Utah Code § 7-22-105 — Utah Code / Title 7 / Chapter 7-22 / § 7-22-105
§ 7-22-105. Bond required.
Status: in_force

(1) Before furnishing any escrow services, each escrow agent shall file with the commissioner a surety bond in accordance with the following schedule:Monthly AverageMinimumEscrow LiabilitySurety BondUp to $10,000$10,000$10,001 to 20,000$20,000$20,001 to 30,000$30,000$30,001 to 40,000$40,000Above $40,000$50,000 (2) The surety bond shall name as beneficiaries: (a) this state for payment of any costs incurred and charges made in connection with any escrow agent's insolvency or default, including costs and charges relating to an examination and receivership of any escrow agent; and (b) when all claims and charges of the state have been paid in full, any person who has a claim against the surety on the bond based on any default or violation of any duty or obligation of the escrow agent. (3) The total aggregate liability on the bond from all claims including legal fees and other costs incurred in connection with the bond may not exceed the amount of the bond. (4) An applicant for registration as an escrow agent may, in lieu of and subject to the same surety conditions described in Subsection (2), deposit assets with or provide a letter of credit to the commissioner in the amount of the minimum surety bond required in Subsection (1).
Utah Code § 7-2-23 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-23
§ 7-2-23. Limitation of action -- Tolling of period.
Status: in_force

(1) If applicable law, an order entered in any proceeding, any cause of action arising under this chapter, or an agreement, fixes a period within which the institution, the commissioner, or any receiver or liquidator appointed under Section 7-2-9 may commence an action, and the period has not expired before the date of possession by the commissioner, the receiver or liquidator may commence an action only before the later of: (a) the end of the period; (b) three years after the date of appointment of a receiver or liquidator under Section 7-2-9; or (c) three years after the date of possession by the commissioner. (2) No statute of limitations as to any cause of action against an officer or director of a depository institution begins to run as to the commissioner or any receiver or liquidator appointed under Section 7-2-9 until the date the commissioner takes possession of the institution under this chapter.
Utah Code § 7-1-205 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-205
§ 7-1-205. Supervisor of banks -- Responsibilities.
Status: in_force

(1) The commissioner shall designate an examiner as supervisor of banks, who shall be sufficiently qualified by training and experience in the banking business or as an employee of a state or federal bank supervisory agency to perform the duties of the office. (2) The supervisor of banks is responsible, subject to the direction and control of the commissioner, for the general supervision and examination of all banks and bank-related institutions subject to the jurisdiction of the department. The supervisor shall assist and advise the commissioner in the execution of the laws of this state relating to these institutions and shall perform other duties prescribed in this title or assigned by the commissioner.
Utah Code § 7-1-1001 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-1001
§ 7-1-1001. Definitions -- Written consent or court order for disclosure by financial institution -- Exception.
Status: in_force

(1) As used in this part: (a) "Account holder" means a person for whom an account is held by a financial institution. (b) "Governmental entity" means: (i) the state, including: (A) a department; (B) an institution; (C) a board; (D) a division; (E) a bureau; (F) an office; (G) a commission; (H) a committee; or (I) an elected official; and (ii) a political subdivision of the state, including: (A) a county; (B) a city; (C) a town; (D) a school district; (E) a public transit district; (F) a redevelopment agency; (G) a special improvement district; or (H) a taxing district. (c) "Nonprotected record" means a record maintained by a financial institution to facilitate the conduct of the financial institution's business regarding a person or account, including: (i) the existence of an account; (ii) the opening and closing dates of an account; (iii) the name under which an account is held; and (iv) the name, address, and telephone number of an account holder. (d) "Protected record" means a record that is not defined as a nonprotected record. (e) "Record" means information that is: (i) prepared, owned, received, or retained by a financial institution; (ii) (A) inscribed on a tangible medium; or (B) stored in an electronic or other medium; and (iii) retrievable in perceivable form. (2) Except for a governmental entity listed in Subsection 7-1-1006(1), an individual acting on behalf of a governmental entity may not request, obtain by subpoena, or otherwise obtain information from a state or federally chartered financial institution that constitutes a record reflecting the financial condition of any person without first obtaining: (a) written permission from all account holders of the account referenced in the record to be examined; or (b) an order from a court of competent jurisdiction permitting access to the record. (3) This section does not apply to a review made by the commissioner to determine whether a financial institution is operating in accordance with law.
Utah Code § 7-2-4 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-4
§ 7-2-4. Consent required for institution to resume business.
Status: in_force

The institution or other person may resume business only with the consent of and upon conditions approved by the commissioner. The commissioner may give the commissioner's consent to resumption of business if arrangements have been made by the institution or its stockholders, by reorganization or otherwise, to the satisfaction of the commissioner, to pay all creditors of the institution, aside from the stockholders, and to remedy the default or condition for which possession was taken and to pay the expenses of the proceeding.
Utah Code § 7-5-114 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-114
§ 7-5-114. Collective investment funds.
Status: in_force

(1) A trust company may: (a) establish collective investment funds that authorize participation by fiduciary or trust accounts of the trust company, the trust company's affiliates, or both; and (b) participate in collective investment funds established by an affiliate of the trust company, if: (i) the affiliate is authorized under the laws of the trust company's chartering authority to establish a collective investment fund in which the trust company's affiliates may participate; and (ii) the plan establishing the collective investment fund specifically authorized the participation. (2) A person may invest funds that a trust company holds collectively in a collective investment fund in accordance with the rules prescribed by the appropriate governmental regulatory agency or agencies, if the instrument, judgment, decree, or order creating the regulatory relationship does not specifically prohibit the investment. (3) (a) Unless ordered to do so by a court, a trust company operating collective investment funds is not required to render a court accounting for the collective investment funds. (b) A trust company may petition a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, to secure approval of a court accounting on conditions the court establishes. (4) This section applies to all relationships in existence on or after May 1, 1989.
Utah Code § 7-1-709 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-709
§ 7-1-709. Branches -- Discontinuance of operation.
Status: in_force

(1) A Utah depository institution or out-of-state depository institution authorized to do business in this state may discontinue operation of a branch upon resolution of its board of directors. (2) Upon adopting the resolution, the institution shall file an application with the commissioner specifying: (a) the location of the branch to be discontinued; (b) the date of the proposed discontinuance; (c) the reasons for closing the branch; and (d) the extent to which the public need and convenience or service to members would still be adequately met. (3) (a) Upon filing its application with the commissioner, the institution shall publish notice of the discontinuance: (i) in a newspaper serving the area once a week for two consecutive weeks; and (ii) as required by Section 45-1-101 for two weeks. (b) The commissioner may approve the application after a reasonable comment period following publication. (4) An out-of-state depository institution with a branch in Utah is not subject to the requirements of this section if the branch to be closed is located outside of Utah.
Utah Code § 7-23-502 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-502
§ 7-23-502. Examination of books, accounts, and records by the department.
Status: in_force

(1) At least annually the department shall, for each person registered under this chapter and engaging in the business of cashing checks or the business of deferred deposit lending: (a) examine the books, accounts, and records; and (b) make investigations to determine compliance with this chapter. (2) In accordance with Section 7-1-401, a person examined under Subsection (1) shall pay a fee for the examination conducted under Subsection (1).
Utah Code § 7-24-304 — Utah Code / Title 7 / Chapter 7-24 / § 7-24-304
§ 7-24-304. Civil liability.
Status: in_force

Nothing in this chapter is intended to limit any civil liability that may exist against a title lender for: (1) breach of contract; (2) violation of federal law; or (3) other unlawful act.
Utah Code § 7-1-204 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-204
§ 7-1-204. Chief examiner -- Powers and duties.
Status: in_force

(1) The commissioner shall designate an examiner as chief examiner, who shall be sufficiently qualified by training and experience in financial institutions or as an employee of a state or federal agency having supervision of financial institutions to perform the duties of the office. (2) The chief examiner shall serve at the pleasure of the commissioner. If the office of commissioner is vacant, or in the absence, recusal, or disability of the commissioner, the chief examiner shall exercise all of the powers of the commissioner, except those powers the commissioner otherwise delegates or reserves during a period of absence or recusal. The chief examiner shall assist, advise, and perform administrative duties as directed by the commissioner and may also act as a supervisor.
Utah Code § 7-25-201 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-201
§ 7-25-201. Licensing required.
Status: in_force

(1) Unless exempt under Section 7-25-202, a person may not engage in the business of money transmission without a license. (2) A licensee may conduct its business in this state at one or more locations, directly or indirectly owned, or through one or more authorized agents, or both, pursuant to the single license granted to the licensee.
Utah Code § 7-3-18 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-18
§ 7-3-18. Real estate acquisition, holding, and conveyance.
Status: in_force

A bank may purchase, hold, and convey real estate, other than bank premises, only for those purposes and in a manner prescribed by commissioner by regulation. Such regulations may not be more restrictive than the laws and regulations applicable to acquisition and holding of real estate by national banks.
Utah Code § 7-23-501 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-501
§ 7-23-501. 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; (c) commence administrative or judicial proceedings on its own initiative to enforce compliance with this chapter; or (d) take action against a check casher or deferred deposit lender that fails to: (i) respond to the department, in writing within 30 business days of the day on which the check casher or deferred deposit lender receives notice from the department of a complaint filed with the department; or (ii) submit information as requested by the department. (2) The department may: (a) counsel persons and groups on their rights and duties under this chapter; (b) make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, 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 a customer and: (A) a check casher; or (B) a deferred deposit lender; and (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 § 7-5-105 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-105
§ 7-5-105. Withdrawal from trust business.
Status: in_force

(1) A trust company that desires to withdraw from and discontinue doing trust business shall furnish to the commissioner satisfactory evidence of the trust company's release and discharge from all the obligations and trusts the trust company undertakes. (2) After the trust company provides the evidence required by Subsection (1) to the commissioner, the commissioner shall revoke the trust company's permit to engage in trust business in this state. (3) After the commissioner revokes a trust company's permit in accordance with Subsection (2), the trust company may not: (a) use the word "trust" in the trust company's corporate name or in connection with the trust company's business; or (b) undertake the administration of any trust business.
Utah Code § 7-1-213 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-213
§ 7-1-213. Compliance with training and certification requirements.
Status: in_force

The department shall ensure that any training or certification required of a public official or public employee, as those terms are defined in Section 63G-22-102, complies with Title 63G, Chapter 22, State Training and Certification Requirements, if the training or certification is required: (1) under this title; (2) by the department; or (3) by an agency or division within the department.
Utah Code § 7-1-319 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-319
§ 7-1-319. Notice to county attorney or district attorney of criminal violations -- Attorney general to conduct actions commenced by commissioner -- Assistance of county attorney or district attorney.
Status: in_force

The commissioner shall inform the county attorney or district attorney in the county in which the principal office of an institution is located of any violation of any provision of law which constitutes a misdemeanor or felony by an officer, director, or employee of any institution under the commissioner's jurisdiction, and upon receipt of such information the county attorney or district attorney shall institute proceedings to enforce the provisions of the law. The attorney general shall conduct all actions, suits, and proceedings begun by the commissioner under authority of law and may call to the attorney general's assistance the county attorney or district attorney of the county in which the action, suit, or proceeding is conducted, and it shall be the duty of the county attorney or district attorney to render such assistance as the attorney general may require.
Utah Code § 7-1-305 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-305
§ 7-1-305. Final decisions on applications for new institutions, branches, relocation, merger, consolidation, acquisition and changes in control of financial institutions.
Status: in_force

The commissioner shall make final decisions consistent with the purposes and provisions of this title on behalf of the department upon all applications to the department for approval of new institutions, branches, relocation, mergers or consolidation, acquisitions and changes in control of institutions subject to the jurisdiction of the department.
Utah Code § 7-2-17 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-17
§ 7-2-17. Disposition of records after liquidation.
Status: in_force

After liquidation of an institution under this chapter, the commissioner shall dispose of its books, papers, and records in accordance with the order of the court.
Utah Code § 7-1-322 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-322
§ 7-1-322. Orders of commissioner -- Writing -- Service -- Contents -- Enforcement.
Status: in_force

Any order issued by the commissioner under authority of this title shall be in writing, delivered to the institution or institutions affected and shall state the findings of the commissioner and the action required. The order shall specify the effective date thereof, which may be immediate or may be at a later date, and such order shall remain in effect until withdrawn by the commissioner or until terminated by a court order. The order of the commissioner, upon application made on or after the effective date of the order by the commissioner to a court of general jurisdiction in the county in which the principal office of the institution is located, may be enforced ex parte and without notice by an order to comply entered by the court.
Utah Code § 7-17-10 — Utah Code / Title 7 / Chapter 7-17 / § 7-17-10
§ 7-17-10. Applicability of act to accounts and actions thereon.
Status: in_force

The provisions of this act shall apply: (1) to all reserve accounts; and (2) to all actions filed after January 1, 1979, to recover interest on or other compensation for the use of the funds in any reserve account whether or not the reserve accounts were established prior to or subsequent to July 1, 1979.
Utah Code § 7-2-13 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-13
§ 7-2-13. Collections in liquidation -- Deposit -- Preference.
Status: in_force

The money collected in process of a liquidation by the commissioner shall be from time to time deposited, subject to the commissioner's order as herein provided, in one or more federally insured depository institutions organized under the laws of this state. In case of the suspension or insolvency of the depository institution, these deposits shall be preferred before all other deposits.
Utah Code § 7-18a-401 — Utah Code / Title 7 / Chapter 7-18a / § 7-18a-401
§ 7-18a-401. Separate assets.
Status: in_force

(1) Each foreign depository institution authorized to transact business in this state through an agency or branch shall keep the assets of its business in this state separate and apart from the assets of its business outside this state. (2) The creditors of a foreign depository institution authorized to transact business in this state through an agency or branch arising out of transactions with, and recorded on the books of, the agency or branch shall be entitled to absolute preference and priority over the creditors of the foreign depository institution's offices located outside this state with respect to the assets of the foreign depository institution in this state.
Utah Code § 7-9-55 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-55
§ 7-9-55. Nonexempt credit unions.
Status: in_force

(1) (a) A credit union organized under this chapter is a nonexempt credit union under this section on the day on which: (i) on or after May 5, 2003, the credit union has a field of membership as evidenced by the bylaws of the credit union that includes all residents of two or more counties; and (ii) at least two of the counties described in Subsection (1)(a)(i) are counties of the first or second class as classified by Section 17-60-104. (b) For purposes of Subsection (1)(a) only: (i) residents of a county that are added to the field of membership of a credit union as a result of a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, are not considered to be within the field of membership of that credit union; and (ii) residents of a city of the third, fourth, or fifth class or a town that are added to the field of membership of a credit union in accordance with Section 7-9-52 are not considered to be within the field of membership of that credit union unless all residents of the county in which that city or town are located are included in the field of membership of the credit union. (2) If a credit union becomes a nonexempt credit union under this section, the nonexempt credit union is a nonexempt credit union: (a) for as long as the nonexempt credit union is organized under this chapter; and (b) notwithstanding whether after the day on which the nonexempt credit union becomes a nonexempt credit union the nonexempt credit union meets the requirements of Subsection (1)(a). (3) Regardless of whether or not a credit union has located branches in two or more counties in this state, a credit union organized under this chapter does not become a nonexempt credit union if the field of membership of the credit union as evidenced by the bylaws of the credit union does not meet the requirements of Subsection (1).
Utah Code § 7-1-201 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-201
§ 7-1-201. Creation of department -- Organization.
Status: in_force

(1) There is created the Department of Financial Institutions that is responsible for the execution of the laws of this state relating to a financial institution or other person subject to this title, and relating to the businesses that the financial institution or other person conducts. (2) The department organization includes: (a) the commissioner of financial institutions, who shall be the chief executive officer of the department; (b) the Board of Financial Institutions; (c) the chief examiner; (d) the deputy commissioner; (e) the supervisor of banks; (f) the supervisor of industrial banks; (g) the supervisor of credit unions; (h) the supervisor of money services businesses; (i) the supervisor of holding companies; and (j) other supervisors, examiners, and personnel as may be required to carry out the duties, powers, and responsibilities of the department. (3) A power or duty of the commissioner under this title may be exercised by the deputy commissioner or a supervisor described in Subsection (2) if the commissioner delegates in writing the authority to exercise the power or duty to the deputy commissioner or supervisor.
Utah Code § 7-19-4 — Utah Code / Title 7 / Chapter 7-19 / § 7-19-4
§ 7-19-4. Rights and powers of acquired or resulting institution or holding company.
Status: in_force

Any depository institution or depository institution holding company acquired, or the resulting institution in a merger under the provisions of this chapter, has all the rights, powers, and privileges of any other depository institution of the same class under the laws of this state, the rules of the department, the applicable laws of the United States or any other state, and the rules and regulations of the primary federal regulatory agency with jurisdiction over that institution. These rights, powers, and privileges include, but are not limited to, acquiring control of, merging with, acquiring all or a portion of the assets of, or assuming all or a portion of the liabilities of, a Utah depository institution or Utah depository institution holding company.
Utah Code § 7-25-302 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-302
§ 7-25-302. Changes in control of a licensee.
Status: in_force

(1) A change in control of a licensee shall require prior notice to the commissioner. In the case of a publicly traded corporation, notification shall be made in writing within 15 days of a change or acquisition of control of a licensee. Upon notification, the commissioner may require information considered necessary to determine whether an application for a license is required. The commissioner may waive the filing of an application if, in the commissioner's discretion, the change in control does not pose a risk to the interests of the public. (2) Whenever control of a licensee is acquired or exercised in violation of this section, the license of the licensee shall be considered revoked as of the date of the unlawful acquisition of control. The licensee, or its controlling person, shall surrender the license to the commissioner on demand.
Utah Code § 7-23-402 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-402
§ 7-23-402. Electronic disbursement and collections.
Status: in_force

If a deferred deposit lender collects payment on a deferred deposit loan through an electronic payment, the deferred deposit lender shall, on the day the loan is executed: (1) credit the amount of the deferred deposit loan through an electronic payment to the person receiving the deferred deposit loan; or (2) make the amount of the deferred deposit loan immediately available to the person receiving the deferred deposit loan.
Utah Code § 7-5-112 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-112
§ 7-5-112. Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities.
Status: in_force

(1) Except as provided in Section 7-5-109, Title 75B, Trusts, or as authorized under the instrument creating the relationship, a trust company may not: (a) invest funds the trust company holds as an agent or fiduciary in stock or obligations of the trust company or any of the trust company's directors, officers or employees; (b) use funds the trust company holds as an agent or fiduciary to acquire property from the trust company or any of the trust company's directors, officers, or employees; or (c) sell property the trust company holds as an agent or fiduciary to the trust company or to any of trust company's directors, officers, or employees. (2) A trust company may retain and vote stock of the trust company or of any of the trust company's affiliates the trust company receives as assets of any trust account or in any other fiduciary relationship for which the trust company is appointed agent or fiduciary, unless the instrument creating the relationship otherwise provides. (3) (a) A trust company shall adopt written policies and procedures regarding decisions or recommendations to purchase or sell a security in accordance with federal and state securities laws. (b) The policies and procedures described in Subsection (3)(a) shall prohibit the trust company from using material inside information in connection with any decision or recommendation to purchase or sell any security.
Utah Code § 7-24-204 — Utah Code / Title 7 / Chapter 7-24 / § 7-24-204
§ 7-24-204. Remedy for default.
Status: in_force

Except in the event of fraud by a borrower, if a borrower defaults on a title loan: (1) the title lender's sole remedy is to seek repossession and sale of the property securing the title loan; (2) the title lender may not pursue the borrower personally for: (a) repayment of the loan; or (b) any deficiency after repossession and sale of the property securing the loan; and (3) after repossession and sale of the property securing the title loan, the title lender shall return to the borrower any proceeds from the sale in excess of the amount owed on the title loan.
Utah Code § 7-9-33 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-33
§ 7-9-33. Lien and right of set off of credit union.
Status: in_force

(1) A credit union shall have a lien and right of set off on a member's individual, joint, multiple party, or transaction accounts, including any accumulated dividend or interest, for any sum due the credit union from the member. (2) All funds in the account at any time are subject to the lien and right of set off. (3) A security interest in the funds shall be perfected by restricting withdrawals of the funds. (4) A lien under this section does not apply if: (a) the application of the lien will cause a loss of a tax incentive for the customer or member; or (b) is prohibited by law.
Utah Code § 7-5-101 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-101
§ 7-5-101. Definitions.
Status: in_force

As used in this chapter: (1) "Business trust" means an entity engaged in a trade or business that is created by a declaration of trust that transfers property to trustees, that the trustees hold and manage for the benefit of one or more persons holding certificates representing the beneficial interest in the trust estate and assets. (2) "Interested person" means the same as that term is defined in Section 75-1-201. (3) "Personal representative" means the same as that term is defined in Section 75-1-201. (4) "Power of direction" means the same as that term is defined in Section 75B-3-102. (5) "Trust" means the same as that term is defined in Section 75B-1-101. (6) (a) "Trust business" means a business in which a person acts in an agency or a fiduciary capacity, including as a personal representative, an executor, an administrator, a conservator, a guardian, an assignee, a receiver, a depositary, or a trustee under appointment as trustee for a purpose permitted by law. (b) "Trust business" does not include the following means of holding money, assets, or other property: (i) money that an attorney authorized to practice law in this state holds in a client trust account; (ii) money that a person licensed as a principal broker in accordance with Title 61, Chapter 2f, Real Estate Licensing and Practices Act, holds in connection with the purchase or sale of real estate; (iii) money or other assets that a person the department, in accordance with Chapter 22, Regulation of Independent Escrow Agents, authorizes to act as an escrow agent or that the Insurance Department authorizes to act as an escrow agent holds in escrow; (iv) money that a homeowners' association or similar organization holds to pay maintenance and other related costs for commonly owned property; (v) money that a person, acting solely as the agent or representative or otherwise at the sole direction of the person to which the debt or payment is owed, holds in connection with the collection of debts or payments on loans, including money an escrow agent holds for payment of taxes or insurance; (vi) money or other assets that an individual holds in trust on an occasional or isolated basis if the individual does not represent that the individual engages in the trust business in this state; (vii) money or other assets that a court finds that a person holds in an implied, resulting, or constructive trust; (viii) money or other assets that a court-appointed conservator, guardian, receiver, trustee, or other fiduciary holds if the court-appointed conservator, guardian, receiver, trustee, or other fiduciary: (A) (I) is responsible to the court in the same or similar manner as a personal representative under Title 75, Chapter 3, Part 5, Supervised Administration, or as a receiver under Rule 66, Utah Rules of Civil Procedure; and (II) is a certified public accountant, a certified financial planner, chartered financial consultant, or certified financial analyst; or (B) demonstrates to the satisfaction of the court a level of competence necessary to carry out, manage, and oversee the financial and fiduciary duties that will reasonably be required of the court-appointed conservator, guardian, receiver, trustee, or other fiduciary; (ix) money or other assets that a court-appointed trustee or personal representative holds, if the court-appointed trustee or personal representative: (A) has the consent and approval of the majority of the current permissible distributees of trust income and principal at the time of appointment or the interested persons in the estate at the time of appointment; or (B) otherwise demonstrates to the satisfaction of the court a level of competence necessary to carry out, manage, or oversee the financial and fiduciary duties that are reasonably required of the trustee or personal representative; (x) money or other assets that a credit services organization operating in compliance with Title 13, Chapter 21, Credit Services Organizations Act, holds; (xi) money, securities, or other assets that a customer account in connection with the purchase or sale of securities by a regulated securities broker, dealer, or transfer agent holds; (xii) money, assets, and other property that a person holds in a business trust for the benefit of holders of certificates of beneficial interest if the fiduciary activities of the business trust are merely incidental to conducting business in the business trust form; (xiii) a person exercising a fiduciary or non-fiduciary power, including power of direction, while acting as a trust director, trust protector, trust advisor, or a similar capacity; (xiv) a person acting as a surrogate under Title 75A, Chapter 9, Uniform Health Care Decisions Act, or in a similar capacity; or (xv) services as a guardian, if: (A) the guardian's ward is a protected person with an appointed conservator that serves with the guardian; or (B) the responsibilities, powers, and authorities of the guardian are limited and non-financial in nature. (7) "Trust company" means a person authorized to engage in trust business under this chapter. (8) "Trust director" means the same as that term is defined in Section 75B-3-102.
Utah Code § 7-1-315 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-315
§ 7-1-315. Examination by board of directors required -- Report.
Status: in_force

The commissioner may at any time require the board of directors of any or all institutions under the commissioner's jurisdiction to fully examine or have fully examined the books, papers, and affairs of the institution of which they are directors and particularly the loans, discounts, and overdrafts of such institutions to ascertain the value and security thereof and the collateral security, if any, given in connection therewith and to inquire into such other matters as the commissioner may consider necessary and to have a report placed on file with the records of the institution, which report shall be subject to examination by the commissioner.
Utah Code § 7-1-503 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-503
§ 7-1-503. Regulation of sale by financial institution of its securities -- Solicitation of deposit accounts restricted -- Violations.
Status: in_force

(1) As used in this section, "security" has the same meaning as in Section 61-1-13, except that "security" does not include: (a) a certificate of deposit or similar instrument issued by: (i) a bank; (ii) a savings and loan association; (iii) a credit union; or (iv) an industrial bank; (b) a loan participation, letter of credit, or other form of indebtedness incurred in the ordinary course of business by: (i) a bank; (ii) a savings and loan association; (iii) a credit union; or (iv) an industrial bank; or (c) (i) a promissory note or other evidence of indebtedness and the underlying security for it; (ii) a lease of personal property; (iii) a contract to sell real or personal property; or (iv) any other loan or investment sold by a depository institution in the secondary market. (2) (a) A person subject to the jurisdiction of the department may not, directly or indirectly, issue, offer, offer to sell, offer for sale, or sell a security of which it is the issuer without: (i) the prior approval of the commissioner; (ii) payment of the fee prescribed in Section 7-1-401; and (iii) complying with the rules of the department with respect to securities. (b) The commissioner may extend the approval described in Subsection (2)(a)(i) for one or more additional periods not to exceed six months each: (i) if the person described in Subsection (2)(a) makes written application before the expiration of the period of approval; and (ii) for good cause shown. (3) (a) A person not otherwise subject to the jurisdiction of the department may not issue, offer to sell, offer for sale, or sell, or otherwise solicit the general public to deposit in an account or to purchase or invest in an instrument creating or evidencing a debtor-creditor relationship, if the account or instrument is represented to be an account with or an instrument issued by a financial institution subject to the jurisdiction of the department, without: (i) the prior approval of the commissioner; (ii) payment of the fee prescribed in Section 7-1-401; and (iii) complying with the rules of the department with respect to securities. (b) Subsection (3)(a) does not apply to: (i) insurance companies that have been issued certificates of authority under Title 31A, Insurance Code; (ii) brokers or dealers registered under: (A) Title 61, Chapter 1, Utah Uniform Securities Act; or (B) the federal Securities Exchange Act of 1934; or (iii) nondepository institutions to the extent that the securities are not offered for sale or sold through or by agents, representatives, officers, or employees of an affiliated Utah depository institution; or (iv) out-of-state depository institution with at least one branch in Utah or otherwise offered for sale or sold on its premises. (4) The rules of the department: (a) shall, at a minimum, require registration with the department; and (b) may require the use of an offering circular containing such material information as to the nature of the security and the financial condition of the issuer as the commissioner may require to protect the public interest. (5) The provisions of Sections 61-1-21, 61-1-21.1, and 61-1-22 apply to violations of this section.
Utah Code § 7-9-1 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-1
§ 7-9-1. Title.
Status: in_force

This chapter is known as the "Utah Credit Union Act."
Utah Code § 7-14-5 — Utah Code / Title 7 / Chapter 7-14 / § 7-14-5
§ 7-14-5. Reciprocal exchange of information authorized.
Status: in_force

One or more financial institutions may jointly agree with one or more other financial institutions for the reciprocal exchange of any information authorized to be reported by the provisions of this chapter. Such reciprocal exchange of information or the acts or refusals to act of one or more recipients because of such information does not constitute a boycott or blacklist, and is not otherwise a basis for liability to any person on the part of any participant in the reciprocal exchange of information authorized by this chapter.
Utah Code § 7-1-1002 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-1002
§ 7-1-1002. Notice to person about whom information sought.
Status: in_force

(1) (a) If a court order is obtained pursuant to Section 7-1-1001, the governmental entity that obtained the order shall notify the person about whom information is sought that a court order has been obtained: (i) within three days of the day on which service of the order is made upon the financial institution; and (ii) no later than seven days before the day fixed in the order as the day upon which the records are to be produced or examined. (b) The notice required by Subsection (1)(a) shall be accompanied by: (i) a copy of the order that has been served upon the financial institution; (ii) a copy of the motion or application upon which the order is based; and (iii) a statement setting forth the rights of the person under Section 7-1-1003. (2) (a) The notice shall be sufficient if, on or before the third day after issuance of the order, notice is: (i) served in the manner provided in Rule 4 (d), Utah Rules of Civil Procedure, upon the person entitled to notice; or (ii) mailed by certified or registered mail to the last-known address of the person entitled to notice. (b) Notwithstanding Subsection (2)(a), if the person entitled to notice is deceased or under legal disability, notice shall be served upon or mailed to the last-known address of that person's executor, administrator, guardian, or other fiduciary.
Utah Code § 7-23-102 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-102
§ 7-23-102. Definitions.
Status: in_force

As used in this chapter: (1) "Annual percentage rate" has the same meaning as in 15 U.S.C. Sec. 1606, as implemented by regulations issued under that section. (2) "Business of cashing checks" means cashing a check for consideration. (3) "Business of deferred deposit lending" means extending a deferred deposit loan. (4) "Check" is as defined in Section 70A-3-104. (5) "Check casher" means a person that engages in the business of cashing checks. (6) "Deferred deposit lender" means a person that engages in the business of deferred deposit lending. (7) "Deferred deposit loan" means a transaction where: (a) a person: (i) presents to a deferred deposit lender a check written on that person's account; or (ii) provides written or electronic authorization to a deferred deposit lender to effect a debit from that person's account using an electronic payment; and (b) the deferred deposit lender: (i) provides the person described in Subsection (7)(a) an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction; and (ii) agrees not to cash the check or process the debit until a specific date. (8) (a) "Electronic payment" means an electronic method by which a person: (i) accepts a payment from another person; or (ii) makes a payment to another person. (b) "Electronic payment" includes a payment made through: (i) an automated clearing house transaction; (ii) an electronic check; (iii) a stored value card; or (iv) an Internet transfer. (9) "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements for mortgage loan originators. (10) (a) "Refinance" means a new deferred deposit loan transaction whose proceeds are meant to satisfy the term or amount owed on an existing deferred deposit loan. (b) "Refinance" does not mean: (i) an extended payment plan under Section 7-23-403; or (ii) a rollover. (11) "Rollover" means the extension or renewal of the term of a deferred deposit loan.
Utah Code § 7-25-401 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-401
§ 7-25-401. Examinations.
Status: in_force

(1) (a) The commissioner may conduct periodic on-site examinations of a licensee. The commissioner may examine a licensee's authorized or apparent agents. At the commissioner's discretion, written notice of the examination may be provided to the licensee or an authorized or apparent agent. (b) In conducting an examination, the commissioner or the commissioner's staff: (i) shall have full and free access to all the records of the licensee and its authorized or apparent agents; and (ii) may summon and qualify as witnesses, under oath, and examine the directors, officers, members, agents, and employees of a licensee or authorized or apparent agent, and any other person concerning the condition and affairs of the licensee. (c) In accordance with Section 7-1-401, the licensee shall pay the reasonable costs of an examination under this section. (d) An on-site examination may be conducted in conjunction with examinations to be performed by representatives of agencies of another state or states. (e) The commissioner, in lieu of an on-site examination, may accept the examination report of an agency of another state, or a report prepared by an independent accounting firm, and a report so accepted is considered for all purposes as an official report of the commissioner. (2) Upon reasonable cause, the commissioner may conduct an on-site examination of an unlicensed person to determine whether violations of this chapter have occurred or are occurring. In conducting the examination, the commissioner has the applicable powers provided pursuant to Section 7-25-204.
Utah Code § 7-25-102 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-102
§ 7-25-102. Definitions.
Status: in_force

As used in this chapter: (1) "Applicant" means a person filing an application for a license under this chapter. (2) "Authorized agent" means a person designated by the licensee under this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. (3) "Blockchain" means an electronic method of storing data that is: (a) maintained by consensus of multiple unaffiliated parties; (b) distributed across multiple locations; and (c) mathematically verified. (4) "Blockchain token" means an electronic record that is: (a) recorded on a blockchain; and (b) capable of being traded between persons without an intermediary. (5) "Executive officer" means the licensee's president, chair of the executive committee, executive vice president, treasurer, chief financial officer, or any other person who performs similar functions. (6) "Key shareholder" means a person, or group of persons acting in concert, who is the owner of 20% or more of a class of an applicant's stock. (7) "Licensee" means a person licensed under this chapter. (8) "Material litigation" means litigation that, according to generally accepted accounting principles, is considered significant to a person's financial health and would be required to be referenced in an annual audited financial statement, report to shareholders, or similar document. (9) (a) "Money transmission" means the sale or issuance of a payment instrument or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including payment instrument, wire, facsimile, or electronic transfer. (b) "Money transmission" does not include a blockchain token. (10) "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. (11) "Outstanding payment instrument" means a payment instrument issued by the licensee that has been sold in the United States directly by the licensee or a payment instrument issued by the licensee that has been sold and reported to the licensee as having been sold by an authorized agent of the licensee in the United States, and that has not yet been paid by or for the licensee. (12) (a) "Payment instrument" means a check, draft, money order, travelers check, or other instrument or written order for the transmission or payment of money, sold or issued to one or more persons, whether or not the instrument is negotiable. (b) "Payment instrument" does not include a credit card voucher, letter of credit, or instrument that is redeemable by the issuer in goods or services. (13) "Remit" means either to make direct payment of the money to the licensee or its representatives authorized to receive the money, or to deposit the money in a depository institution in an account in the name of the licensee.
Utah Code § 7-24-201 — Utah Code / Title 7 / Chapter 7-24 / § 7-24-201
§ 7-24-201. Registration -- Rulemaking.
Status: in_force

(1) (a) It is unlawful for a person to extend a title loan in Utah or with a Utah resident unless the person: (i) registers with the department in accordance with this chapter; and (ii) maintains a valid registration. (b) It is unlawful for a person to operate a mobile facility in this state to extend a title loan. (2) (a) A registration and a renewal of a registration expires on December 31 of each year unless on or before that date the person renews the registration. (b) To register under this section, a person shall: (i) pay an original registration fee established under Subsection 7-1-401(8); and (ii) submit a registration statement containing the information described in Subsection (2)(d). (c) To renew a registration under this section, a person shall: (i) pay the annual fee established under Subsection 7-1-401(5); and (ii) submit a renewal statement containing the information described in Subsection (2)(d). (d) A registration or renewal statement shall state: (i) the name of the person; (ii) the name in which the business will be transacted if different from that required in Subsection (2)(d)(i); (iii) the address of the person's principal business office, which may be outside this state; (iv) the addresses of all offices in this state at which the person extends title loans; (v) if the person extends title loans in this state but does not maintain an office in this state, a brief description of the manner in which the business is conducted; (vi) the name and address in this state of a designated agent upon whom service of process may be made; (vii) disclosure of any injunction, judgment, administrative order, or conviction of any crime involving moral turpitude with respect to that person or any officer, director, manager, operator, or principal of that person; (viii) evidence satisfactory to the department that the person is registered with the nationwide database; and (ix) any other information required by the rules of the department. (e) (i) The commissioner may impose an administrative fine determined under Subsection (2)(e)(ii) on a person if: (A) the person is required to be registered under this chapter; (B) the person fails to register or renew a registration in accordance with this chapter; (C) the department notifies the person that the person is in violation of this chapter for failure to be registered; and (D) the person fails to register within 30 days after the day on which the person receives the notice described in Subsection (2)(e)(i)(C). (ii) Subject to Subsection (2)(e)(iii), the administrative fine imposed under this Subsection (2)(e) is: (A) $500 if the person: (I) has no office in this state at which the person extends a title loan; or (II) has one office in this state at which the person extends a title loan; or (B) if the person has two or more offices in this state at which the person extends a title loan, $500 for each office at which the person extends a title loan. (iii) The commissioner may reduce or waive a fine imposed under this Subsection (2)(e) if the person shows good cause. (3) If the information in a registration or renewal statement required under Subsection (2) becomes inaccurate after filing, a person is not required to notify the department until: (a) that person is required to renew the registration; or (b) the department specifically requests earlier notification. (4) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department may make rules consistent with this section: (a) providing for the form, content, and filing of a registration and renewal statement; and (b) providing for the transition of persons registering with the nationwide database.
Utah Code § 7-1-312 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-312
§ 7-1-312. Reports required of large stockholders of financial institutions as to loans secured by stock.
Status: in_force

The commissioner may require any person owning or acquiring 25% or more of the outstanding capital stock of any depository institution subject to the commissioner's jurisdiction, or 25% or more of the stock of any corporation having control of the institution, to report to the commissioner any borrowing by that person which is secured by that stock and to report to the commissioner the terms of the borrowing. This section applies only if the purpose for the borrowing was to acquire control of the institution or any other depository institution.
Utah Code § 7-9-7 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-7
§ 7-9-7. Forms furnished by commissioner.
Status: in_force

The commissioner shall furnish all forms and blanks necessary for the formation of the credit union.
Utah Code § 7-3-31 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-31
§ 7-3-31. Oath of bank directors.
Status: in_force

When a person is appointed or elected to be a director of a bank, that person shall take an oath promising to diligently carry out the duties required of a director, to honestly administer the affairs of the bank, and not to knowingly violate or wilfully permit the violation of any of the provisions of law applicable to the bank. The oath shall be subscribed by the director and shall be immediately filed in the office of the commissioner.
Utah Code § 7-25-304 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-304
§ 7-25-304. Authorized agent conduct.
Status: in_force

(1) An authorized agent may not make a fraudulent or false statement or misrepresentation to a licensee or to the commissioner. (2) A money transmission, sale, or issuance of payment instrument activity conducted by an authorized agent shall be strictly in accordance with the licensee's written procedures provided to the authorized agent. (3) An authorized agent shall remit the money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized agent. The failure of an authorized agent to remit money owing to a licensee within the contractual time period shall result in liability of the authorized agent to the licensee for three times the licensee's actual damages. The commissioner shall have the discretion to set, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the maximum remittance time. (4) The money, less fees, received by an authorized agent of a licensee from the sale or delivery of a payment instrument issued by a licensee or received by an authorized agent for transmission shall, from the time the money is received by the authorized agent until the time when the money or an equivalent amount is remitted by the authorized agent to the licensee, constitute trust funds owned by and belonging to the licensee. If an authorized agent commingles the money with any other money or property owned or controlled by the authorized agent, the commingled proceeds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the proceeds due the licensee.
Utah Code § 7-1-601 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-601
§ 7-1-601. Adverse claim to account in depository institution -- Notice required -- Bond may be required for payment.
Status: in_force

Receipt of a notice of an adverse claim to a deposit or other account standing on the books of any depository institution doing business in this state does not obligate the depository institution to the adverse claimant, unless the notice is given pursuant to an appropriate court order, obtained by the adverse claimant in a legal action instituted by the adverse claimant in which the person to whose credit the deposit stands is made a party. Such depository institution may also pay the adverse claim, if the claimant executes to the depository institution a good and sufficient bond in double the amount claimed, indemnifying it from any and all liability, loss, damage, costs and expenses including attorney fees for and on account of the payment of the adverse claim or the dishonor of a check or other instrument of the person to whose credit the deposit stands on its books.
Utah Code § 7-9-44 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-44
§ 7-9-44. Corporate central credit union.
Status: in_force

(1) A credit union in which all credit unions, a bona fide trade association of authorized credit unions recognized by the commissioner, and its affiliates are eligible for membership may be established in this state and shall be known as a corporate central credit union. (2) The corporate central credit union has all the powers and rights granted credit unions established under this chapter. The maximum loan by a corporate central credit union shall be established in the corporate central credit union bylaws. (3) Beginning January 1, 1984, and at the end of each dividend period, the corporate central credit union, in lieu of a regular reserve as provided in Section 7-9-30, shall transfer 2% of its gross earnings to its central reserve until the reserve equals 1-1/2% of total assets. If the central reserve falls below 1-1/2% of total assets, it shall be replenished by regular transfers of 2% of gross earnings or by contributions, whichever is less, in such amounts as are needed to maintain the central reserve at 1-1/2% of total assets. (4) Charges may be made against the central reserve to the extent permitted against a regular reserve. No other charges may be made against the central reserve, except as authorized in writing by the commissioner. (5) The purposes of the corporate central credit union are: (a) to accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services; (b) to act as an intermediary for credit union funds between members, other corporate credit unions, other financial institutions, and government agencies; (c) to obtain liquid funds from other credit union organizations, financial intermediaries, and other sources; (d) to foster and promote, in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations, the economic security, growth, and development of member credit unions; and (e) to perform other financial services of benefit to its members authorized by the commissioner. (6) The corporate central credit union is exempt from supervision fees but is subject to examination fees.
Utah Code § 7-1-806 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-806
§ 7-1-806. Money market funds arranging with bank to honor two-party instruments -- Discouraging payment of interest to two persons on funds in transit -- Pyramiding and similar schemes as misdemeanors.
Status: in_force

Nothing in this act shall be construed to prevent money market funds from making arrangements with banks to honor two party checks, drafts, or other instruments.The commissioner shall exert his influence to discourage banks, money market funds and other programs in Utah and throughout the United States from paying interest to two persons at the same time on funds in the process of transfer.The process or the practice referred to as pyramiding or any similar process or practice as defined by the commissioner, and such definition is approved by the governor, shall be prohibited within this state and persons found guilty of these schemes shall be found guilty of a class C misdemeanor. This does not preclude more serious punishment under federal law.Money market funds, similar funds and bank regulated institutions shall cooperate with the commissioner to stop these practices.
Utah Code § 7-28-107 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-107
§ 7-28-107. Property interest of depositor or beneficiary.
Status: in_force

(1) Neither a depositor nor a beneficiary has a property interest in a special deposit. (2) (a) Any property interest with respect to a special deposit is only in the right to receive payment if the bank is obligated to pay a beneficiary and not in the special deposit itself. (b) Any property interest under this Subsection (2) is determined under other law.
Utah Code § 7-5-113 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-113
§ 7-5-113. Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.
Status: in_force

(1) A committee of the board of directors, excluding any active officers of the trust department, of every trust company shall, at least once during a 15-month period: (a) (i) conduct an audit of the trust business operations of the trust company; or (ii) cause that auditors responsible only to the board of directors conduct a suitable audit; and (b) using the findings from the audit, ascertain whether the trust company conducts the trust business operations of the trust business in accordance with law and sound fiduciary principles. (2) Upon request, the committee of the board of directors shall make available a report of the audit described in Subsection (1), including any action the committee of the board of directors takes as a result of the audit, to the commissioner, the commissioner's examiners, or the examiners of other trust company regulating agencies. (3) The requirements of Subsection (1) do not apply if the state or other agency that regulates trust companies conducts an examination of the trust company during the same 15-month period.
Utah Code § 7-1-603 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-603
§ 7-1-603. Final settlement of savings account -- Limitation of action on accuracy of statement.
Status: in_force

(1) If the depository institution in the course of its business regularly records the credit balances of savings accounts in the savings account passbooks of its depositors or renders statements of the credit balances in their savings accounts at regular intervals, the credit balance of any savings account with the depository institution as evidenced by its records is considered, after a period of six years from the date of the credit balance as shown by these records, to be finally adjusted and settled and its correctness is conclusively presumed. (2) The owner of the savings account may not maintain an action on the correctness or accuracy of the credit balance, unless it is commenced within the six-year period described in Subsection (1).
Utah Code § 7-9-13 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-13
§ 7-9-13. Fiscal year.
Status: in_force

The fiscal year of the credit union shall end at the close of business on December 31 of each year.
Utah Code § 7-1-208.3 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-208.3
§ 7-1-208.3. Supervisor of money services businesses.
Status: in_force

(1) The commissioner shall designate an examiner as supervisor of money services businesses who shall be sufficiently qualified by training and experience in the business of money services businesses 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 money services businesses is responsible, subject to the direction and control of the commissioner, for the general supervision and examination of money services businesses 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 money services businesses; and (ii) perform other duties prescribed in this title or assigned by the commissioner.
Utah Code § 7-5-115 — Utah Code / Title 7 / Chapter 7-5 / § 7-5-115
§ 7-5-115. Mergers, consolidations, acquisitions, transfers, or reorganizations involving entities engaged in trust business -- Succession of rights and duties -- Petition for appointment of another trust company.
Status: in_force

(1) As used in this section: (a) "Eligible trust company" means any of the following that is authorized under this chapter or the laws of the United States to engage in the trust business in this state: (i) a trust company; (ii) a depository institution; or (iii) a corporation. (b) "Reorganization" means: (i) the creation by a trust company of a subsidiary corporation that is: (A) wholly owned by that trust company; and (B) organized solely for the purpose of conducting all or any portion of the trust business of that trust company; or (ii) a merger or other combination between a trust company and: (A) a wholly owned trust company subsidiary of that trust company; or (B) a wholly owned trust company subsidiary of the depository institution holding company that owns or controls that trust company. (2) Notwithstanding any provision of law to the contrary, an eligible trust company may, subject to Sections 7-1-702, 7-1-704, and 7-1-705: (a) (i) merge or consolidate with another eligible trust company; (ii) acquire control of another eligible trust company; (iii) acquire all or a portion of the assets and trust business of another eligible trust company; (iv) assume all or any portion of the liabilities of another eligible trust company; (v) transfer control to another eligible trust company; (vi) transfer all or a portion of the trust company's assets and trust business to another eligible trust company; or (vii) transfer all or a portion of the trust company's liabilities to another eligible trust company; or (b) conduct a reorganization. (3) (a) Subject to Subsection (3)(b), upon final approval by the commissioner of a merger, a consolidation, an acquisition of control, an acquisition of assets, an assumption of liabilities, or a reorganization, and upon written notice of the final approval to each person entitled to and then receiving trust accountings from the transferring or reorganizing trust company, the resulting or acquiring trust company shall, without court proceedings or a court order, succeed to: (i) the transferring or reorganizing trust company's rights, privileges, duties, obligations, and undertakings under all trust instruments, agency and fiduciary relationships and arrangements; and (ii) all other trust business the transferring or reorganizing trust company transferred and acquired in accordance with this section. (b) (i) Except as provided otherwise in the relevant trust instrument, an interested person may, not more than 30 days after the day on which the interested person receives written notice of the merger, consolidation, acquisition, transfer, or reorganization, petition a court with jurisdiction to appoint another or succeeding trust company with respect to an agency or fiduciary relationship affecting that interested person. (ii) Until the court appoints another or succeeding trust company in accordance with Subsection (3)(b)(i), the acquiring or resulting trust company may act as agent or fiduciary with respect to the agency or fiduciary relationship.
Utah Code § 7-1-609 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-609
§ 7-1-609. Payroll deduction savings -- Direct deposit of wages.
Status: in_force

A depository institution may contract with an employer with respect to the: (1) solicitation, collection, and receipt of savings by payroll deduction to be credited to a designated account of an employer's employee who voluntarily elects to participate; or (2) direct deposit by electronic or other medium of wages or salary paid by the employer to the account of the employee in a depository institution upon the employee's designation in writing of the depository institution as the recipient of the deposits.
Utah Code § 7-1-313 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-313
§ 7-1-313. Requiring remedial action by institution in or about to be in unsound condition -- Assistance by insurers.
Status: in_force

(1) The commissioner may require any financial institution subject to the jurisdiction of the department that the commissioner finds to be or about to be in an unsafe or unsound condition to take corrective or remedial action as the commissioner considers appropriate to protect the interests of depositors, members, other creditors, and shareholders of the institution, and the general public. (2) An insurer of the accounts of a financial institution may make loans to, purchase the assets of, establish accounts in, or provide other assistance to a financial institution in order to correct or remedy an unsafe or unsound condition or to protect the interests of depositors, members, other creditors, and shareholders of the institution. This assistance is subject to approval by the commissioner.
Utah Code § 7-19-1 — Utah Code / Title 7 / Chapter 7-19 / § 7-19-1
§ 7-19-1. Definitions.
Status: in_force

As used in this chapter: (1) "Failing or failed depository institution" means a depository institution under the jurisdiction of the department: (a) regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through (k) exist; (b) that meets the requirements of Subsection 7-2-1(1)(l); (c) whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2); or (d) which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner. (2) "Failing or failed depository institution holding company" means a depository institution holding company under the jurisdiction of the department: (a) regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through (k) exist; (b) that meets the requirements of Subsection 7-2-1(1)(l); (c) whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2); (d) which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner; or (e) whose subsidiary depository institution is a failing or failed depository institution. (3) "Supervisory acquisition" means the acquisition of control, the acquisition of all or a portion of the assets, or the assumption of all or a portion of the liabilities, pursuant to Section 7-2-1, 7-2-12, or 7-2-18, of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, by: (a) a Utah depository institution; (b) an out-of-state depository institution; (c) a Utah depository institution holding company; or (d) an out-of-state depository institution holding company. (4) "Supervisory merger" means the merger or consolidation, pursuant to Section 7-2-1, 7-2-12, or 7-2-18 of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, with: (a) a Utah depository institution; (b) an out-of-state depository institution; (c) a Utah depository institution holding company; or (d) an out-of-state depository institution holding company.
Utah Code § 7-27-102 — Utah Code / Title 7 / Chapter 7-27 / § 7-27-102
§ 7-27-102. Application.
Status: in_force

The provisions of this chapter do not apply to: (1) a provider that is a depository institution; (2) a provider that is: (a) (i) a subsidiary of a depository institution; or (ii) a service corporation for a depository institution; and (b) regulated by a federal banking agency; (3) a provider that is regulated under the federal Farm Credit Act 12 U.S.C. Sec. 2001 et seq.; (4) a provider that is licensed as a money transmitter in accordance with Chapter 25, Money Transmitter Act; (5) a provider that consummates five or fewer commercial financing products in the state during any 12 month period; (6) a commercial financing transaction secured by real property; (7) a commercial financing transaction that is a lease as defined in Section 70A-2a-103; (8) a commercial financing transaction that is a purchase-money obligation as defined in Section 70A-9a-103; (9) a commercial financing transaction that: (a) involves a commercial loan or a commercial open-end credit plan; (b) is $50,000 or more; and (c) extends the commercial loan or the commercial open-end credit plan to: (i) a motor vehicle dealer or the motor vehicle dealer's affiliate; or (ii) a motor vehicle rental company as defined in Section 13-48-103 or the motor vehicle rental company's affiliate; (10) a commercial financing transaction offered by a person in connection with the sale of a product or service that: (a) the person manufactures, licenses, or distributes; or (b) the person's parent company or the person's owned and controlled subsidiary manufactures, licenses, or distributes; or (11) a commercial financing transaction of more than $1,000,000.
Utah Code § 7-9-5 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-5
§ 7-9-5. Powers of credit unions.
Status: in_force

In addition to the powers specified elsewhere in this chapter and subject to any limitations specified elsewhere in this chapter, a credit union may: (1) make contracts; (2) sue and be sued; (3) acquire, lease, or hold fixed assets, including real property, furniture, fixtures, and equipment as the directors consider necessary or incidental to the operation and business of the credit union, but the value of the real property may not exceed 7% of credit union assets, unless approved by the commissioner; (4) pledge, hypothecate, sell, or otherwise dispose of real or personal property, either in whole or in part, necessary or incidental to its operation; (5) incur and pay necessary and incidental operating expenses; (6) require an entrance or membership fee; (7) receive the funds of its members in payment for: (a) shares; (b) share certificates; (c) deposits; (d) deposit certificates; (e) share drafts; (f) NOW accounts; and (g) other instruments; (8) allow withdrawal of shares and deposits, as requested by a member orally to a third party with prior authorization in writing, including drafts drawn on the credit union for payment to the member or any third party, in accordance with the procedures established by the board of directors, including drafts, third-party instruments, and other transaction instruments, as provided in the bylaws; (9) charge fees for its services; (10) extend credit to its members, at rates established in accordance with the bylaws or by the board of directors; (11) extend credit secured by real estate; (12) (a) subject to Subsection (12)(b), make co-lending arrangements, including loan participation arrangements, in accordance with written policies of the board of directors with one or more: (i) other credit unions; (ii) credit union service organizations; or (iii) other financial organizations; and (b) make co-lending arrangements, including loan participation arrangements, in accordance with Subsection (12)(a) subject to the following: (i) the credit union or credit union service organization that originates a loan for which co-lending arrangements are made shall retain an interest of at least 10% of the loan; (ii) on or after May 5, 2003, the originating credit union or credit union service organization may sell to a credit union an interest in a co-lending arrangement that involves a member-business loan only if the person receiving the member-business loan is a member of the credit union to which the interest is sold; (iii) on or after May 5, 2003, the originating credit union or credit union service organization may sell to a credit union service organization an interest in a co-lending arrangement that involves a member-business loan only if the person receiving the member-business loan is a member of a credit union that holds an interest in the credit union service organization to which the interest is sold; and (iv) a nonexempt credit union may not originate, participate in, or obtain any interest in a co-lending arrangement, including a loan participation arrangement, in violation of Section 7-9-58; (13) sell and pledge eligible obligations in accordance with written policies of the board of directors; (14) engage in activities and programs of the federal government or this state or any agency or political subdivision of the state, when approved by the board of directors and not inconsistent with this chapter; (15) act as fiscal agent for and receive payments on shares and deposits from the federal government, this state, or its agencies or political subdivisions not inconsistent with the laws of this state; (16) borrow money and issue evidence of indebtedness for a loan or loans for temporary purposes in the usual course of its operations; (17) discount and sell notes and obligations; (18) sell all or any portion of its assets to another credit union or purchase all or any portion of the assets of another credit union; (19) invest funds as provided in this title and in its bylaws; (20) maintain deposits in insured depository institutions as provided in this title and in its bylaws; (21) (a) hold membership in corporate credit unions organized under this chapter or under other state or federal statutes; and (b) hold membership or equity interest in associations and organizations of credit unions, including credit union service organizations; (22) declare and pay dividends on shares, contract for and pay interest on deposits, and pay refunds of interest on loans as provided in this title and in its bylaws; (23) collect, receive, and disburse funds in connection with the sale of negotiable or nonnegotiable instruments and for other purposes that provide benefits or convenience to its members, as provided in this title and in its bylaws; (24) make donations for the members' welfare or for civic, charitable, scientific, or educational purposes as authorized by the board of directors or provided in its bylaws; (25) act as trustee of funds permitted by federal law to be deposited in a credit union as a deferred compensation or tax deferred device, including individual retirement accounts as defined by Section 408, Internal Revenue Code; (26) purchase reasonable accident and health insurance, including accidental death benefits, for directors and committee members through insurance companies licensed in this state as provided in its bylaws; (27) provide reasonable protection through insurance or other means to protect board members, committee members, and employees from liability arising out of consumer legislation including truth-in-lending and equal credit laws and as provided in its bylaws; (28) reimburse directors and committee members for reasonable and necessary expenses incurred in the performance of their duties; (29) participate in systems which allow the transfer, withdrawal, or deposit of funds of credit unions or credit union members by automated or electronic means and hold membership in entities established to promote and effectuate these systems, if: (a) the participation is not inconsistent with the law and rules of the department; and (b) any credit union participating in any system notifies the department as provided by law; (30) issue credit cards and debit cards to allow members to obtain access to their shares, deposits, and extensions of credit; (31) provide any act necessary to obtain and maintain membership in the credit union; (32) exercise incidental powers necessary to carry out the purpose for which a credit union is organized; (33) undertake other activities relating to its purpose as its bylaws may provide; (34) engage in other activities, exercise other powers, and enjoy other rights, privileges, benefits, and immunities authorized by rules of the commissioner; (35) act as trustee, custodian, or administrator for Keogh plans, individual retirement accounts, credit union employee pension plans, and other employee benefit programs; and (36) advertise to the general public the products and services offered by the credit union if the advertisement prominently discloses that to use the products or services of the credit union a person is required to: (a) be eligible for membership in the credit union; and (b) become a member of the credit union.
Utah Code § 7-9-32 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-32
§ 7-9-32. Joint accounts -- Accounts providing for payment to designated person on death of owner or owners.
Status: in_force

(1) If a deposit or share account is opened in any credit union in the name of two or more persons, whether minor or adult, in such form that the money in the account is payable to the survivor or survivors, the account and all additions to it are considered held by these persons as joint tenants or owners. (2) The money in a joint account may be paid to or on the receipt or withdrawal order of any one of the joint owners during their lifetimes or to or on receipt of withdrawal order of any one of the survivors of them after the death of any one or more of them upon presentation of the pass or account book or other evidence of ownership as required by the bylaws of the credit union. The opening of the account in such form shall, in the absence of fraud, undue influence, or legal proof of other intent, be conclusive evidence in any action or proceedings concerning said account of the intention of the parties to the account to vest title to such account and the additions thereto in such survivor and survivors. (3) By written instructions given to the credit union by all parties to the account, the signature of more than one of such persons during their lifetime or of more than one of the survivors after the death of any one of them may be required on a receipt or withdrawal order, in which case the credit union shall pay the money in the account only in accordance with such instructions, but no such instructions shall limit the right of the survivor or survivors to receive the money in the account. (4) Payment of all or part of the money in a joint account as provided in Subsections (2) and (3) shall discharge the credit union from liability with respect to the money paid prior to receipt by the credit union of a written notice from any one of the joint owners directing the credit union not to permit withdrawals in accordance with the terms of the account or the instructions. After receipt of such notice a credit union may refuse, without incurring liability, to honor any receipt or withdrawal on the account pending determination of the rights of the parties. No credit union paying any survivor shall be liable for any estate, inheritance, or succession taxes. (5) The pledge to a credit union of all or part of a share account in joint tenancy or ownership signed by that person or those persons who are authorized in writing to make withdrawals from the account shall, unless the terms of the share account provide specifically to the contrary, be a valid pledge and transfer to the credit union of that part of the account pledged, and does not operate to sever or terminate the joint and surviving ownership quality of all or any part of the account. (6) Any credit union may issue share or deposit accounts in the name of one or more persons with the provision that upon the death of the owner or owners thereof the proceeds shall be the property of the person or persons designated by the owner or owners and shown by the records of such credit union, but such proceeds shall be subject to the debts of the decedent and the payment of Utah inheritance tax, if any. However, upon the receipt of acquittance of the person so designated or six months having elapsed from the date of death and no claim on the account having been made for taxes, the credit union may make payment to the persons designated by the deceased owner or owners and having done so is discharged from further obligation and relieved from all further liability for payment made under this subsection.
Utah Code § 7-23-201 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-201
§ 7-23-201. Registration -- Rulemaking.
Status: in_force

10/1/2026 (1) (a) It is unlawful for a person to engage in the business of cashing checks or the business of deferred deposit lending in Utah or with a Utah resident unless the person: (i) registers with the department in accordance with this chapter; and (ii) maintains a valid registration. (b) It is unlawful for a person to operate a mobile facility in this state to engage in the business of: (i) cashing checks; or (ii) deferred deposit lending. (c) An officer or employee of a person required to register under Subsection (1)(a) is not required to register if the person for whom the individual is an officer or employee is registered. (2) (a) A registration and a renewal of a registration expires on December 31 of each year unless on or before that date the person renews the registration. (b) To register under this section, a person shall: (i) pay an original registration fee established under Subsection 7-1-401(8); (ii) submit a registration statement containing the information described in Subsection (2)(d); (iii) submit evidence satisfactory to the commissioner that the person is authorized to conduct business in this state as a domestic or foreign entity pursuant to filings with the Division of Corporations and Commercial Code under Title 16, Business Entities; and (iv) if the person engages in the business of deferred deposit lending, submit evidence satisfactory to the commissioner that the person is registered with the nationwide database. (c) To renew a registration under this section, a person shall: (i) pay the annual fee established under Subsection 7-1-401(5); (ii) submit a renewal statement containing the information described in Subsection (2)(d); (iii) submit evidence satisfactory to the commissioner that the person is authorized to conduct business in this state as a domestic or foreign entity pursuant to filings with the Division of Corporations and Commercial Code under Title 16, Business Entities; (iv) if the person engages in the business of deferred deposit lending, submit evidence satisfactory to the commissioner that the person is registered with the nationwide database; and (v) if the person engages in the business of deferred deposit lending, submit an operations statement containing the information described in Subsections (2)(e) and (f). (d) A registration or renewal statement shall state: (i) the name of the person; (ii) the name in which the business will be transacted if different from that required in Subsection (2)(d)(i); (iii) the address of the person's principal business office, which may be outside this state; (iv) the addresses of all offices in this state at which the person conducts the business of: (A) cashing checks; or (B) deferred deposit lending; (v) if the person conducts the business of cashing checks or the business of deferred deposit lending in this state but does not maintain an office in this state, a brief description of the manner in which the business is conducted; (vi) the name and address in this state of a designated agent upon whom service of process may be made; (vii) whether there is a conviction of a crime: (A) involving an act of fraud, dishonesty, breach of trust, or money laundering; and (B) with respect to that person, an officer, director, manager, operator, or principal of that person, or an employee of that person engaged in the business described in this chapter; and (viii) any other information required by the rules of the department. (e) An operations statement required for a deferred deposit lender to renew a registration shall state for the immediately preceding calendar year: (i) the average principal amount of the deferred deposit loans extended by the deferred deposit lender; (ii) for deferred deposit loans paid in full, the average number of days a deferred deposit loan is outstanding for the duration of time that interest is charged; (iii) the total number of deferred deposit loans rescinded by the deferred deposit lender at the request of the customer pursuant to Subsection 7-23-401(3)(b); (iv) of the persons to whom the deferred deposit lender extended a deferred deposit loan, the percentage that entered into an extended payment plan under Section 7-23-403; (v) the total dollar amount of deferred deposit loans rescinded by the deferred deposit lender at the request of the customer pursuant to Subsection 7-23-401(3)(b); (vi) the average annual percentage rate charged on deferred deposit loans; (vii) the range of annual percentage rates charged on deferred deposit loans; (viii) the average dollar amount of extended payment plans entered into under Section 7-23-403 by the deferred deposit lender; (ix) the number of deferred deposit loans carried to the maximum 10 weeks after the day on which the deferred deposit loan is extended; (x) the total dollar amount of deferred deposit loans carried to the maximum 10 weeks after the day on which the deferred deposit loan is extended; (xi) the number of deferred deposit loans not paid in full at the end of 10 weeks after the day on which the deferred deposit loan is extended; (xii) the total dollar amount of deferred deposit loans not paid in full at the end of 10 weeks after the day on which the deferred deposit loan is extended; (xiii) the percentage of deferred deposit loans against which the deferred deposit lender initiates civil action to collect on the deferred deposit loan; and (xiv) for the civil actions described in Subsection (2)(e)(xiii), the percentage of those civil actions whose deferred deposit loans have the following payment history: (A) no payments; (B) one payment; (C) two payments; (D) three payments; (E) four payments; (F) five payments; (G) six payments; (H) seven payments; (I) eight payments; (J) nine payments; and (K) 10 or more payments. (f) In addition to the information in Subsection (2)(e), an operations statement required for a deferred deposit lender to renew a registration shall state for the immediately preceding calendar year: (i) the total number of deferred deposit loans extended by the deferred deposit lender; (ii) the total dollar amount of deferred deposit loans extended by the deferred deposit lender; (iii) the total number of individuals to whom the deferred deposit lender extended a deferred deposit loan; and (iv) the percentage of deferred deposit loans not repaid according to the terms of the loan. (g) The commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide for the transition of persons registering with the nationwide database. (3) (a) Information provided by a deferred deposit lender under Subsections (2)(e) and (f) is: (i) confidential in accordance with Section 7-1-802; and (ii) not subject to Title 63G, Chapter 2, Government Records Access and Management Act. (b) The department shall: (i) only use information a deferred deposit lender provides to the department under Subsection (2)(f) to determine compliance with this chapter; and (ii) delete or otherwise destroy information a deferred deposit lender provides to the department under Subsection (2)(f) within two years after the day on which the deferred deposit lender provides the information. (4) (a) The commissioner may impose an administrative fine determined under Subsection (4)(b) on a person if: (i) the person is required to be registered under this chapter; (ii) the person fails to register or renew a registration in accordance with this chapter; (iii) the department notifies the person that the person is in violation of this chapter for failure to be registered; and (iv) the person fails to register within 30 days after the day on which the person receives the notice described in Subsection (4)(a)(iii). (b) Subject to Subsection (4)(c), the administrative fine imposed under this section is: (i) $500 if the person: (A) has no office in this state at which the person conducts the business of: (I) cashing checks; or (II) deferred deposit lending; or (B) has one office in this state at which the person conducts the business of: (I) cashing checks; or (II) deferred deposit lending; or (ii) if the person has two or more offices in this state at which the person conducts the business of cashing checks or the business of deferred deposit lending, $500 for each office at which the person conducts the business of: (A) cashing checks; or (B) deferred deposit lending. (c) The commissioner may reduce or waive a fine imposed under this Subsection (4) if the person shows good cause. (5) If the information in a registration, renewal, or operations statement required under Subsection (2) becomes inaccurate after filing, a person is not required to notify the department until: (a) that person is required to renew the registration; or (b) the department specifically requests earlier notification. (6) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department may make rules consistent with this section providing for: (a) the form, content, and filing of a registration and renewal statement described in Subsection (2)(d); and (b) the form and filing of an operations statement described in Subsection (2)(e). (7) A deferred deposit loan that is made by a person who is required to be registered under this chapter but who is not registered is void, and the person may not collect, receive, or retain any principal or other interest or fees in connection with the deferred deposit loan. (8) (a) At the time a person registers under this section, the person shall disclose a conviction of a crime described in Subsection (2)(d)(vii) that is: (i) known to the person; or (ii) included in: (A) a Utah Bureau of Criminal Identification report; or (B) a background check acceptable to the department that provides information similar to a Utah Bureau of Criminal Identification report. (b) To comply with Subsection (8)(a), a person registered under this chapter shall, for each individual described in Subsection (2)(d)(vii): (i) obtain a Utah Bureau of Criminal Identification report; or (ii) conduct a background check acceptable to the commissioner that provides information similar to a Utah Bureau of Criminal Identification report. (c) A person registered under this section shall keep a record of the information described in Subsection (8)(b) for the time period required by the department by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.10/1/2026 (1) (a) It is unlawful for a person to engage in the business of cashing checks or the business of deferred deposit lending in Utah or with a Utah resident unless the person: (i) registers with the department in accordance with this chapter; and (ii) maintains a valid registration. (b) It is unlawful for a person to operate a mobile facility in this state to engage in the business of: (i) cashing checks; or (ii) deferred deposit lending. (c) An officer or employee of a person required to register under Subsection (1)(a) is not required to register if the person for whom the individual is an officer or employee is registered. (2) (a) A registration and a renewal of a registration expires on December 31 of each year unless on or before that date the person renews the registration. (b) To register under this section, a person shall: (i) pay an original registration fee established under Subsection 7-1-401(8); (ii) submit a registration statement containing the information described in Subsection (2)(d); (iii) submit evidence satisfactory to the commissioner that the person is authorized to conduct business in this state as a domestic or foreign entity pursuant to filings with the Division of Corporations and Commercial Code under Title 16, Business Entities; and (iv) if the person engages in the business of deferred deposit lending, submit evidence satisfactory to the commissioner that the person is registered with the nationwide database. (c) To renew a registration under this section, a person shall: (i) pay the annual fee established under Subsection 7-1-401(5); (ii) submit a renewal statement containing the information described in Subsection (2)(d); (iii) submit evidence satisfactory to the commissioner that the person is authorized to conduct business in this state as a domestic or foreign entity pursuant to filings with the Division of Corporations and Commercial Code under Title 16, Business Entities; (iv) if the person engages in the business of deferred deposit lending, submit evidence satisfactory to the commissioner that the person is registered with the nationwide database; and (v) if the person engages in the business of deferred deposit lending, submit an operations statement containing the information described in Subsections (2)(e) and (f). (d) A registration or renewal statement shall state: (i) the name of the person; (ii) the name in which the business will be transacted if different from that required in Subsection (2)(d)(i); (iii) the address of the person's principal business office, which may be outside this state; (iv) the addresses of all offices in this state at which the person conducts the business of: (A) cashing checks; or (B) deferred deposit lending; (v) if the person conducts the business of cashing checks or the business of deferred deposit lending in this state but does not maintain an office in this state, a brief description of the manner in which the business is conducted; (vi) the name and address in this state of a designated agent upon whom service of process may be made; (vii) whether there is a conviction of a crime: (A) involving an act of fraud, dishonesty, breach of trust, or money laundering; and (B) with respect to that person, an officer, director, manager, operator, or principal of that person, or an employee of that person engaged in the business described in this chapter; and (viii) any other information required by the rules of the department. (e) An operations statement required for a deferred deposit lender to renew a registration shall state for the immediately preceding calendar year: (i) the average principal amount of the deferred deposit loans extended by the deferred deposit lender; (ii) for deferred deposit loans paid in full, the average number of days a deferred deposit loan is outstanding for the duration of time that interest is charged; (iii) the total number of deferred deposit loans rescinded by the deferred deposit lender at the request of the customer pursuant to Subsection 7-23-401(3)(b); (iv) of the persons to whom the deferred deposit lender extended a deferred deposit loan, the percentage that entered into an extended payment plan under Section 7-23-403; (v) the total dollar amount of deferred deposit loans rescinded by the deferred deposit lender at the request of the customer pursuant to Subsection 7-23-401(3)(b); (vi) the average annual percentage rate charged on deferred deposit loans; (vii) the range of annual percentage rates charged on deferred deposit loans; (viii) the average dollar amount of extended payment plans entered into under Section 7-23-403 by the deferred deposit lender; (ix) the number of deferred deposit loans carried to the maximum 10 weeks after the day on which the deferred deposit loan is extended; (x) the total dollar amount of deferred deposit loans carried to the maximum 10 weeks after the day on which the deferred deposit loan is extended; (xi) the number of deferred deposit loans not paid in full at the end of 10 weeks after the day on which the deferred deposit loan is extended; (xii) the total dollar amount of deferred deposit loans not paid in full at the end of 10 weeks after the day on which the deferred deposit loan is extended; (xiii) the percentage of deferred deposit loans against which the deferred deposit lender initiates civil action to collect on the deferred deposit loan; and (xiv) for the civil actions described in Subsection (2)(e)(xiii), the percentage of those civil actions whose deferred deposit loans have the following payment history: (A) no payments; (B) one payment; (C) two payments; (D) three payments; (E) four payments; (F) five payments; (G) six payments; (H) seven payments; (I) eight payments; (J) nine payments; and (K) 10 or more payments. (f) In addition to the information in Subsection (2)(e), an operations statement required for a deferred deposit lender to renew a registration shall state for the immediately preceding calendar year: (i) the total number of deferred deposit loans extended by the deferred deposit lender; (ii) the total dollar amount of deferred deposit loans extended by the deferred deposit lender; (iii) the total number of individuals to whom the deferred deposit lender extended a deferred deposit loan; and (iv) the percentage of deferred deposit loans not repaid according to the terms of the loan. (g) The commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide for the transition of persons registering with the nationwide database. (3) (a) Information provided by a deferred deposit lender under Subsections (2)(e) and (f) is: (i) confidential in accordance with Section 7-1-802; and (ii) not subject to Title 63G, Chapter 2, Government Records Access and Management Act. (b) The department shall: (i) only use information a deferred deposit lender provides to the department under Subsection (2)(f) to determine compliance with this chapter; and (ii) delete or otherwise destroy information a deferred deposit lender provides to the department under Subsection (2)(f) within two years after the day on which the deferred deposit lender provides the information. (4) (a) The commissioner may impose an administrative fine determined under Subsection (4)(b) on a person if: (i) the person is required to be registered under this chapter; (ii) the person fails to register or renew a registration in accordance with this chapter; (iii) the department notifies the person that the person is in violation of this chapter for failure to be registered; and (iv) the person fails to register within 30 days after the day on which the person receives the notice described in Subsection (4)(a)(iii). (b) Subject to Subsection (4)(c), the administrative fine imposed under this section is: (i) $500 if the person: (A) has no office in this state at which the person conducts the business of: (I) cashing checks; or (II) deferred deposit lending; or (B) has one office in this state at which the person conducts the business of: (I) cashing checks; or (II) deferred deposit lending; or (ii) if the person has two or more offices in this state at which the person conducts the business of cashing checks or the business of deferred deposit lending, $500 for each office at which the person conducts the business of: (A) cashing checks; or (B) deferred deposit lending. (c) The commissioner may reduce or waive a fine imposed under this Subsection (4) if the person shows good cause. (5) If the information in a registration, renewal, or operations statement required under Subsection (2) becomes inaccurate after filing, a person is not required to notify the department until: (a) that person is required to renew the registration; or (b) the department specifically requests earlier notification. (6) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department may make rules consistent with this section providing for: (a) the form, content, and filing of a registration and renewal statement described in Subsection (2)(d); and (b) the form and filing of an operations statement described in Subsection (2)(e). (7) A deferred deposit loan that is made by a person who is required to be registered under this chapter but who is not registered is void, and the person may not collect, receive, or retain any principal or other interest or fees in connection with the deferred deposit loan. (8) (a) At the time a person registers under this section, the person shall disclose a conviction of a crime described in Subsection (2)(d)(vii) that is: (i) known to the person; or (ii) included in: (A) a Utah Bureau of Criminal Identification report; or (B) a background check acceptable to the department that provides information similar to a Utah Bureau of Criminal Identification report. (b) To comply with Subsection (8)(a), a person registered under this chapter shall, for each individual described in Subsection (2)(d)(vii): (i) obtain a Utah Bureau of Criminal Identification report; or (ii) conduct a background check acceptable to the commissioner that provides information similar to a Utah Bureau of Criminal Identification report. (c) A person registered under this section shall keep a record of the information described in Subsection (8)(b) for the time period required by the department by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
Utah Code § 7-9-45 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-45
§ 7-9-45. Insurance of shares and deposits -- Security on shares and deposits.
Status: in_force

(1) Except as provided in Subsection (2), a credit union subject to the jurisdiction of the department shall obtain and maintain insurance on shares and deposits from the National Credit Union Administration or successor federal deposit insurance agency. (2) Notwithstanding Subsection 7-1-704(7)(a)(v) and Subsection (1), a credit union may not be required to obtain federal insurance on shares and deposits if: (a) the commissioner approves the credit union's election not to obtain federal insurance on shares and deposits; (b) as security for the shares and deposits, the credit union maintains securities: (i) that are issued by or directly and unconditionally guaranteed by: (A) the United States; or (B) an agency of the United States; (ii) that are held in an account with a primary reporting dealer that is: (A) recognized by the Federal Reserve Bank of New York; and (B) independent of the credit union; (iii) that are held in accordance with Title 70A, Chapter 8, Uniform Commercial Code - Investment Securities; and (iv) in which the department has an express and exclusive security interest; and (c) the aggregate value of the securities described in Subsection (2)(b) is at all times equal to or greater than 1.15 times the aggregate amount of the shares and deposits of the credit union. (3) The commissioner may appoint the administrator of the National Credit Union Administration as liquidating agent of an insured credit union. (4) Failure to comply with this section constitutes grounds for supervisory action under Chapter 2, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies.
Utah Code § 7-17-5 — Utah Code / Title 7 / Chapter 7-17 / § 7-17-5
§ 7-17-5. Statements.
Status: in_force

Every lender shall furnish to the borrower, or the borrower's successors or assigns, without charge, within 60 days after the end of each calendar year, an itemized statement showing money: (1) received for interest and principal repayment; and (2) received and held in or disbursed from a reserve account, if any.
Utah Code § 7-25-402 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-402
§ 7-25-402. Confidentiality of information.
Status: in_force

(1) Information obtained by the commissioner under this chapter is confidential in accordance with Section 7-1-802. (2) Subsection (1) does not prohibit the commissioner from releasing to the public a list of persons licensed under this chapter or from releasing aggregated financial data on the licensees.
Utah Code § 7-1-318 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-318
§ 7-1-318. Reports of condition  -- Form -- Falsification or failure to file.
Status: in_force

(1) Each institution under the jurisdiction of the department, including each out-of-state depository institution operating a branch in this state, shall provide a report of its condition to the department at least twice a year, as required by the commissioner. The commissioner may require an institution to provide more frequent reports as necessary. (2) The report shall be made according to the form prescribed by the commissioner and shall be verified by the oath or affirmation of the president or a vice president and attested by at least two directors. (3) It is a third degree felony for any officer, director, or employee of a financial institution to do any of the following: (a) knowingly subscribe or cause to be made any false statement or report to the commissioner or department; (b) knowingly subscribe or cause to be made any false entry in the books or accounts of the institution; or (c) knowingly subscribe or exhibit false papers with intent to deceive any person authorized to examine the institution. (4) Each institution that fails or neglects to make a report within 30 days after receiving a call for any report required by this title, by an order of the commissioner, or by any rule of the department is subject to a penalty of $50 a day for each day the report is past due. The commissioner may reduce or waive the penalty for good cause shown. (5) It is criminal perjury for any officer or employee of a financial institution under the jurisdiction of the department to willfully swear falsely in making an oath or affirmation concerning a report of the institution's condition. (6) For information purposes, and without being subject to penalties under state law, a federally chartered depository institution operating a main office or branch in this state shall provide to the department a copy of its regular report of condition filed with its chartering agency.
Utah Code § 7-1-714 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-714
§ 7-1-714. Judicial review of acts of commissioner -- Hearing by court.
Status: in_force

(1) Any person aggrieved by any rule, regulation, order, decision, or ruling or other act or failure to act of the commissioner under this title is entitled to judicial review. (2) Judicial review of other agency actions shall be governed by the procedures and requirements of this subsection. (a) Within 30 days after receipt of notice of a rule, order, or other decision or ruling not arising from an adjudicative proceeding, or within 120 days after the commissioner has failed to act upon a request or application, the aggrieved person may file an application for judicial review with a court of competent jurisdiction in the county in which the applicant is located, or in the county where the office of the commissioner is located, and may request an immediate hearing on the act or failure to act. (b) The court shall require adequate notice to be served on the commissioner and all other interested parties and shall give the petition for review precedence on its calendar. (c) The court shall review the record before the commissioner and shall adjudicate the question, enter appropriate orders, and enforce them. (d) The court may declare void any rule, regulation, order, decision, ruling, or other act of the commissioner it finds to be arbitrary, capricious, an abuse of discretion, or otherwise contrary to law. (3) Any action for judicial review of acts or failure to act of the commissioner shall be heard by the court and shall be based on the record made before the department.
Utah Code § 7-1-324 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-324
§ 7-1-324. Debt cancellation agreements and debt suspension agreements.
Status: in_force

(1) As used in this section: (a) "Class of depository institution" means a class consisting of: (i) banks; (ii) credit unions; (iii) industrial banks; or (iv) wholly owned subsidiaries of a depository institution listed in this Subsection (1)(a). (b) "Debt cancellation agreement" is as defined in Section 31A-21-109. (c) "Debt suspension agreement" is as defined in Section 31A-21-109. (2) Subject to the other provisions of this section, the commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act: (a) authorize any member of a class of depository institution that is subject to the jurisdiction of the department to issue: (i) a debt cancellation agreement; or (ii) a debt suspension agreement; and (b) regulate the issuance of a debt cancellation agreement or a debt suspension agreement issued in this state by a member of a class of depository institution. (3) (a) Any rule adopted by the commissioner under this section as applied to a class of depository institution shall be substantially similar to any federal regulation applying to the same class of depository institution. (b) Any rule adopted by the commissioner applicable to a class of depository institution described in this Subsection (3)(b) shall be substantially similar to any federal regulation applicable to a bank if no federal regulation authorizes or regulates the issuance of a debt cancellation agreement or debt suspension agreement for that class of depository institution. (4) (a) An out-of-state depository institution may issue a debt cancellation agreement or debt suspension agreement in this state if: (i) the home state of the out-of-state depository institution authorizes and regulates the issuance of a debt cancellation agreement or debt suspension agreement by the out-of-state depository institution; and (ii) subject to Subsection (4)(b), the out-of-state depository institution complies with regulations from the out-of-state depository institution's home state that regulate the issuance of a debt cancellation agreement or a debt suspension agreement. (b) Notwithstanding Subsection (4)(a), an out-of-state depository institution described in Subsection (4)(a) shall comply with rules adopted by the commissioner under this section that regulate the issuance of a debt cancellation agreement or a debt suspension agreement in this state by the class of depository institution to which the out-of-state depository institution belongs if the regulations of the out-of-state depository institution's home state do not provide at least the same level of protection with respect to a debt cancellation agreement or debt suspension agreement as the rules adopted by the commissioner under this section with respect to the same class of depository institution: (i) for the safety and soundness of the depository institution; and (ii) for consumer protections for the borrowers of the depository institution.
Utah Code § 7-1-715 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-715
§ 7-1-715. Loan production offices -- Application and procedure for approval.
Status: in_force

(1) With the prior approval of the commissioner, a depository institution may establish one or more loan production offices. (2) A loan production office shall be staffed and accessible to the public. (3) A loan production office may: (a) solicit loans on behalf of its depository institution; (b) assemble credit information; (c) make property inspections and appraisals; (d) secure title information; (e) prepare applications for loans; (f) solicit investors to purchase loans from the depository institution; (g) seek to have these investors contract with a depository institution for servicing the loans; and (h) engage in other activities in the nature of acting as an agent for the parent depository institution in facilitating the production of loans. (4) A loan production office may not do any of the following: (a) accept deposits; (b) originate deposit, savings, or share accounts; (c) pay checks; (d) approve loans; or (e) disburse loan funds. (5) A loan processed by a loan production office may only be approved at the main office or approved branch of the depository institution, except a loan production office may make a recommendation, subject to independent analysis and approval by the depository institution. (6) Funds from a loan processed by a loan production office may only be disbursed at the main office or approved branch of the depository institution, or at the office of an independent third party, such as a title company or escrow agent. (7) Although a loan production office is not considered a branch, the establishment of a loan production office is subject to the prior approval of the commissioner in the manner provided in Section 7-1-708 for the establishment of a branch office. (8) Each depository institution with operating loan production offices in Utah as of June 1, 1994, shall file an initial registration with the department stating the location of each loan production office on or before July 15, 1994. All subsequent applications for a loan production office require prior approval of the commissioner. (9) If the commissioner determines that it is in the public interest, the department may examine the books and records of the office at the per diem charge established in Section 7-1-401.
Utah Code § 7-9-58 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-58
§ 7-9-58. Limitations on credit extended by nonexempt credit unions.
Status: in_force

(1) (a) Notwithstanding the other provisions of this chapter, beginning on May 5, 2003, a nonexempt credit union may not: (i) (A) extend a member-business loan; (B) renew a member-business loan that is extended before May 5, 2003; or (C) extend the maturity date or increase the amount of a member-business loan that is extended before May 5, 2003; (ii) originate, participate in, or obtain any interest in a co-lending arrangement, including a loan participation arrangement; or (iii) subject to Subsection (2), extend credit that is not a member-business loan if as a result of the extension of credit the total credit that is not a member-business loan that the nonexempt credit union has issued to that member exceeds at any one time $250,000 adjusted as provided in Subsection (1)(b). (b) The adjustment described in Subsection (1)(a)(iii) shall be calculated by the commissioner as follows: (i) beginning July 1, 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase or decrease the dollar amount in Subsection (1)(a)(iii) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2007; (ii) after the commissioner increases the dollar amount listed in Subsection (1)(a)(iii), the commissioner shall round the dollar amount to the nearest whole dollar; (iii) if the percentage difference under Subsection (1)(b)(i) is zero or a negative percentage, the consumer price index increase for the year is zero; and (iv) for purposes of this Subsection (1)(b), the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code. (2) Notwithstanding Subsection (1)(a)(iii), a nonexempt credit union may extend credit in an amount that exceeds the limits provided in Subsection (1)(a)(iii) to a member if: (a) the excess portion of the credit described in Subsection (1)(a)(iii) is fully secured by the member's share or deposit savings in the nonexempt credit union; or (b) the credit is extended to a member of the nonexempt credit union: (i) for the purpose of: (A) paying amounts owed by the member to purchase a one- to four-family dwelling that is the primary residence of that member; or (B) refinancing the balance of amounts owed by the member for the purchase of a one- to four-family dwelling that is the primary residence of that member; and (ii) the credit extended under this Subsection (2)(b) is less than or equals $1,000,000. (3) In accordance with Subsection 7-9-20(7)(d), a credit union service organization may not extend credit to a member of a nonexempt credit union holding an ownership interest in the credit union service organization if it would be a violation of this section for the nonexempt credit union to extend the credit to the member. (4) This section may not prevent a nonexempt credit union from servicing a loan extended before May 5, 2003.
Utah Code § 7-9-25 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-25
§ 7-9-25. Shares -- Number unlimited -- Subscription and payment -- Par value -- Ownership required for membership -- Dormant accounts.
Status: in_force

(1) The capital of the credit union shall be unlimited in amount. (2) Shares of the credit union may be subscribed and paid for in cash or its equivalent in a manner prescribed in the bylaws. (3) The par value of each share of a credit union shall be determined by the board of directors in multiples of $5 as prescribed in the bylaws. (4) Each member of the credit union shall subscribe to at least one share and pay the initial installment thereon. The par value of the share shall be paid for within six months. (5) The board of directors may close a member's account when the share par value is not paid within the required period or the par value is not maintained. Notice in writing shall be mailed to the member at the last known address and shall contain a statement that the member may increase payment or voluntarily close the account within 60 days of receipt of the notice. (6) When a member's account becomes dormant or is reasonably presumed to be dormant and abandoned, as provided in Chapter 1, General Provisions, the credit union by resolution of the board of directors may close the account and transfer the credits of the account to an account for unclaimed shares. Thereafter the credit union may not pay dividends or interest on the account, as provided in the bylaws, until the funds in the account escheat to the state of Utah. Prior to transferring the member's dormant and abandoned account to the credit union unclaimed shares account, the credit union shall mail a written notice to the member at the member's last known address stating that this action will be taken within 30 days of the date of the notice.
Utah Code § 7-14-4 — Utah Code / Title 7 / Chapter 7-14 / § 7-14-4
§ 7-14-4. Immunity from liability.
Status: in_force

No depository institution making any report or communication of information authorized by this chapter shall be liable to any person for disclosing such information to any recipient authorized to receive this information under this chapter, or for any error or omission in such report or communication.
Utah Code § 7-3-21 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-21
§ 7-3-21. Stock ownership by banks.
Status: in_force

(1) A bank may purchase, own and hold, and sell or otherwise dispose of: (a) shares of the Federal Reserve Bank of the Twelfth Federal Reserve District; (b) the stock of a corporation organized under the laws of the United States for purposes similar to those of the federal reserve banks or the Federal Deposit Insurance Corporation; (c) shares of the Federal National Mortgage Association; (d) the stock of a safe deposit company; (e) the stock of a corporation owning the banking house in which any place of business of the bank is located; (f) the stock of a bank service corporation performing services for the bank; (g) the stock of a corporation acquired by the bank in satisfaction of or on account of debts previously contracted in the course of the bank's business; (h) the stock of a foreign banking corporation; (i) the stock of a corporation authorized under Title IX of the Housing and Urban Development Act of 1968; (j) the stock of the Government National Mortgage Association authorized under 12 U.S.C. Sec. 1716 et seq.; (k) the stock of a charitable foundation; (l) the stock of a community development corporation; (m) the stock of bankers' banks; and (n) the stock of an agricultural credit corporation. (2) A bank may invest in a small business investment company to the same extent allowed federally chartered banks. (3) Unless expressly authorized by this chapter, a bank may not purchase or own the stock of any other corporation except in a fiduciary capacity.
Utah Code § 7-25-103 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-103
§ 7-25-103. Rules.
Status: in_force

The commissioner may make a rule authorized by this chapter in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, including to: (1) restrict or prohibit practices that are misleading, unfair, or abusive; (2) promote or assure fair and full disclosure of the terms and conditions of agreements and communications between a customer and a money transmitter; and (3) promote or assure uniform application of or to resolve ambiguities in applicable state or federal laws or federal regulations.
Utah Code § 7-3-15 — Utah Code / Title 7 / Chapter 7-3 / § 7-3-15
§ 7-3-15. Dividends allowed -- Surplus requirements.
Status: in_force

(1) The board of directors of a bank may declare a cash or stock dividend out of the net profits of the bank after providing for all expenses, losses, interest, and taxes accrued or due from the bank, as it shall judge expedient. (2) Before any dividend is declared pursuant to Subsection (1), not less than 10% of the net profits of the bank for the period covered by the dividend shall be carried to a surplus fund until the surplus shall amount to 100% of its capital stock. (3) Under this section, any amounts paid into a fund for the retirement of any debenture capital or preferred stock of the bank from its net earnings for the period covered by the dividend shall be considered an addition to its surplus fund if, upon the retirement of the debenture capital or preferred stock, the amount paid into the retirement fund for the period may be properly carried to the surplus fund of the bank. In this case the bank shall be obligated to transfer to the surplus fund the amount paid into the retirement fund.
Utah Code § 7-1-704 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-704
§ 7-1-704. Authorization required to engage in business -- Exemptions -- Procedure.
Status: in_force

(1) (a) An institution subject to the jurisdiction of the department may maintain an office in this state or engage in the activities of a financial institution in this state only if it is authorized to do so by the department. (b) This Subsection (1) does not apply to: (i) any person who is lawfully engaging in the activities of a financial institution in this state on July 1, 1981, unless the institution was not subject to the jurisdiction of the department before that date; (ii) an application to establish a branch or additional office; or (iii) the establishment of a service corporation or service organization. (2) An applicant for authorization to become an institution subject to the jurisdiction of the department shall pay to the department the appropriate filing fee, as provided in Section 7-1-401, and shall file with the commissioner: (a) its undertaking to pay all expenses incurred in conducting any administrative proceedings forming part of the department's consideration of the application; (b) its proposed articles of incorporation and by-laws; (c) an application in a form prescribed by the commissioner that includes all information the commissioner requires about the source of the proposed original capital and about the identity, personal history, business background and experience, financial condition, and participation in any litigation or administrative proceeding of the organizers, the proposed members of the board of directors, and the principal officers; and (d) any other information the commissioner requires. (3) In addition to the requirements of Title 63G, Chapter 4, Administrative Procedures Act, the commissioner shall, at the expense of the applicant: (a) (i) give notice of the application by publication in three successive issues of a newspaper of general circulation in the county where the principal place of business is to be established; and (ii) give notice of the application by publication as required in Section 45-1-101; and (b) give notice of the application to other institutions subject to the jurisdiction of the department in a manner and to an extent the commissioner considers appropriate; (c) cause the appropriate supervisor to make a careful investigation and examination of the following: (i) the character, reputation, and financial standing and ability of the organizers; (ii) the character, financial responsibility, experience, and business qualifications of those proposed as officers; (iii) the character and standing in the community of those proposed as directors, principal stockholders, or owners; (iv) the need in the service area where the institution would be located, giving particular consideration to the adequacy of existing financial facilities and the effect the proposed institution would have on existing institutions in the area; (v) the ability of the proposed service area to support the proposed institution, including the extent and nature of existing competition, the economic history and future prospects of the community, and the opportunity for profitable employment of financial institution funds; and (vi) other facts and circumstances bearing on the proposed institution that the supervisor considers relevant. (4) (a) The supervisor shall submit findings and recommendations in writing 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 department's office, except those portions of the application or report the commissioner declares to be confidential, pursuant to the applicant's request, in order to prevent a clearly unwarranted invasion of privacy. (5) (a) If a hearing is held, the applicant shall publish notice of the hearing at the applicant's expense: (i) in a newspaper of general circulation within the county where the proposed institution is to be located at least once a week for three successive weeks before the date of hearing; and (ii) as required in Section 45-1-101 for three weeks before the date of the hearing. (b) The notice shall include the date, time, and place of the hearing and any other information required by the commissioner. (c) The commissioner shall act on the record before him within 30 days after receipt of the transcript of the hearing. (6) If no hearing is held, the commissioner may, within 90 days of acceptance of the application as complete, approve or disapprove the application based on the papers filed with him, together with the supervisor's findings and recommendations. (7) (a) The commissioner may not approve the application unless the commissioner finds that the applicant has established by the preponderance of the evidence that: (i) in light of the need for financial services in the area, the adequacy of existing facilities, and the effect the proposed institution would have on existing institutions in the area, the public need and convenience will be promoted by the establishment of the proposed institution; (ii) in light of the ability of the proposed service area to support the proposed institution, including the extent and nature of existing competition, the economic history and future prospects of the community, and the opportunity for profitable employment of financial institution funds, conditions in the service area in which the proposed institution would transact business afford reasonable promise of a successful operation; (iii) the institution is being formed only for legitimate purposes allowed by the laws of this state; (iv) the proposed capital equals or exceeds the required minimum and is adequate in light of current and prospective conditions; (v) if the applicant is seeking authority to accept deposits, the deposits will be insured or guaranteed by an agency of the federal government; (vi) the proposed officers and directors have sufficient experience, ability, and standing to afford reasonable promise of a successful operation; (vii) the name of the proposed financial institution does not resemble the name of any other institution transacting business in this state so closely as to cause confusion; (viii) the applicants have complied with all of the provisions of law; and (ix) no properly managed and soundly operated existing institutions offering substantially similar services in the service area to which the application relates will be unduly injured by approval of the application. (b) The commissioner may condition approval of the application on the institution's acceptance of requirements or conditions with respect to insurance that the commissioner considers necessary to protect depositors. (8) (a) The commissioner shall provide written findings and conclusions on the application. (b) Upon approving an application, the commissioner shall: (i) endorse the approval on the articles of incorporation; (ii) file one copy with the Division of Corporations and Commercial Code; (iii) retain one file copy; and (iv) return one copy to the applicant within 10 days after the date of the commissioner's decision approving the application. (c) Upon disapproving an application, the commissioner shall mail notice of the disapproval to the applicant within 10 days. (d) The commissioner may approve an application subject to conditions the commissioner considers appropriate to protect the public interest and carry out the purposes of this title. (e) The commissioner shall give written notice of the decision to all persons who have filed a protest to the application. (9) Upon approval of an application for authorization to conduct a business subject to the jurisdiction of the department, the commissioner shall issue a license, permit, or other appropriate certificate of authority if: (a) except in the case of credit unions, all of the capital of the institution being formed has been paid in; and (b) all the conditions and other requirements for approval of the application have been met. (10) (a) Any approval by the commissioner of an application under this section is considered revoked unless the business is open and operating within one year from the date of the approval. (b) The commissioner, on written application made before the expiration of that period, and for good cause shown, may extend the date for activation for additional periods not to exceed six months each. (11) No person may obtain, for the purpose of resale, a certificate of approval to operate any institution under the jurisdiction of the department. (12) The commissioner may approve an application without any notice to other financial institutions to respond to an emergency arising from the insolvency of an existing institution or to prevent the failure of an existing institution if the commissioner makes the findings required by Subsection (7).
Utah Code § 7-19-9 — Utah Code / Title 7 / Chapter 7-19 / § 7-19-9
§ 7-19-9. Commissioner's powers not limited -- Immunity -- Rules -- Reports.
Status: in_force

(1) This chapter does not limit any power otherwise granted to the commissioner or to any depository institution or depository institution holding company by the laws of this state. (2) The commissioner is not subject to any civil liability or penalty nor to any criminal prosecution for any error in judgment or discretion in any action taken or omitted by the commissioner in good faith under the provisions of this chapter. (3) The commissioner may promulgate such rules and regulations as may be necessary to implement this chapter. (4) By January 10 of each year, the commissioner shall report to the governor and the Legislature the nature and general terms and conditions of any supervisory acquisition or supervisory merger effectuated under the provisions of this chapter during the preceding year.
Utah Code § 7-23-504 — Utah Code / Title 7 / Chapter 7-23 / § 7-23-504
§ 7-23-504. Penalties.
Status: in_force

(1) A person who violates this chapter or who files materially false information with a registration or renewal under Section 7-23-201 is: (a) guilty of a class B misdemeanor, except for a violation of: (i) Subsection 7-23-401(1)(f)(i), (ii), or (iii); or (ii) rules made under Subsection 7-23-501(2)(b); and (b) subject to revocation of a person's registration under this chapter. (2) Subject to Title 63G, Chapter 4, Administrative Procedures Act, if the department determines that a person is engaging in the business of cashing checks or the business of deferred deposit lending in violation of this chapter, the department may: (a) revoke that person's registration under this chapter; (b) issue a cease and desist order from committing any further violations; (c) prohibit the person from continuing to engage in the business of: (i) cashing checks; or (ii) deferred deposit lending; (d) impose an administrative fine not to exceed $1,000 per violation, except that: (i) a fine imposed under Subsection 7-23-201(4) shall comply with Subsection 7-23-201(4); and (ii) the aggregate total of fines imposed under this chapter against a person in a calendar year may not exceed $30,000 for that calendar year; or (e) take any combination of actions listed under this Subsection (2).
Utah Code § 7-28-102 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-102
§ 7-28-102. Scope -- Choice of law -- Forum.
Status: in_force

(1) This chapter applies to a special deposit under an account agreement that states the intention of the parties to establish a special deposit governed by this chapter, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the special deposit itself, has a reasonable relation to this state. (2) The parties to an account agreement may choose a forum in this state for settling a dispute arising out of the special deposit, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the special deposit itself, has a reasonable relation to this state. (3) This chapter does not affect: (a) a right or obligation relating to a deposit other than a special deposit under this chapter; or (b) the voidability of a deposit or transfer that is fraudulent or voidable under other law.
Utah Code § 7-1-101 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-101
§ 7-1-101. Title.
Status: in_force

This title is known as the "Financial Institutions Act."
Utah Code § 7-1-708 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-708
§ 7-1-708. Establishing branches and relocating offices -- Application and procedure for approval -- Nonexempt credit unions.
Status: in_force

(1) A Utah depository institution or an out-of-state depository institution with a Utah branch or seeking to acquire a branch in this state may establish one or more branches, or relocate a branch office or its main office in this state, subject to the prior approval of the commissioner. (2) The approval of the commissioner required by Subsection (1) may be obtained by: (a) filing an application with the department in a form the commissioner prescribes; and (b) supplementing the application with information the commissioner considers material to determining whether to approve the application. (3) (a) The commissioner shall approve or disapprove an application within 30 days after accepting the application as complete. (b) If the commissioner does not approve or disapprove an application within the time stated in Subsection (3)(a), the application is considered approved. (4) (a) The commissioner shall cause a supervisor to make an investigation of the facts relevant or material to an application. (b) The supervisor that conducts the investigation required by Subsection (4)(a) shall submit written findings and recommendations to the commissioner. (5) An application, any supplemental information furnished by the applicant, and the findings and recommendations of the supervisor may be inspected by any person at the department's office, except those portions of the application the commissioner declares to be confidential to prevent a clearly unwarranted invasion of privacy, pursuant to the applicant's request. (6) To protect the safety and soundness of the applicant, the commissioner may: (a) approve an application subject to the terms and conditions the commissioner considers necessary; or (b) disapprove an application. (7) (a) The commissioner's approval of any application under this section is considered revoked, unless the office is opened and operating within one year of the date approved by the commissioner for commencement of operations. (b) The commissioner may extend the date for activation for up to two additional periods of not more than six months each: (i) upon written application made before the expiration of a period; and (ii) for good cause shown. (8) An out-of-state depository institution with a branch in Utah is not subject to the requirements of this section if the office or branch to be established or relocated is located outside of Utah. (9) (a) For purposes of determining whether a nonexempt credit union may establish a branch, a nonexempt credit union is considered to be establishing a branch if the nonexempt credit union establishes: (i) notwithstanding Section 7-1-103, a loan production office; or (ii) any other office or facility that: (A) is owned or operated by: (I) the nonexempt credit union; or (II) a credit union service organization in which the nonexempt credit union holds an ownership interest; (B) is open to the public; and (C) provides any product or service of the nonexempt credit union to a member of the nonexempt credit union. (b) This section may not be interpreted as authorizing a loan production office to engage in any activity that a loan production office is not authorized to engage in under Section 7-1-715.
Utah Code § 7-1-619 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-619
§ 7-1-619. Savings promotion programs.
Status: in_force

(1) As used in this section: (a) "Prize period" means a period of time, designated by a depository institution, during which a qualifying account holder may submit an entry into the depository institution's savings promotion program for a chance to win a prize designated as the prize for that period. (b) "Qualifying account" means a savings account that qualifies the savings account holder for an entry into the saving account's depository institution's savings promotion program each time the holder of the savings account: (i) deposits a minimum amount of money specified by the depository institution into the savings account; and (ii) leaves the minimum deposit in the savings account for no less than an amount of time specified by the depository institution. (c) "Qualifying account holder" means a person who holds a qualifying account. (d) "Savings promotion program" means a contest: (i) that a depository institution conducts to encourage savings deposits; and (ii) in which a qualifying account holder is offered a chance to win a designated prize for each entry submitted in association with the qualifying account holder's qualifying account. (2) A depository institution may conduct a savings promotion program if: (a) no qualifying account holder is required to: (i) pay a fee or otherwise provide any consideration to submit an entry in the savings promotion program; or (ii) be present at a prize drawing in order to win; (b) any fee charged by a depository institution in connection with a qualifying account is comparable with a fee charged in connection with a comparable nonqualifying account the depository institution offers; (c) any interest rate a depository institution associates with a qualifying account is comparable to an interest rate associated with a comparable nonqualifying account the depository institution offers; (d) each entry in the savings promotion program during a single prize period has an equal chance of winning; and (e) the depository institution: (i) conducts the savings promotion program in a manner that does not: (A) jeopardize the depository institution's ability to operate in a safe and sound manner; or (B) mislead the depository institution's account holders; and (ii) fully discloses the terms and conditions of the savings promotion program to each of the depository institution's account holders. (3) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make rules that: (a) require a depository institution that conducts a savings promotion program to maintain all records the commissioner determines necessary for the administration and enforcement of this section; or (b) ensure that a depository institution conducts a savings promotion program in accordance with this section.
Utah Code § 7-16a-204 — Utah Code / Title 7 / Chapter 7-16a / § 7-16a-204
§ 7-16a-204. Department notification requirements.
Status: in_force

(1) (a) Except as provided in Subsection (3), an operator may not operate, relocate, or discontinue operating an automated teller machine unless the operator provides notice to the department in accordance with this section. (b) An operator may operate, relocate, or discontinue operating an automated teller machine 30 days from the day the department accepts the notice filed under this section as complete. (c) No later than 30 days before operating, relocating, or discontinuing the operation of an automated teller machine located in this state, the operator shall notify the department of the intent to operate, relocate, or discontinue the operation of the automated teller machine. (d) The notice required under Subsection (1)(a) shall state: (i) if operating or relocating an automated teller machine: (A) the proposed location of the automated teller machine; (B) whether the proposed location is permanent or temporary; and (C) the period the automated teller machine will be at the proposed location, if the location is temporary; and (ii) any information requested on a form prescribed by the department. (e) The department may not require the operator to pay a fee for filing the notice required under this Subsection (1). (2) The failure to provide notice to the department as required in Subsection (1) is a violation against which the commissioner may exercise the general enforcement powers set forth in Section 7-1-320. (3) This section does not apply to automated teller machines located at the main office or at a branch of a depository institution authorized to transact business in this state. (4) For purposes of this section, "discontinue" or "discontinuing" means an interruption in the operation of an automated teller machine of 30 days or more.
Utah Code § 7-28-110 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-110
§ 7-28-110. Recoupment or set off.
Status: in_force

(1) Except as provided in Subsection (2) or (3), a bank may not exercise a right of recoupment or set off against a special deposit. (2) An account agreement may authorize the bank to debit the special deposit: (a) when the bank becomes obligated to pay a beneficiary, in an amount that does not exceed the amount necessary to discharge the obligation; (b) for a fee assessed by the bank that relates to an overdraft in the special deposit account; (c) for costs incurred by the bank that relate directly to the special deposit; or (d) to reverse an earlier credit posted by the bank to the balance of the special deposit account, if the reversal occurs under an event or circumstance warranted under other law of this state governing mistake and restitution. (3) The bank holding a special deposit may exercise a right of recoupment or set off against an obligation to pay a beneficiary, even if the bank funds payment from the special deposit.
Utah Code § 7-9-9 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-9
§ 7-9-9. Amendment of articles of incorporation.
Status: in_force

(1) The articles of incorporation may be amended at meetings of the shareholders called for that purpose. (2) A notice of a meeting called for that purpose shall be given by mailing a copy thereof to each member at least 10 days prior to the date of the meeting or by giving notice as provided by the articles of incorporation and the bylaws of the credit union. Notice of meetings shall contain the proposed amendment. (3) A three-fourths vote of all members present shall be necessary to amend the articles. (4) No amendment shall be made without the approval of the commissioner.
Utah Code § 7-2-3 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-3
§ 7-2-3. Action for injunction against commissioner in possession -- Procedure -- Appeal.
Status: in_force

(1) (a) Whenever any institution or other person of which the commissioner has taken possession considers itself aggrieved by the taking, it may within 10 days after the taking apply to the court to enjoin further proceedings. (b) After ordering the commissioner to show cause why further proceedings should not be enjoined and after hearing the allegations and proofs of the parties and determining the facts, the court may: (i) dismiss the application; or (ii) enjoin the commissioner from further proceedings if the court finds the taking to be arbitrary, capricious, an abuse of discretion, or otherwise contrary to law. (c) If the court enjoins further proceedings, it shall order the commissioner to surrender possession of the institution in a manner and on terms designated by the court in the public interest. (d) Notice of any hearings shall be given to persons designated by the court in the manner designated by the court. (2) An appeal may be taken by the commissioner, a receiver, or liquidator appointed by the commissioner under Section 7-2-9, or by the institution from the judgment of the court as provided by law. An appeal from the judgment does not stay any judgment in favor of the commissioner, or a receiver or liquidator appointed by the commissioner. If the appeal is taken by the commissioner, or by a receiver or liquidator appointed by the commissioner, no bond is required. If the appeal is taken by the institution, a bond is required as provided by the Utah Rules of Civil Procedure.
Utah Code § 7-9-34 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-34
§ 7-9-34. Tax exemption of credit unions.
Status: in_force

(1) Except as otherwise provided in this section, credit unions organized under this chapter or prior law are exempt from taxation. (2) Any real property or any tangible personal property owned by the credit union shall be subject to taxation to the same extent as other similar property is taxed. (3) For purposes of the corporate tax, credit unions shall be governed by Section 59-7-102. (4) This section does not exempt credit unions from sales or use taxes, or fees owed to the department in accordance with this title and rules of the department.
Utah Code § 7-1-901 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-901
§ 7-1-901. Authorized insurance activities of depository institutions.
Status: in_force

(1) A depository institution authorized to do business in this state under this title may directly, or indirectly through a subsidiary or affiliate, engage in the following insurance activities: (a) engage in the insurance business as defined under Section 31A-1-301 except as may be limited by federal law; (b) act as an insurance producer or consultant as defined under Section 31A-1-301; or (c) engage in insurance adjusting as defined in Section 31A-26-102. (2) A depository institution, subsidiary, or affiliate, that engages in insurance activities authorized under Subsection (1) shall be subject to Title 31A, Insurance Code.
Utah Code § 7-9-2 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-2
§ 7-9-2. Description of credit unions.
Status: in_force

A credit union is a cooperative, nonprofit association, incorporated under this chapter to encourage thrift among its members, to create sources of credit at fair and reasonable rates of interest, and to provide an opportunity for its members to use and control their resources on a democratic basis in order to improve their economic and social condition.
Utah Code § 7-1-711 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-711
§ 7-1-711. Mobile facilities -- Approval required for operation.
Status: in_force

No financial institution may operate a mobile facility in this state at which deposits are received, checks paid, or money lent without the prior written approval of the commissioner.
Utah Code § 7-19-2 — Utah Code / Title 7 / Chapter 7-19 / § 7-19-2
§ 7-19-2. Supervisory acquisition or merger authorized or required by commissioner.
Status: in_force

Notwithstanding any provision of law to the contrary, the commissioner, or any receiver or liquidator appointed by the commissioner, may solicit offers from and authorize, require, or give effect to, a supervisory acquisition of, or a supervisory merger with respect to a failing or failed depository institution or failing or failed depository institution holding company by a Utah depository institution, an out-of-state depository institution, a Utah depository institution holding company, or an out-of-state depository institution holding company.
Utah Code § 7-9-39 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-39
§ 7-9-39. Voluntary merger.
Status: in_force

(1) A credit union may merge with another credit union under the existing charter of the other credit union when all of the following have occurred: (a) the majority of the directors of each merging credit union votes in favor of the merger plan; (b) the commissioner approves the merger plan; (c) subject to Subsection (7): (i) the majority of the members of each merging credit union present at a meeting called for the purpose of considering the merger plan votes to approve the merger plan; or (ii) the majority of the members of each merging credit union votes to approve the merger plan by means of United States Postal Service mail; and (d) (i) the National Credit Union Administration or its successor federal deposit insurance agency approves the merger plan and commits to insure deposits of the surviving credit union; or (ii) the commissioner approves the surviving credit union to operate without federal deposit insurance in accordance with Section 7-9-45. (2) Upon merger, the chair of the board and secretary of each credit union shall execute, and file with the department, a certificate of merger setting forth: (a) the time and place of the meeting of the board of directors at which the plan was approved; (b) the vote by which the directors approved the plan; (c) a copy of the resolution or other action by which the plan was approved; (d) the time and place of the meeting of the members at which the plan was approved; (e) the vote by which the members approved the plan; and (f) the effective date of the merger, which shall be: (i) the date on which the last approval or vote required under Subsection (1) was obtained; or (ii) a later date specified in the merger plan. (3) On the effective date of a merger: (a) the property, property rights, and interests of the merged credit union shall vest in the surviving credit union without deed, endorsement, or other instrument of transfer; and (b) the debts, obligations, and liabilities of the merged credit union are considered to have been assumed by the surviving credit union. (4) Except as provided in Subsection (5)(b), if the surviving credit union is chartered under this chapter, the residents of a county in the field of membership of the merging credit union may not be added to the field of membership of the surviving credit union, except that the surviving credit union: (a) may admit as a member any member of the merging credit union that is not in the field of membership of the surviving credit union if the member of the merging credit union was a member of that credit union at the time of merger; and (b) may service any member-business loan of the merging credit union until the member-business loan is paid in full. (5) (a) This section shall be interpreted, whenever possible, to permit a credit union chartered under this chapter to merge with a credit union chartered under any other law if the preservation of membership interest is concerned. (b) The commissioner may under Subsection (1)(b) approve a merger plan that includes the addition of the residents of a county in the field of membership of the merging credit union to the field of membership of the surviving credit union if the commissioner finds that: (i) the expansion of the field of membership of the surviving credit union is necessary for that credit union's safety and soundness; and (ii) the expanded field of membership of the surviving credit union meets the criteria stated in Subsection 7-9-52(3)(c). (6) If the commissioner approves a merger plan under Subsection (5)(b) under which the surviving credit union's field of membership after the merger will include residents of more than one county, Subsections (6)(a) through (e) apply to the surviving credit union. (a) The domicile-county of the surviving credit union is: (i) if the credit union does not have a field of membership under Subsection 7-9-53(2)(c), the county in which the credit union has located the greatest number of branches as of the date the merger is effective; or (ii) if the credit union has a field of membership under Subsection 7-9-53(2)(c), the county that is the domicile-county of the surviving credit union under Section 7-9-53; (b) Within the surviving credit union's domicile-county, the surviving credit union may establish, relocate, or otherwise change the physical location of the credit union's: (i) main office; or (ii) branch. (c) Within a county other than the domicile-county that is in the field of membership of the surviving credit union after the merger, the surviving credit union may not: (i) establish a main office or branch if the main office or branch was not located in the county as of the date that the merger is effective; (ii) participate in a service center in which it does not participate as of the date that the merger is effective; or (iii) relocate the surviving credit union's main office or a branch located in the county as of the date that the merger is effective unless the commissioner finds that the main office or branch is being relocated within a three-mile radius of the original location of the main office or branch. (d) After the merger, the surviving credit union may admit as a member: (i) a person in the surviving credit union's field of membership after the date that the merger is effective; or (ii) a person belonging to an association that: (A) is added to the field of membership of the credit union; and (B) resides in the domicile-county of the surviving credit union, as defined in Section 7-9-53. (e) In addition to any requirement under this Subsection (6), a surviving credit union shall comply with any requirement under this title for the establishment, relocation, or change in the physical location of a main office or branch of a credit union. (7) A vote of the membership of the surviving credit union is not required under Subsection (1)(c) if its board of directors determines that the merger will not have a significant effect on the organization, membership, or financial condition of the credit union.
Utah Code § 7-1-703 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-703
§ 7-1-703. Restrictions on acquisition of institutions and holding companies -- Enforcement.
Status: in_force

(1) Unless the commissioner gives prior written approval under Section 7-1-705, a person may not: (a) acquire, directly or indirectly, control of a depository institution or depository institution holding company subject to the jurisdiction of the department; (b) vote the stock of a depository institution or depository institution holding company subject to the jurisdiction of the department acquired in violation of Section 7-1-705; (c) acquire all or a material portion of the assets of a depository institution or a depository institution holding company subject to the jurisdiction of the department; (d) assume all or a material portion of the deposit liabilities of a depository institution subject to the jurisdiction of the department; (e) take any action that causes a depository institution to become a subsidiary of a depository institution holding company subject to the jurisdiction of the department; (f) take any action that causes a person other than an individual to become a depository institution holding company subject to the jurisdiction of the department; (g) acquire, directly or indirectly, the voting or nonvoting securities of a depository institution or a depository institution holding company subject to the jurisdiction of the department if the acquisition would result in the person obtaining more than 20% of the authorized voting securities of the institution if the nonvoting securities were converted into voting securities; or (h) merge or consolidate with a depository institution or depository institution holding company subject to the jurisdiction of the department. (2) (a) A person who willfully violates this section or a rule or order issued by the department under this section is subject to a civil penalty of not more than $1,000 per day during which the violation continues. (b) The commissioner may assess the civil penalty after giving notice and opportunity for hearing. (c) The commissioner shall collect the civil penalty by bringing an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration. (d) An applicant for approval of an acquisition is considered to have consented to the jurisdiction and venue of the court by filing an application for approval. (3) The commissioner may secure injunctive relief to prevent a change in control or impending violation of this section. (4) The commissioner may lengthen or shorten any time period specified in Section 7-1-705 if the commissioner finds it necessary to protect the public interest. (5) The commissioner may exempt a class of financial institutions from this section by rule if the commissioner finds the exception to be in the public interest. (6) The prior approval of the commissioner under Section 7-1-705 is not required for the acquisition by a person other than an individual of voting securities or assets of a depository institution or a depository institution holding company that are acquired by foreclosure or otherwise in the ordinary course of collecting a debt previously contracted in good faith if these voting securities or assets are divested within two years of acquisition. The commissioner may, upon application, extend the two-year period of divestiture for up to three additional one-year periods if, in the commissioner's judgment, the extension would not be detrimental to the public interest. The commissioner may adopt rules to implement the intent of this Subsection (6). (7) (a) An out-of-state depository institution without a branch in Utah, or an out-of-state depository institution holding company without a depository institution in Utah, may acquire: (i) a Utah depository institution only if it has been in existence for at least five years; or (ii) a Utah branch of a depository institution only if the branch has been in existence for at least five years. (b) For purposes of Subsection (7)(a), a depository institution chartered solely for the purpose of acquiring another depository institution is considered to have been in existence for the same period as the depository institution to be acquired, so long as it does not open for business at any time before the acquisition. (c) The commissioner may waive the restriction in Subsection (7)(a) in the case of a depository institution that is subject to, or is in danger of becoming subject to, supervisory action under Chapter 2, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, or, if applicable, the equivalent provisions of federal law or the law of the institution's home state. (d) The restriction in Subsection (7)(a) does not apply to an acquisition of, or merger transaction between, affiliate depository institutions.
Utah Code § 7-14-2 — Utah Code / Title 7 / Chapter 7-14 / § 7-14-2
§ 7-14-2. Legislative findings.
Status: in_force

The substantial financial loss to the state and to trade and commerce within this state resulting from the dishonor or other return of checks, drafts, or other orders for the payment of money, including transactions to be consummated by electronic means, requires concerted effort by financial institutions to attempt to minimize the number of such occurrences. The Legislature finds that to facilitate such concerted effort adequate protection against liability of the participating financial institutions is necessary.
Utah Code § 7-17-6 — Utah Code / Title 7 / Chapter 7-17 / § 7-17-6
§ 7-17-6. Liability of lender for failure to pay taxes, insurance premiums, or other charges.
Status: in_force

A lender administering a reserve account shall make timely payments of taxes, insurance premiums and other charges for which the account is established, if funds paid into the account by the borrower, his successors or assigns, are sufficient for the payments. Negligent failure to make the payments required for taxes, insurance premiums and other charges as they become due, from available funds in the reserve account, shall subject the lender to liability for all damages directly resulting from the failure; provided that this sentence does not deprive the lender of the right to present any defense it may have in any action brought to enforce the liability. Failure of the borrower or his successors or assigns to deliver promptly to the lender all notices of tax assessments and insurance premiums or other charges, received by the borrower, his successors or assigns, shall relieve the lender from liability under this section.
Utah Code § 7-2-11 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-11
§ 7-2-11. Special counsel -- Employment by attorney general.
Status: in_force

Upon taking possession of any institution or other person subject to the jurisdiction of the department, the commissioner may request the attorney general to employ special counsel on the commissioner's behalf to assist and advise the commissioner in connection with a liquidation or reorganization proceeding and the prosecution or defense of any action or proceeding connected with it.
Utah Code § 7-9-36 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-36
§ 7-9-36. Dissolution.
Status: in_force

(1) A credit union may be dissolved upon a majority vote of the entire membership. (2) A copy of a notice of a special meeting to consider the matter shall be mailed to the members of the credit union at least 10 days before the date of the meeting. (3) Any member not present at the meeting may within the following 20 days vote for or against dissolution by signing a statement approved by the commissioner. A vote cast in this manner has the same force and effect as if cast at the meeting. A member not voting within the 20-day period is considered to be in favor of the dissolution. (4) The officers of the credit union may appoint a liquidating agent, subject to the approval of the commissioner, who has the right to exercise all the powers of the dissolved credit union to wind up its affairs. If the liquidating agent is other than a bona fide trade association of authorized credit unions recognized by the commissioner, or the National Credit Union Administration, the liquidator shall provide a bond or other security, as required by the commissioner, for the faithful discharge of duties in connection with the liquidation, including accounting for all money collected. (5) Upon the vote required under this section, a certificate of dissolution, signed by the chair of the board and the secretary, shall be filed with the commissioner and shall state the vote cast in favor of dissolution, the proposed date upon which the credit union will cease to do business, the names and addresses of the directors and officers of the credit union and the name and address of the liquidating agent appointed by the officers of the credit union. The commissioner shall approve the dissolution unless he finds that the procedures set forth in this section have not been properly followed. (6) Upon approval, the credit union shall cease to do business except for the purpose of discharging its debts, collecting and distributing assets, and doing all acts required to adjust, wind up, and dissolve its business and affairs. It may sue and be sued for the purpose of enforcing debts or obligations until its affairs are fully adjusted. (7) If the board or the liquidating agent determines that all assets from which a reasonable return could be expected have been liquidated and distributed, it shall execute a certificate of dissolution in a form approved by the commissioner and file it with the department and the Division of Corporations and Commercial Code. After the certificate has been filed, the credit union is dissolved.
Utah Code § 7-26-202 — Utah Code / Title 7 / Chapter 7-26 / § 7-26-202
§ 7-26-202. Office of the Attorney General website.
Status: in_force

The Office of the Attorney General shall post on the Office of the Attorney General's website up-to-date information regarding financial scams, including: (1) the most prominent and common characteristics of financial scams; (2) current or trending financial scams; (3) resources for a vulnerable adult who suspects a financial scam; and (4) resources for an individual who suspects the financial exploitation of a vulnerable adult.
Utah Code § 7-25-407 — Utah Code / Title 7 / Chapter 7-25 / § 7-25-407
§ 7-25-407. Required deposits.
Status: in_force

If the commissioner finds any reasonable cause to believe that a licensee is in an unsafe or unsound condition or is unwilling or unable to pay its payment instruments when they come due, it may require the licensee to deposit funds in a financial institution acceptable to the commissioner in such amounts, for such period, and upon such conditions as the commissioner may specify, and may prohibit the licensee from issuing payment instruments for sale in Utah in an aggregate unpaid amount exceeding the amount of any such required deposit or the amount actually deposited pursuant to such a requirement, whichever is less.
Utah Code § 7-1-103 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-103
§ 7-1-103. Definitions.
Status: in_force

As used in this title: (1) (a) "Bank" means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. (b) "Bank" does not include: (i) a federal savings and loan association or federal savings bank; (ii) an industrial bank subject to Chapter 8, Industrial Banks; (iii) a federally chartered credit union; or (iv) a credit union subject to Chapter 9, Utah Credit Union Act. (2) "Banking business" means the offering of deposit accounts to the public and the conduct of such other business activities as may be authorized by this title. (3) (a) "Branch" means a place of business of a financial institution, other than its main office, at which deposits are received and paid. (b) "Branch" does not include: (i) an automated teller machine, as defined in Section 7-16a-102; (ii) a point-of-sale terminal, as defined in Section 7-16a-102; or (iii) a loan production office under Section 7-1-715. (4) "Commissioner" means the Commissioner of Financial Institutions. (5) Subject to Section 7-1-103.5, "control" means the power, directly or indirectly, or through or in concert with one or more persons, to: (a) direct or exercise a controlling influence over: (i) the management or policies of a financial institution; or (ii) the election of a majority of the directors or trustees of an institution; or (b) vote 25% or more of any class of voting securities of a financial institution. (6) "Credit union" means a cooperative, nonprofit association incorporated under: (a) Chapter 9, Utah Credit Union Act; or (b) 12 U.S.C. Sec. 1751 et seq., Federal Credit Union Act, as amended. (7) "Department" means the Department of Financial Institutions. (8) "Depository institution" means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that: (a) holds or receives deposits, savings, or share accounts; (b) issues certificates of deposit; or (c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. (9) (a) "Depository institution holding company" means: (i) a person other than an individual that: (A) has control over a depository institution; or (B) becomes a holding company of a depository institution under Section 7-1-703; or (ii) a person other than an individual that the commissioner finds, after considering the specific circumstances, is exercising or is capable of exercising a controlling influence over a depository institution by means other than those specifically described in this section. (b) Except as provided in Section 7-1-703, a person is not a depository institution holding company solely because it owns or controls shares acquired in securing or collecting a debt previously contracted in good faith. (10) "Financial institution" means an institution subject to the jurisdiction of the department because of this title. (11) (a) "Financial institution holding company" means a person, other than an individual that has control over a financial institution or a person that becomes a financial institution holding company under this chapter, including an out-of-state or foreign depository institution holding company. (b) Ownership of a service corporation or service organization by a depository institution does not make that institution a financial institution holding company. (c) A person holding 10% or less of the voting securities of a financial institution is rebuttably presumed not to have control of the institution. (d) A trust company is not a holding company solely because it owns or holds 20% or more of the voting securities of a financial institution in a fiduciary capacity, unless the trust company exercises a controlling influence over the management or policies of the financial institution. (12) "Foreign depository institution" means a depository institution chartered or authorized to transact business by a foreign government. (13) "Foreign depository institution holding company" means the holding company of a foreign depository institution. (14) "Home state" means: (a) for a state chartered depository institution, the state that charters the institution; (b) for a federally chartered depository institution, the state where the institution's main office is located; and (c) for a depository institution holding company, the state in which the total deposits of all depository institution subsidiaries are the largest. (15) "Host state" means: (a) for a depository institution, a state, other than the institution's home state, where the institution maintains or seeks to establish a branch; and (b) for a depository institution holding company, a state, other than the depository institution holding company's home state, where the depository institution holding company controls or seeks to control a depository institution subsidiary. (16) "Industrial bank" means a corporation or limited liability company conducting the business of an industrial bank under Chapter 8, Industrial Banks. (17) "Industrial loan company" means the same as that term is defined in Section 7-8-21. (18) "Insolvent" means the status of a financial institution that is unable to meet its obligations as they mature. (19) "Institution" means: (a) a corporation; (b) a limited liability company; (c) a partnership; (d) a trust; (e) an association; (f) a joint venture; (g) a pool; (h) a syndicate; (i) an unincorporated organization; or (j) any form of business entity. (20) "Institution subject to the jurisdiction of the department" means an institution or other person described in Section 7-1-501. (21) "Liquidation" means the act or process of winding up the affairs of an institution subject to the jurisdiction of the department by realizing upon assets, paying liabilities, and appropriating profit or loss, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. (22) "Liquidator" means a person, agency, or instrumentality of this state or the United States appointed to conduct a liquidation. (23) (a) "Money services business" includes: (i) a check casher; (ii) a deferred deposit lender; (iii) an issuer or seller of traveler's checks or money orders; and (iv) a money transmitter. (b) "Money services business" does not include: (i) a bank; (ii) a person registered with, and functionally regulated or examined by the Securities Exchange Commission or the Commodity Futures Trading Commission, or a foreign financial agency that engages in financial activities that, if conducted in the United States, would require the foreign financial agency to be registered with the Securities Exchange Commission or the Commodity Futures Trading Commission; or (iii) an individual who engages in an activity described in Subsection (23)(a) on an infrequent basis and not for gain or profit. (24) "Negotiable order of withdrawal" means a draft drawn on a NOW account. (25) (a) "NOW account" means a savings account from which the owner may make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties. (b) A "NOW account" is not a demand deposit. (c) The owner of a NOW account or any third party holder of an instrument requesting withdrawal from the account does not have a legal right to make withdrawal on demand. (26) "Out-of-state" means, in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. (27) "Person" means: (a) an individual; (b) a corporation; (c) a limited liability company; (d) a partnership; (e) a trust; (f) an association; (g) a joint venture; (h) a pool; (i) a syndicate; (j) a sole proprietorship; (k) an unincorporated organization; or (l) any form of business entity. (28) "Receiver" means a person, agency, or instrumentality of this state or the United States appointed to administer and manage an institution subject to the jurisdiction of the department in receivership, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. (29) "Receivership" means the administration and management of the affairs of an institution subject to the jurisdiction of the department to conserve, preserve, and properly dispose of the assets, liabilities, and revenues of an institution in possession, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. (30) "Savings account" means a deposit or other account at a depository institution that is not a transaction account. (31) "Savings and loan association" means: (a) a federal savings and loan association; and (b) an out-of-state savings and loan association. (32) "Service corporation" or "service organization" means a corporation or other business entity owned or controlled by one or more financial institutions that is engaged or proposes to engage in business activities related to the business of financial institutions. (33) "State" means, unless the context demands otherwise: (a) a state; (b) the District of Columbia; or (c) the territories of the United States. (34) "Subsidiary" means a business entity under the control of an institution. (35) "Technology service provider" means a person that provides a data processing service or activity that supports the financial services or Internet related services of a depository institution subject to the jurisdiction of the department, including supporting: (a) lending; (b) money transfers; (c) fiduciary activities; (d) trading activities; (e) deposit taking; (f) web services and electronic bill payments; (g) mobile applications; (h) system and software development and maintenance; and (i) security monitoring. (36) (a) "Transaction account" means a deposit, account, or other contractual arrangement in which a depositor, account holder, or other customer is permitted, directly or indirectly, to make withdrawals by: (i) check or other negotiable or transferable instrument; (ii) payment order of withdrawal; (iii) telephone transfer; (iv) other electronic means; or (v) any other means or device for the purpose of making payments or transfers to third persons. (b) "Transaction account" includes: (i) demand deposits; (ii) NOW accounts; (iii) savings deposits subject to automatic transfers; and (iv) share draft accounts. (37) "Trust company" means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. (38) "Utah depository institution" means a depository institution whose home state is Utah. (39) "Utah depository institution holding company" means a depository institution holding company whose home state is Utah.
Utah Code § 7-1-102 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-102
§ 7-1-102. Legislative findings, purpose, and intent.
Status: in_force

(1) The Legislature finds it is in the interest of the citizens of this state, and is the purpose of this title, to: (a) supervise, regulate, and examine persons, firms, corporations, associations, and other business entities furnishing depository, lending, and associated financial services in this state; (b) protect the interests of shareholders, members, depositors, and other customers of financial institutions operating in this state; (c) preserve the competitive equality of state chartered institutions as compared to federally chartered institutions, and of Utah depository institutions as compared to out-of-state and foreign depository institutions; (d) promote the availability, efficiency, and profitability of financial services in the communities of this state; (e) preserve the advantages of the dual banking system; (f) cooperate with federal regulators and regulators from other states in regulating financial institutions, in improving the quality of regulation, and in promoting the interests of this state in interstate matters; and (g) provide to the Commissioner of Financial Institutions sufficient powers and responsibilities to carry out these purposes. (2) It is the intent of the Legislature that the provisions of this title be interpreted to promote these purposes.
Utah Code § 7-1-301 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-301
§ 7-1-301. Powers and duties of commissioner -- Rulemaking.
Status: in_force

Without limiting the other powers, duties, and responsibilities specified in this title, the commissioner has the functions, powers, duties, and responsibilities with respect to an institution, person, or business subject to the jurisdiction of the department contained in this title, including the functions, powers, duties, and responsibilities described in Subsections (1) through (15). (1) The commissioner may govern the administration and operation of the department. (2) The commissioner may supervise the conduct, operation, management, examination, and statements and reports of examinations of financial institutions and other persons subject to the jurisdiction of the department. (3) (a) The commissioner may authorize a state chartered depository institution to engage in any activity it could engage in, and to grant to that institution all additional rights, powers, privileges, benefits, or immunities it would possess, if it were chartered under the laws of the United States. (b) The commissioner may authorize a depository institution chartered by this state to engage in any activity that a Utah branch of an out-of-state depository institution of the same class can engage in, and to grant to the Utah institution all additional rights, powers, privileges, benefits, or immunities it needs to engage in the activity. (c) In granting authority under this Subsection (3), the commissioner shall consider: (i) the need for competitive equality between institutions chartered by this state and institutions operating in this state that are chartered by another state or by the federal government; and (ii) the adverse effect on shareholders, members, depositors, and other customers of financial institutions chartered by this state if equal power and protection of those institutions, compared with federally chartered or out-of-state institutions of the same class, are not promptly available. (4) The commissioner may safeguard the interest of shareholders, members, depositors, and other customers of institutions and other persons subject to the jurisdiction of the department. (5) (a) The commissioner may establish criteria consistent with this title to be applied in granting applications for approval of: (i) a new institution; (ii) a new branch; (iii) the relocation of an office or branch; (iv) a merger; (v) a consolidation; (vi) a change in control of an institution or other person subject to the jurisdiction of the department; and (vii) other applications specified in this title. (b) The criteria established under Subsection (5)(a) may not be applied to make it more difficult for a state chartered institution to obtain approval of an application than for a federally chartered institution in the same class to obtain approval from the appropriate federal regulatory agency or administrator. (6) (a) The commissioner may protect the privacy of the records of any institution subject to the jurisdiction of the department pertaining to a particular depositor or other customer of the institution. Rules adopted under this Subsection (6) shall be consistent with federal laws and regulations applicable to the institution. (b) An institution that consents to produce records or that is required to produce records in compliance with a subpoena or other order of a court of competent jurisdiction or in compliance with an order obtained pursuant to Sections 7-1-1001 through 7-1-1007 shall be reimbursed for the cost of retrieval and reproduction of the records by the party seeking the information. The commissioner may by rule establish the rates and conditions under which reimbursement is made. (7) (a) The commissioner may classify the records kept by institutions subject to the jurisdiction of the department and to prescribe the period for which each class of records is retained. (b) Rules adopted under this Subsection (7) for any class of financial institution shall be consistent with federal laws and regulations applicable to the class. (c) Rules made under this Subsection (7) shall provide that: (i) An institution may dispose of any record after retaining it for the period prescribed by the commissioner for retention of records of its class. If an institution disposes of a record after the prescribed period, the institution has no duty to produce it in any action or proceeding and is not liable to any person by reason of that disposition. (ii) An institution may keep records in its custody in the form of microfilm or equivalent reproduction. A reproduction has the same force and effect as the original and shall be admissible into evidence as if it were the original. (d) In adopting rules under this Subsection (7), the commissioner shall take into consideration: (i) actions at law and administrative proceedings in which the production of the records might be necessary or desirable; (ii) state and federal statutes of limitation applicable to the actions or proceedings; (iii) the availability from other sources of information contained in these records; and (iv) other matters the commissioner considers pertinent in formulating rules that require institutions to retain their records for as short a period as commensurate with the interest in having the records available of: (A) customers, members, depositors, and shareholders of the institutions; and (B) the people of this state. (8) (a) The commissioner may establish reasonable classes of depository and other financial institutions including separate classes for: (i) banks and related institutions; (ii) credit unions; and (iii) industrial banks. (b) If the restrictions or requirements the commissioner imposes are not more stringent than those applicable under federal law or regulation to federally chartered institutions of the same class, the commissioner may establish the following for each class in a manner consistent with this title: (i) eligible classes and types of investments for the deposits and other funds of those financial institutions; (ii) minimum standards, in amounts sufficient to protect depositors and other creditors, for the amount and types of capital required to engage in the business conducted by each class or to obtain a license or to establish a branch or additional office of an institution of each class; (iii) eligible obligations, reserves, and other accounts to be included in the computation of capital; (iv) minimum liquidity requirements for financial institutions within each class in amounts sufficient to meet the demands of depositors and other creditors for liquid funds; (v) limitations on the amount and type of borrowings by each class of financial institution in relation to the amount of its capital and the character and condition of its assets and its deposits and other liabilities; (vi) limitations on the amount and nature of loans and extensions of credit to a person or related persons by each class of financial institution in relation to the amount of its capital; and (vii) limitations on the amount and nature of loans and extensions of credit by a financial institution or other person within each class to an executive officer, director, or principal shareholder of: (A) the institution or other person; (B) a company of which the institution or other person is a subsidiary; (C) a subsidiary of the institution or other person; (D) an affiliate of the institution; and (E) a company controlled by an executive officer, director, or principal shareholder of the institution. (9) The commissioner may define unfair trade practices of financial institutions and other persons subject to the jurisdiction of the department and to prohibit or restrict these practices. (10) The commissioner may establish reasonable standards to promote the fair and truthful advertising of: (a) services offered by a financial institution; (b) the charges for the services advertised under Subsection (10)(a); (c) the interest or other compensation to be paid on deposits or any debt instrument offered for sale by the institution; (d) the nature and extent of any: (i) insurance on deposits; (ii) savings accounts; (iii) share accounts; (iv) certificates of deposit; (v) time deposit accounts; (vi) NOW accounts; (vii) share draft accounts; (viii) transaction accounts; or (ix) any evidence of indebtedness issued, offered for sale, offered to sell or sold by a financial institution or other person subject to the jurisdiction of the department; and (e) the safety or financial soundness of a financial institution or other person subject to the jurisdiction of the department. (11) The commissioner may define what constitutes an impairment of capital for each class of financial institution or other person subject to the jurisdiction of the department. (12) The commissioner may designate days on which depository institutions are closed in accordance with Section 7-1-808. (13) The commissioner may regulate the issuance, advertising, offer for sale, and sale of a security to the extent authorized by Section 7-1-503. (14) The commissioner may require the officers of an institution or other person subject to the commissioner's jurisdiction to open and keep a standard set of books, computer records, or both for the purpose of keeping accurate and convenient records of the transactions and accounts of the institution in a manner to enable the commissioner, supervisors, and department examiners to readily ascertain the institution's true condition. These requirements shall be consistent with generally accepted accounting principles for financial institutions. (15) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may issue rules consistent with the purposes and provisions of this title, and may revise, amend, or repeal the rules adopted.
Utah Code § 7-28-108 — Utah Code / Title 7 / Chapter 7-28 / § 7-28-108
§ 7-28-108. When creditor process enforceable against bank.
Status: in_force

(1) Subject to Subsection (2), creditor process with respect to a special deposit is not enforceable against the bank holding the special deposit. (2) Creditor process is enforceable against the bank holding a special deposit with respect to an amount the bank is obligated to pay a beneficiary or a depositor if the process: (a) is served on the bank; (b) provides sufficient information to permit the bank to identify the depositor or the beneficiary from the bank's books and records; and (c) gives the bank a reasonable opportunity to act on the process. (3) (a) Creditor process served on a bank before the creditor process is enforceable against the bank under Subsection (2) does not create a right of the creditor against the bank or a duty of the bank to the creditor. (b) Other law determines whether creditor process creates a lien enforceable against the beneficiary on a contingent interest of a beneficiary, including a depositor as a beneficiary, even if not enforceable against the bank.
Utah Code § 7-2-1 — Utah Code / Title 7 / Chapter 7-2 / § 7-2-1
§ 7-2-1. Supervisory actions by commissioner -- Grounds -- Mergers or acquisitions authorized by commissioner -- Possession of business and property taken by commissioner.
Status: in_force

(1) An institution under the jurisdiction of the department is subject to supervisory actions by the commissioner under this chapter or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, if the commissioner, with or without an administrative hearing, finds that: (a) the institution is not in a safe and sound condition to transact its business; (b) an officer of the institution or other person has refused to be examined or has made false statements under oath regarding its affairs; (c) the institution or other person has violated its articles of incorporation or any law, rule, or regulation governing the institution or other person; (d) the institution or other person is conducting its business in an unauthorized or unsafe manner, or is practicing deception upon its depositors, members, or the public, or is engaging in conduct injurious to its depositors, members, or the public; (e) the institution or other person has been notified by its primary account insurer of the insurer's intention to initiate proceedings to terminate insurance; (f) the institution or other person has failed to maintain a minimum amount of capital as required by the department, any state, or the relevant federal regulatory agency; (g) the institution or other person is a depository institution that has failed or refused to pay its depositors in accordance with the terms under which the deposits were received, or has or is about to become insolvent; (h) the institution or other person or its officers or directors have failed or refused to comply with the terms of a legally authorized order issued by the commissioner or by any federal authority or authority of another state having jurisdiction over the institution or other person; (i) the institution or other person or its officers or directors have failed or refused, upon proper demand, to submit its records, books, papers, and affairs for inspection to the commissioner or to a supervisor or an examiner of the department; (j) the institution or other person or its officers or directors, after 30 days written notice, have failed to comply with or have continued to violate this title or any rule or regulation of the department issued under it; (k) any person who controls the institution or other person subject to the jurisdiction of the department has used the control to cause the institution or other person to be or about to be in an unsafe or unsound condition, to conduct its business in an unauthorized or unsafe manner, or to violate this title or any rule or regulation of the department issued under it; or (l) the remedies provided in Section 7-1-307, 7-1-308, or 7-1-313 are ineffective or impracticable to protect the interest of depositors, creditors, or members of the institution or other person, or to protect the interests of the public. (2) The commissioner may take any action described in Subsection (3) if: (a) he finds that: (i) any of the conditions set forth in Subsection (1) exist with respect to an institution under the jurisdiction of the department; and (ii) an order issued pursuant to Section 7-1-307, 7-1-308, or 7-1-313 would not adequately protect the interests of the institution's depositors, creditors, members, or other interested persons from all dangers presented by the conditions found to exist; or (b) two-thirds of the voting shares of an institution under the jurisdiction of the department that are eligible to be voted at any regular or special meeting of the shareholders of the institution are voted at the meeting in favor of a resolution consenting to the commissioner taking or causing to be taken any of the actions described below. (3) After making the requisite findings or receiving the consenting vote of shareholders under Subsection (2), the commissioner may: (a) without taking possession of the institution, authorize, or by order require or give effect to the acquisition of control of, the merger with, the acquisition of all or a portion of the assets of, or the assumption of all or a portion of the liabilities of the institution or other person by any other institution or entity approved or designated by the commissioner in accordance with Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies; or (b) take possession of the institution or other person subject to the jurisdiction of the department with or without a court order if an acquisition of control of, a merger with, an acquisition of all or a portion of the assets of, or an assumption of all or a portion of the liabilities of the institution or other person without taking possession does not appear to the commissioner to be practicable. (4) Upon taking possession of an institution or the person, the commissioner is vested by operation of law with the title to and the right to possession of all assets, the business, and property of the institution or other person subject to court order made under Section 7-2-3. While in possession of an institution or other person, the commissioner or any receiver or liquidator appointed by him may exercise any or all of the rights, powers, and authorities granted to the commissioner under this chapter, or may give effect to the acquisition of control of, the merger with, the acquisition of all or a portion of the assets of, or the assumption of all or a portion of the liabilities of an institution or other person subject to the jurisdiction of the department, under the provisions of Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. (5) An action of the commissioner under this section may only be enjoined or set aside upon a finding, after notice and hearing, that the action is arbitrary, capricious, an abuse of discretion, or otherwise contrary to law.
Utah Code § 7-9-39.5 — Utah Code / Title 7 / Chapter 7-9 / § 7-9-39.5
§ 7-9-39.5. Supervisory merger.
Status: in_force

If a credit union is merged with another credit union as a result of a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, the commissioner may permit the surviving credit union to have a field of membership that is larger than a field of membership permitted under Section 7-9-51.
Utah Code § 7-1-321 — Utah Code / Title 7 / Chapter 7-1 / § 7-1-321
§ 7-1-321. Powers and duties of commissioner to carry out purposes of title.
Status: in_force

The commissioner shall have such other powers, duties, and responsibilities as shall be necessary or appropriate to carry out the provisions and purposes of this title and to prevent evasion thereof, to promote and insure the safety, soundness, and stability of institutions subject to the jurisdiction of the department or to protect the interest of depositors and other customers of the institutions.