reglab/housing_qa huggingface dataset:
UT Code § 7-3-34 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 34 - Contents of examination report of board of directors -- Failure to make and file report as misdemeanor.

7-3-34. Contents of examination report of board of directors -- Failure to make and file report as misdemeanor.  The report required by Subsection 7-3-33(3) shall contain a statement of the assets and liabilities of the bank as shown by its books, and any deductions for the assets or additions to the liabilities which the directors, an examining committee, or examiner after the examination, may recommend. It shall also contain a detailed statement of loans, if any, which in their opinion are worthless or doubtful, together with their reasons for so regarding them, also a statement of loans made on collateral security which in their opinion are insufficiently secured, giving in each case the amount of the loan, the name and market value of the collateral, if it has any market value, and, if without market value, a statement of that fact and its actual value as near as it is possible to ascertain. The report shall also contain a statement of overdrafts with the names of the persons owing the same and the amounts of those they consider worthless or doubtful, and a full statement of other matters which affect the solvency and soundness of the bank. If the directors of any bank wilfully fail to make and file, or cause to be made and filed, the examination and report in the manner and within the time specified, each director of the bank shall be guilty of a class C misdemeanor.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-3-35 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 35 - Examinations in lieu of directors' examination -- Report filed with board minutes.

7-3-35. Examinations in lieu of directors' examination -- Report filed with board minutes.    (1) With the approval of the commissioner, and under rules and regulations prescribed by him, any examination made during an 18-month period by the department, the applicable federal reserve bank or the Federal Deposit Insurance Corporation, or a certified audit prepared by an independent certified public accountant may be substituted for the directors' examination required under Section 7-3-33.     (2) If an examination by the department, the applicable federal reserve bank, or the Federal Deposit Insurance Corporation or an audit by a certified public accountant, is substituted for the directors' examination, the board of directors of the examined bank, or an examining committee appointed by the board shall prepare and file with the minutes of the board a detailed written report of the findings and recommendations based upon the examination. The report shall be in addition to any other requirements prescribed by the commissioner.    Enacted by Chapter 16, 1981 General Session
UT Code § 7-3-36 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 36 - Loans to officers, directors and stockholders.

7-3-36. Loans to officers, directors and stockholders.  A bank may lend its funds or extend credit to any executive officer or director of the bank or to any person who directly or indirectly owns, controls, or has the power to vote 10% or more of any class of voting securities of the bank only in the manner and to the extent that the commissioner may prescribe by regulation. Any limitations imposed by the commissioner under this section may not be more restrictive than those prescribed by regulations issued by the bank's federal supervisory or insuring agency.  Amended by Chapter 8, 1983 General Session
UT Code § 7-3-39 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 39 - Shareholders' right to examine bank records -- Records as to a particular customer.

7-3-39. Shareholders' right to examine bank records -- Records as to a particular customer.  Every shareholder of a bank shall have the right to examine the books and records of the bank as provided in Sections 16-10a-1601 through 16-10a-1604. Access to records pertaining solely to the deposits, borrowings, or other financial transaction of a particular customer shall be allowed to a shareholder of the bank upon the following conditions:  (1) a written request for such access is submitted to the board of directors of the bank stating its purpose and necessity;     (2) the board denies such request;     (3) the shareholder files a petition with a court of competent jurisdiction requesting an order granting such access;     (4) after hearing upon not less than 10 days' written notice to the bank and to the particular person whose records are involved, the court finds that the request for access is made in good faith and it is necessary to protect a legitimate interest of a shareholder;     (5) the court orders that the records of the bank pertaining to the particular customer be made available subject to such conditions as the court considers appropriate to protect the privacy of the customer; and     (6) the person seeking to inspect or obtain copies of such records reimburses the bank for the costs of search, retrieval, and reproduction of such records. The bank shall have no liability to the customer in providing to the shareholder of the bank access to such records in accordance with the terms and conditions of the order of the court.    Amended by Chapter 277, 1992 General Session
UT Code § 7-3-40 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 3 - Banks|Section 40 - Board of Bank Advisors.

 Affected by 63I-1-207 on 7/1/2022 7-3-40. Board of Bank Advisors.    (1) There is created a Board of Bank Advisors consisting of five members to be appointed by the governor as follows:   (a) each member of the board shall be an individual who is familiar with and associated with banks organized under this chapter; and     (b) at least three of the members of the board shall be individuals who:   (i) have had three or more years experience as a bank executive officer; and     (ii) are selected from a list submitted to the governor by an association in this state representing commercial banks.         (2)   (a) The board shall meet quarterly.     (b) Subject to Subsection (2)(a), meetings of the board shall be held on the call of the chair.       (3) The members of the board shall elect the chair of the board each year from the membership of the advisory board by a majority of the members present at the board's first meeting each year.     (4)   (a) Except as required by Subsection (4)(b), as terms of current board members expire, the governor shall appoint each new member or reappointed member to a four-year term.     (b) Notwithstanding the requirements of Subsection (4)(a), the governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of board members are staggered so that approximately half of the board is appointed every two years.       (5) When a vacancy occurs in the membership of the board for any reason, the replacement shall be appointed for the unexpired term.     (6) All members shall serve until their successors are appointed and qualified.     (7) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with:   (a) Section 63A-3-106;     (b) Section 63A-3-107; and     (c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.       (8) A majority of the members of the board shall constitute a quorum.     (9) The board has the duty to advise the governor and commissioner on problems relating to banks organized under this chapter and to foster the interest and cooperation of banks in the improvement of their services to the people of the state.    Amended by Chapter 286, 2010 General Session
UT Code § 7-5-2 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 2 - Permit required to engage in trust business -- Exceptions.

 Effective 5/13/2014  7-5-2. Permit required to engage in trust business -- Exceptions.    (1) No trust company shall accept any appointment to act in any agency or fiduciary capacity, including that of personal representative, executor, administrator, conservator, guardian, assignee, receiver, depositary, or trustee under order or judgment of any court or by authority of any law of this state or as trustee for any purpose permitted by law or otherwise engage in the trust business in this state, unless and until it has obtained from the commissioner a permit to act under this chapter. This provision does not apply to any bank or other corporation authorized to engage and lawfully engaged in the trust business in this state before July 1, 1981.     (2) Nothing in this chapter prohibits:   (a) any corporation organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, or Chapter 10a, Utah Revised Business Corporation Act, from acting as trustee of any employee benefit trust established for the employees of the corporation or the employees of one or more other corporations affiliated with the corporation;     (b) any corporation organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, and owned or controlled by a charitable, benevolent, eleemosynary, or religious organization from acting as a trustee for that organization or members of that organization but not offering trust services to the general public;     (c) any corporation organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, or Chapter 10a, Utah Revised Business Corporation Act, from holding in a fiduciary capacity the controlling shares of another corporation but not offering trust services to the general public; or     (d) any depository institution from holding in an agency or fiduciary capacity individual retirement accounts or Keogh plan accounts established under Section 401(a) or 408(a) of Title 26 of the United States Code.      Amended by Chapter 189, 2014 General Session
UT Code § 7-5-3 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 3 - Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company.

7-5-3. Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company.    (1) A person seeking authorization to become a trust company and engage in the trust business in this state shall file an application with the commissioner in the manner provided in Section 7-1-704, and shall pay the fee prescribed in Section 7-1-401.     (2) The commissioner shall, in deciding whether or not to approve the application, take into account:   (a) the character and condition of the applicant's assets;     (b) the adequacy of its capital;     (c) its earnings record;     (d) the quality of its management;     (e) the qualifications of any person proposed to be an officer in charge of the trust operations;     (f) the needs of the community for fiduciary services;     (g) the volume of business that the applicant will probably do; and     (h) any other relevant facts and circumstances, including the availability of legal counsel to advise and pass upon matters relating to the trust business.       (3) The commissioner may not apply criteria making it more difficult for a state chartered depository institution to obtain approval to engage in the trust business than for a federally chartered depository institution of the same class.     (4) The commissioner may impose such conditions when authorizing a person to engage in the trust business as he considers appropriate to protect the public interest.     (5) Upon receiving authorization from the commissioner to become a trust company and engage in the trust business, the trust company is qualified to act as fiduciary in any capacity without bond.    Amended by Chapter 200, 1994 General Session
UT Code § 7-5-4 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 4 - Withdrawal from trust business.

7-5-4. Withdrawal from trust business.  Any trust company which desires to withdraw from and discontinue doing a trust business shall furnish to the commissioner satisfactory evidence of its release and discharge from all the obligations and trusts undertaken by it, and after the company has furnished that evidence the commissioner shall revoke his certificate of authority to do a trust business previously issued to that trust company, and thereafter that trust company may not be permitted to use and may not use the word "trust" in its corporate name or in connection with its business, nor undertake the administration of any trust business.  Amended by Chapter 378, 2010 General Session
UT Code § 7-5-5 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 5 - Revocation of trust authority -- Procedure.

7-5-5. Revocation of trust authority -- Procedure.    (1)   (a) The commissioner may issue and serve upon a trust company a notice of intent to revoke the authority of the trust company to exercise the powers granted by this chapter, if, in the commissioner's opinion, the trust company:   (i) is unlawfully or unsoundly exercising the powers granted under this chapter;     (ii) has unlawfully or unsoundly exercised the powers granted under this chapter;     (iii) has failed, for a period of five consecutive years, to exercise the powers granted by this chapter;     (iv) fails or has failed to comply with requirements upon which its permit is conditioned; or     (v) fails or has failed to comply with any rule of the commissioner.       (b) The notice shall:   (i) contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply; and     (ii) fix the time and place at which a hearing will be held to determine whether an order revoking authority to execute those powers should issue against the trust company.         (2)   (a) If the trust company or its representative does not appear at the hearing, the commissioner may consider the trust company to be in default, and may issue a revocation order.     (b) If default has occurred, or if upon the record made at any hearing the commissioner finds that any allegation specified in the notice of charges has been established, the commissioner shall issue and serve upon the trust company an order:   (i) prohibiting it from accepting any new or additional trust accounts; and     (ii) revoking its authority to exercise any powers granted under this chapter.       (c) Any order issued under this section permits the trust company to continue to service all previously accepted trust accounts pending their expeditious divestiture or termination.       (3) A revocation order shall become effective 30 days after service of the order upon the trust company and shall remain effective and enforceable, unless it is stayed, modified, terminated, or set aside by action of the commissioner or by judicial review as provided for in Section 7-1-714.    Amended by Chapter 9, 2001 General Session
UT Code § 7-5-6 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 6 - Confidentiality of communications and writings concerning trust -- Actions to protect property or authorized under probate laws not precluded.

 Effective 5/13/2014  7-5-6. Confidentiality of communications and writings concerning trust -- Actions to protect property or authorized under probate laws not precluded.  Any trust company exercising the powers and performing the duties described in this chapter shall keep inviolate all communications and writings made to or by that trust company relating to the existence, condition, management or administration of any agency or fiduciary account confided to it and no creditor or stockholder of any such trust company shall be entitled to disclosure or knowledge of any such communication or writing, except that the directors, president, vice president, manager, treasurer, and trust officers, and any employees assigned to work on the trust business, and the attorney or auditor employed by it shall be entitled to knowledge of any such communication or writing and except that in any suit or proceeding relating to the existence, condition, management or administration of the account, the court in which the suit is pending may require disclosure of any such communication or writing. A trust company is not, however, precluded from filing an action in court to protect trust account property or as authorized under Title 75, Utah Uniform Probate Code. Amended by Chapter 189, 2014 General Session
UT Code § 7-5-8 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 8 - Segregation of trust assets -- Books and records required -- Examination -- Trust property not subject to claims or debts against trust company.

 Effective 5/13/2014  7-5-8. Segregation of trust assets -- Books and records required -- Examination -- Trust property not subject to claims or debts against trust company.  A trust company exercising the powers to act as an agent or fiduciary under this chapter shall segregate all assets held in any agency or fiduciary capacity from the general assets of the company and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this chapter. These books and records shall be open to inspection by the commissioner and shall be examined by him or by examiners appointed by him as provided in Chapter 1, General Provisions, or examined by other appropriate regulating agencies or both. Property held in an agency or fiduciary capacity by a trust company is not subject to claims or debts against the trust company. Amended by Chapter 189, 2014 General Session
UT Code § 7-5-9 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 9 - Registration of investment in name of nominee -- Records -- Possession of investment.

7-5-9. Registration of investment in name of nominee -- Records -- Possession of investment.    (1) A trust company may cause any security, as defined in Section 75-1-201, held in its agency or fiduciary capacity to be registered and held in the name of a nominee or nominees of the trust company. The trust company shall be liable for the acts of any such nominee with respect to any investment so registered. Investments other than securities held in the name of a nominee on June 30, 1981, may continue to be held in that manner.     (2) The records of the trust company shall at all times show the ownership of any such investment, which investment shall be in the possession or control of the trust company and be kept separate and apart from the assets of the trust company.    Amended by Chapter 93, 2010 General Session
UT Code § 7-5-10 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 10 - Lending trust funds to trust company, officer, director, or employee as felony.

7-5-10. Lending trust funds to trust company, officer, director, or employee as felony.  Unless expressly permitted in the instrument creating a trust account or by a person authorized to give that permission or by a court order as permitted in Section 75-7-802, no trust company shall lend to itself or to any officer or director or employee of the trust company any funds held in any trust account under the powers conferred in this chapter. Any officer, director or employee making such a loan, or to whom such a loan is made, is guilty of a third degree felony.  Amended by Chapter 89, 2004 General Session
UT Code § 7-5-11 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 11 - Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities.

 Effective 5/13/2014  7-5-11. Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities.    (1) Except as provided in Section 7-5-7, in Title 75, Utah Uniform Probate Code, or as authorized under the instrument creating the relationship, a trust company may not invest funds held as an agent or fiduciary in stock or obligations of, or with such funds acquire property from, the trust company or any of its directors, officers or employees, nor shall a trust company sell property held as an agent or fiduciary to the company or to any of its directors, officers, or employees.     (2) A trust company may retain and vote stock of the trust company or of any of its affiliates received by it as assets of any trust account or in any other fiduciary relationship of which it is appointed agent or fiduciary, unless the instrument creating the relationship otherwise provides.     (3) Every trust company shall adopt written policies and procedures regarding decisions or recommendations to purchase or sell any security to facilitate compliance with federal and state securities laws. These policies and procedures, in particular, shall prohibit the trust company from using material inside information in connection with any decision or recommendation to purchase or sell any security.    Amended by Chapter 189, 2014 General Session
UT Code § 7-5-12 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 12 - Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.

7-5-12. Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.  A committee of the board of directors, exclusive of any active officers of the trust department, of every trust company authorized to engage in the trust business in this state shall, at least once during a 15-month period, make a suitable audit of the trust business operations of the institution or cause a suitable audit to be made by auditors responsible only to the board of directors and shall ascertain whether the trust business operations of the institution have been administered in accordance with law and sound fiduciary principles. A report of the audit, together with the action taken thereon, shall be made available to the commissioner, his examiners, or the examiners of other trust company regulating agencies upon request. An examination by the state or other trust company regulating agencies or both made during the same period may be substituted for this audit.  Amended by Chapter 9, 1983 General Session
UT Code § 7-5-13 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 13 - Collective investment funds.

7-5-13. Collective investment funds.    (1) A person authorized to engage in the trust business in this state may:   (a) establish collective investment funds that authorize participation by fiduciary or trust accounts of the trust company, its 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 its chartering authority to establish a collective investment fund in which its affiliates may participate; and     (ii) the plan establishing the collective investment fund specifically authorized the participation.         (2) Funds held by a trust company may be invested collectively in a collective investment fund in accordance with the rules prescribed by the appropriate governmental regulatory agency or agencies, if this investment is not specifically prohibited under the instrument, judgment, decree, or order creating the regulatory relationship.     (3) Unless ordered to do so by a court of competent jurisdiction, a trust company operating collective investment funds is not required to render a court accounting with regard to those funds; but it may, by application to the district court, secure approval of such an accounting on such conditions as the court may establish.     (4) This section applies to all relationships in existence on or after May 1, 1989.    Amended by Chapter 267, 1989 General Session