent decree, court order, or other decision of a tribunal; or (D) for distribution to a defined class of persons after identification of the class members and the class members' interest in the funds; (ii) provide assurance with respect to an obligation created by contract, such as earnest money to ensure a transaction closes; (iii) settle an obligation that arises in the operation of a payment system, securities settlement system, or other financial market infrastructure; (iv) provide assurance with respect to an obligation that arises in the operation of a payment system, securities settlement system, or other financial market infrastructure; or (v) hold margin, other cash collateral, or funds that support the orderly functioning of financial market infrastructure or the performance of an obligation with respect to the infrastructure. (11) (a) "Person" means an individual, estate, business or nonprofit entity, government or governmental subdivision, agency, or instrumentality, or other legal entity. (b) "Person" includes a protected series, however denominated, of an entity if the protected series is established under law that limits, or limits if conditions specified under law are satisfied, the ability of a creditor of the entity or of any other protected series of the entity to satisfy a claim from assets of the protected series. (12) "Record" means information: (a) inscribed on a tangible medium; or (b) stored in an electronic or other medium and retrievable in perceivable form. (13) "Special deposit" means a deposit that satisfies Section 7-28-104. (14) (a) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States. (b) "State" includes an agency or instrumentality of the state.
Utah Code § 7-25-305 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-305
§ 7-25-305. Instrument to bear name of licensee.
Status: in_force

A payment instrument issued by a licensee for sale in Utah, or which is sold in Utah, shall state on its face the name of the licensee issuer.
Utah Code § 7-5-116 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-116
§ 7-5-116. Assets of trust company in possession of the commissioner.
Status: in_force

With respect to the assets of a trust company in the possession of the commissioner under Chapter 2, Possession of Depository Institution by Commissioner, notwithstanding any law to the contrary, the assets that the trust company holds in a fiduciary capacity as a part of the trust company's trust business are not subject to the claims of a secured or unsecured creditor of the trust company.
Utah Code § 7-9-22 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-22
§ 7-9-22. Credit committee -- Credit manager.
Status: in_force

(1) A credit union's bylaws shall provide for a credit committee, credit manager, or combination of both to be responsible for credit functions of the credit union. The bylaws shall prescribe the duties and responsibilities of the credit committee, credit manager, or combination of both. (2) A director may not be a member of the credit committee. (3) The credit union president may be appointed as credit manager. If the president is appointed as the credit manager, the president may not receive dual compensation for serving in both capacities.
Utah Code § 7-3-19 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-19
§ 7-3-19. Limitations on loans and extensions of credit.
Status: in_force

(1) The total loans and extensions of credit, including credit exposure to a derivative transaction, by a bank to a person outstanding at one time and not fully secured, as determined in a manner consistent with Subsection (2), by collateral having a market value at least equal to the amount of the loan or extension of credit may not exceed 15% of the amount of the bank's total capital. (2) (a) The total loans and extensions of credit, including credit exposure to a derivative transaction, by a bank to a person outstanding at one time and fully secured by readily marketable collateral having a market value, as determined by reliable and continuously available price quotations, at least equal to the amount of the funds outstanding may not exceed 10% of the total capital of the bank. (b) The limitation of Subsection (2)(a) is separate from and in addition to the limitation described in Subsection (1). (3) (a) The limitations contained in Subsections (1) and (2) are subject to exceptions the commissioner may prescribe by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. (b) A rule made under this section may not be inconsistent with law and regulations applicable to loan restrictions on national banks. (4) (a) The commissioner may, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, define the following terms as used in this section: (i) "credit exposure to a derivative transaction"; (ii) "derivative"; (iii) "loans and extensions of credit"; and (iv) "person". (b) The definitions described under Subsection (4)(a) may not be inconsistent with those applicable to national banks.
Utah Code § 7-3-28 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-28
§ 7-3-28. Capital notes or debentures.
Status: in_force

(1) Any bank, with the prior written approval of the commissioner and the authorization by resolution of its board of directors may issue its convertible or nonconvertible capital notes or debentures. The issuance may be in the amounts, for the term, and contain provisions as may be approved by the commissioner. (2) All such notes or debentures shall be subordinated to the claims of depositors and other creditors. (3) The total amount of outstanding capital notes or debentures of any bank may not exceed such limitations as the commissioner may by regulation prescribe for the protection of depositors. The limitations prescribed may not be more restrictive than those prescribed for national banks. (4) The amount of such outstanding capital notes or debentures not maturing within one year shall be added to the capital of the issuing bank for the purpose of determining the maximum amount that may be loaned to a single borrower by such bank as provided in this chapter. (5) The commissioner may prescribe regulations for the protection of the bank's depositors and shareholders as, in the judgment of the commissioner, will effectuate the purposes of this section.
Utah Code § 7-1-309 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-309
§ 7-1-309. Hearings by commissioner -- Discretion of commissioner -- Procedure -- Judicial review.
Status: in_force

The commissioner may conduct or cause to be conducted hearings relating to matters within his supervisory jurisdiction and shall establish rules for discovery and other procedures applicable to the hearings consistent with the provisions of the Utah Rules of Civil Procedure. The decision whether or not to hold a formal hearing on any matter coming before the commissioner under this title shall be solely within the discretion of the commissioner. His failure or refusal to hold a formal hearing is not a ground for reversal of any decision or order of the commissioner unless the reviewing court finds that such failure or refusal has deprived an interested party of due process of law, or that a formal hearing is required by the provisions of this title.
Utah Code § 7-1-209 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-209
§ 7-1-209. Additional supervisors, examiners, and other personnel -- Compensation -- Travel expenses.
Status: in_force

(1) In addition to the supervisors under Sections 7-1-205 through 7-1-208.1 and 7-1-208.3, the commissioner may appoint additional supervisors as necessary. The commissioner may assign to any supervisor responsibility, subject to the direction and control of the commissioner, for the general supervision and examination of any class of financial institutions or other persons not specifically assigned to another supervisor. (2) The commissioner may employ examiners required for the proper conduct of the department. These examiners may not be interested, directly or indirectly, in any institution under the jurisdiction and supervision of the department. They shall perform duties prescribed by this title or assigned to them by the commissioner. (3) The commissioner may delegate to the chief examiner or any supervisor the duty of conducting hearings in carrying out the duties, powers, and functions of the department, or the commissioner may employ, on a regular or part-time basis, similarly qualified persons to act as hearing officers for those purposes. (4) The commissioner may appoint or employ, on a permanent or consulting basis, other persons qualified by education, training, and experience for the needs of the department as the commissioner considers necessary to carry out the duties, powers, and responsibilities of the department. (5) The commissioner may employ clerical help to properly carry on the work of the department. (6) The salaries of the employees of the department shall be fixed in accordance with salary and merit standards adopted by the Division of Finance and are payable in the same manner as the salaries of other state employees. All actual and necessary traveling expenses of the commissioner, supervisors, examiners, and other employees of the department incurred in the discharge of their duties shall be fully itemized upon proper vouchers and certified by the commissioner to the director of the Division of Finance.