reglab/housing_qa huggingface dataset:
UT Code § 7-2-21 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 2 - Possession of Depository Institution by Commissioner|Section 21 - Applicability of Utah Procurement Code.

7-2-21. Applicability of Utah Procurement Code.  No action of the commissioner taken under this chapter or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, is subject to the provisions of Title 63G, Chapter 6a, Utah Procurement Code.  Amended by Chapter 347, 2012 General Session
UT Code § 7-2-22 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 2 - Possession of Depository Institution by Commissioner|Section 22 - Termination of authority to transact business.

7-2-22. Termination of authority to transact business.  If an institution or other person subject to the jurisdiction of the department is operated by a federal deposit insurance agency or its appointee pursuant to a federal receivership or conservatorship for a period of 180 days or more, the authority of that institution or person to transact business under this title shall terminate upon the expiration of the 180-day period.  Enacted by Chapter 229, 1987 General Session
UT Code § 7-2-23 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 2 - Possession of Depository Institution by Commissioner|Section 23 - Limitation of action -- Tolling of period.

7-2-23. Limitation of action -- Tolling of period.    (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.    Enacted by Chapter 267, 1989 General Session
UT Code § 7-3-1 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 1 - Application of chapter.

 Effective 5/13/2014  7-3-1. Application of chapter.  This chapter applies to all banks organized under the laws of this state, to all other banks doing business in this state as permitted by the laws and Constitution of the United States, and to all persons conducting banking business in this state except as provided in Chapter 1, General Provisions. Amended by Chapter 189, 2014 General Session
UT Code § 7-3-2 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 2 - Restrictions on conduct of banking business.

7-3-2. Restrictions on conduct of banking business.    (1) The establishment or operation in this state of private or partnership banks is expressly prohibited.     (2) An institution may establish or maintain a main office or branch in this state at which to conduct banking business only if:   (a) it is legitimately chartered as a bank by a state, the federal government, or a foreign government; and     (b) in the case of a bank whose home state is not Utah, it is authorized to have a branch in Utah under the laws of this state and the laws of its home state.      Amended by Chapter 49, 1995 General Session
UT Code § 7-3-3 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 3 - "Banking business" defined -- Credit card banks -- Insurance of deposit accounts.

 Effective 5/12/2020  7-3-3. "Banking business" defined -- Credit card banks -- Insurance of deposit accounts.    (1)   (a) Except as provided under Subsection (1)(b), a person is considered to be conducting a banking business and is a bank subject to the provisions of this title that are applicable to banks if the person is authorized:   (i) under the laws of this:   (A) state;     (B) another state;     (C) the United States;     (D) the District of Columbia; or     (E) a territory of the United States; and       (ii)   (A) to accept deposits from the public; and     (B) to conduct such other business activities as may be authorized by statute or by the commissioner in accordance with Subsection 7-3-10(3).         (b) A person is not considered to be a bank subject to the provisions of this title that are applicable to banks if the person is authorized to conduct the business of:   (i) a federal savings and loan association;     (ii) a federal savings bank;     (iii) an industrial bank subject to Chapter 8, Industrial Banks;     (iv) a federally chartered credit union; or     (v) a credit union subject to Chapter 9, Utah Credit Union Act.         (2) A person authorized to operate as a bank in this state may operate as a credit card bank if it:   (a) engages only in credit card operations;     (b) does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others;     (c) does not accept a savings or time deposit of less than $100,000;     (d) maintains only one office that accepts deposits; and     (e) does not engage in the business of making commercial loans.       (3) All deposit accounts in banks or branches subject to the jurisdiction of the department shall be insured by the Federal Deposit Insurance Corporation or a successor to the Federal Deposit Insurance Corporation.    Amended by Chapter 354, 2020 General Session
UT Code § 7-3-10 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 10 - Organization -- Powers, rights, and privileges of banking corporation -- Other business activities.

 Effective 5/8/2018  7-3-10. Organization -- Powers, rights, and privileges of banking corporation -- Other business activities.    (1) A bank chartered under this chapter shall be:   (a) a domestic corporation under Title 16, Chapter 10a, Utah Revised Business Corporation Act; or     (b) subject to Section 7-1-810, including the requirement that the bank be an S Corporation immediately before becoming a limited liability company, a limited liability company created under Title 48, Chapter 3a, Utah Revised Uniform Limited Liability Company Act.       (2) A bank has all the rights, privileges, and powers necessary or incidental to carrying on the business of banking in addition to the powers granted:   (a) if the bank is a corporation, under Title 16, Chapter 10a, Utah Revised Business Corporation Act; or     (b) subject to Section 7-1-810, if the bank is a limited liability company, under Title 48, Chapter 3a, Utah Revised Uniform Limited Liability Company Act.       (3) The commissioner may, by rule or order, determine that necessary or incidental rights, privileges, and powers include:   (a) the rights, privileges, and powers held by national banks; or     (b) other business activities so long as the commissioner's determination is not inconsistent with the rules, regulations, or other actions of the board of governors of the Federal Reserve System under Section 4(c)(8) of the Bank Holding Company Act of 1956, 12 U.S.C. Sec. 1843(c)(8).       (4) The commissioner shall implement this section in a manner consistent with the purposes set forth in Section 7-1-102.    Amended by Chapter 281, 2018 General Session
UT Code § 7-3-12 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 12 - Prohibited investments and loans.

7-3-12. Prohibited investments and loans.    (1)   (a) Except as provided in Subsection (2), a bank may not make an investment or loan described in Subsection (1)(b) if the aggregate of the investments and loans described in Subsections (1)(b)(i) and (ii) plus any indebtedness incurred by any corporation holding the premises of the bank which is an affiliate of the bank, exceeds the greater of:   (i) the amount of the capital stock and surplus of the bank; or     (ii) 50% of the total capital accounts of the bank.       (b) If an investment or loan will violate Subsection (1)(a), a bank may not:   (i) invest in its own premises including furniture, fixtures and equipment, or in the stock, bonds, debentures, or other obligations of any corporation holding the premises of the bank; or     (ii) make loans to or upon the security of the stock of any corporation holding the bank's premises.         (2) A bank may make an investment or loan prohibited under Subsection (1) with the prior written approval of the commissioner if the bank can demonstrate reasonable need for the investment or loan to the commissioner.    Amended by Chapter 91, 1997 General Session
UT Code § 7-3-13 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 13 - Changes in articles of incorporation restricted.

7-3-13. Changes in articles of incorporation restricted.  No change shall be made in the articles of incorporation of any bank if the change would result in the impairment of the rights, remedies, or securities of depositors and other creditors of the bank.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-3-15 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 15 - Dividends allowed -- Surplus requirements.

 Effective 5/13/2014  7-3-15. Dividends allowed -- Surplus requirements.    (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.    Amended by Chapter 97, 2014 General Session
UT Code § 7-3-18 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 18 - Real estate acquisition, holding, and conveyance.

7-3-18. Real estate acquisition, holding, and conveyance.  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.  Amended by Chapter 8, 1983 General Session
UT Code § 7-3-19 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 19 - Limitations on loans and extensions of credit.

7-3-19. Limitations on loans and extensions of credit.    (1) The total loans and extensions of credit, including credit exposure to a derivative transaction, by a bank to a person outstanding at one time and not fully secured, as determined in a manner consistent with Subsection (2), by collateral having a market value at least equal to the amount of the loan or extension of credit may not exceed 15% of the amount of the bank's total capital.     (2)   (a) The total loans and extensions of credit, including credit exposure to a derivative transaction, by a bank to a person outstanding at one time and fully secured by readily marketable collateral having a market value, as determined by reliable and continuously available price quotations, at least equal to the amount of the funds outstanding may not exceed 10% of the total capital of the bank.     (b) The limitation of Subsection (2)(a) is separate from and in addition to the limitation described in Subsection (1).       (3)   (a) The limitations contained in Subsections (1) and (2) are subject to exceptions the commissioner may prescribe by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.     (b) A rule made under this section may not be inconsistent with law and regulations applicable to loan restrictions on national banks.       (4)   (a) The commissioner may, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, define the following terms as used in this section:   (i) "credit exposure to a derivative transaction";     (ii) "derivative";     (iii) "loans and extensions of credit"; and     (iv) "person".       (b) The definitions described under Subsection (4)(a) may not be inconsistent with those applicable to national banks.      Amended by Chapter 194, 2012 General Session
UT Code § 7-3-20 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 20 - Bank acquiring, holding, or accepting as collateral its own stock.

 Effective 5/13/2014  7-3-20. Bank acquiring, holding, or accepting as collateral its own stock.    (1) A bank may not accept as collateral or acquire its own stock except when the taking of the collateral or acquisition of the stock is necessary to prevent loss upon a debt previously contracted in good faith.     (2) If a bank acquires stock as permitted under Subsection (1), the bank shall sell the stock within 12 months from the date of the bank's acquisition.     (3) The value of all the stock held after acceptance or acquisition may not exceed 10% of the total capital of the bank.    Amended by Chapter 97, 2014 General Session
UT Code § 7-3-21 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 21 - Stock ownership by banks.

 Effective 5/13/2014  7-3-21. Stock ownership by banks.    (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.    Amended by Chapter 97, 2014 General Session
UT Code § 7-3-22 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 22 - Certificates and evidences of deposit binding -- Issuance of items intended to circulate as money prohibited.

7-3-22. Certificates and evidences of deposit binding -- Issuance of items intended to circulate as money prohibited.  All certificates or evidences of deposit made by the proper officers of any bank bind the bank with or without its corporate seal affixed. No bank shall issue any bill, note, or certificate intended to circulate as money.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-3-24 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 24 - Certification of check.

7-3-24. Certification of check.  It shall be unlawful for any bank to certify any check drawn upon the bank unless the person drawing the check has on deposit with the bank at the time the check is certified an amount of money equal to the amount specified in the check.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-3-25 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 25 - Bad debts.

7-3-25. Bad debts.  All demand and matured debts due to any bank on which interest is past due and has not been paid for a period of six months, unless they are well secured and in process of collection, are considered bad debts and shall be charged off to the reserve for loan losses account.  Amended by Chapter 200, 1994 General Session
UT Code § 7-3-26 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 26 - Overdraft as asset.

7-3-26. Overdraft as asset.  An overdraft of more than 90 days' standing may not be allowed as an asset of a bank, unless amply secured and in the process of collection.  Amended by Chapter 8, 1983 General Session
UT Code § 7-3-28 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 28 - Capital notes or debentures.

7-3-28. Capital notes or debentures.    (1) Any bank, with the prior written approval of the commissioner and the authorization by resolution of its board of directors may issue its convertible or nonconvertible capital notes or debentures. The issuance may be in the amounts, for the term, and contain provisions as may be approved by the commissioner.     (2) All such notes or debentures shall be subordinated to the claims of depositors and other creditors.     (3) The total amount of outstanding capital notes or debentures of any bank may not exceed such limitations as the commissioner may by regulation prescribe for the protection of depositors. The limitations prescribed may not be more restrictive than those prescribed for national banks.     (4) The amount of such outstanding capital notes or debentures not maturing within one year shall be added to the capital of the issuing bank for the purpose of determining the maximum amount that may be loaned to a single borrower by such bank as provided in this chapter.     (5) The commissioner may prescribe regulations for the protection of the bank's depositors and shareholders as, in the judgment of the commissioner, will effectuate the purposes of this section.    Amended by Chapter 8, 1983 General Session
UT Code § 7-3-30 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 30 - Board of directors to manage business -- Residency of directors.

7-3-30. Board of directors to manage business -- Residency of directors.  The business and affairs of a corporation conducting a banking business shall be managed by its board of directors. Directors are not required to be residents of this state or shareholders of the corporation unless its articles of incorporation or bylaws so require.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-3-31 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 31 - Oath of bank directors.

7-3-31. Oath of bank directors.  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.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-3-32 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 32 - Meetings of board of directors -- Reports -- Records -- Loans to officers, directors and principal shareholders.

7-3-32. Meetings of board of directors -- Reports -- Records -- Loans to officers, directors and principal shareholders.    (1) In this section "principal shareholder" means any officer, director, or person who directly or indirectly owns, controls, or has the power to vote more than 10% of any class of voting securities of the bank.     (2) The board of directors of every bank shall hold at least one regular meeting every three months. The board shall designate an officer or officers of the bank to prepare and submit reports to the board at every regular quarterly meeting in such detail as the board may direct. Such reports shall include pertinent information on the loans and investments, the transactions with affiliates, and the lines of credit and acquisitions of real estate made during the preceding quarter or since the last report. It shall also include information on delinquent loans, other possible losses, and such other information as the regulations of the department may require.     (3) At regular intervals at least twice each year, a report shall be made to the board of:   (a) the aggregate amount of all extensions of credit by the bank to its officers, directors, and principal shareholders and their related interests; and     (b) all extensions of credit from a correspondent bank of the bank to an executive officer or principal shareholder of the bank, since the last preceding report. The board of directors shall make the reports part of the record of the meeting, and the record shall show its action.      Amended by Chapter 177, 1990 General Session
UT Code § 7-3-33 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 33 - Examination of affairs by board of directors -- Purposes -- Frequency -- Report filed in bank records.

7-3-33. Examination of affairs by board of directors -- Purposes -- Frequency -- Report filed in bank records.    (1) Except as otherwise expressly provided in this chapter, it shall be the duty of the board of directors of every bank to examine or cause to be examined fully the books, papers, and affairs of the bank, and particularly the loans, discounts, and overdrafts thereof with a special view of ascertaining the value and security thereof and of the collateral security, if any, given in connection therewith, and to inquire into such other matters as the commissioner of financial institutions or bank examiner may require.     (2) The examination shall be made not less frequently than once within an 18-month period and at such other times as the commissioner may require.     (3) Within 30 days after the completion of the examination a report in writing thereof shall be made and placed on file with the records of the bank and shall be subject to examination by the commissioner or bank examiner.    Amended by Chapter 20, 1995 General Session