reglab/statecodes huggingface dataset:
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 313 - Requiring remedial action by institution in or about to be in unsound condition -- Assistance by insurers.

7-1-313.
Requiring remedial action by institution in or about to be in unsound condition -- Assistance by insurers.
(1) The commissioner may require any financial institution subject to the jurisdiction of the department that he finds to be or about to be in an unsafe or unsound condition to take corrective or remedial action as he 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.
Amended by Chapter 267, 1989 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 314 - Examination of institutions by commissioner or supervisor.

7-1-314.
Examination of institutions by commissioner or supervisor.
(1) The commissioner or the responsible supervisor shall visit and examine or cause to be visited and examined every depository institution and such other institutions subject to the jurisdiction of the department as the commissioner considers necessary or advisable.
(2) At every examination of a depository institution careful inquiry shall be made as to:
(a) the condition and resources of the institution examined;
(b) the mode of conducting and managing of its affairs;
(c) the actions of its directors and officers;
(d) the investment and disposition of its funds;
(e) the security offered to depositors and other customers;
(f) whether or not it is violating any provision of law relating to the institution or the business of the institution examined;
(g) whether or not it is complying with its articles of incorporation and bylaws; and
(h) such other matters as the commissioner may prescribe.
(3) The commissioner may, in his discretion, accept examinations of any institution which are made by federal examiners or examiners from other states having jurisdiction over that institution in lieu of any examination required under the laws of this state.
(4) The nature and extent of examination of institutions or other business entities not classified as depository institutions but otherwise subject to the jurisdiction of the department as provided in this title shall be such as the commissioner may determine to be necessary or appropriate in determining whether or not the business is being conducted in accordance with law and the regulations of the department.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 315 - Examination by board of directors required -- Report.

7-1-315.
Examination by board of directors required -- Report.
The commissioner may at any time require the board of directors of any or all institutions under his 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.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 316 - Forms for reports required from institutions.

7-1-316.
Forms for reports required from institutions.
The commissioner shall prescribe the forms for all reports required by law or regulation from financial institutions subject to the jurisdiction of the department and may change the forms at his discretion. The department shall furnish without charge upon the request of any such institution any blank form necessary or required by law.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 317 - Reports of condition called for by commissioner.

7-1-317.
Reports of condition called for by commissioner.
The commissioner may call upon any institution under the jurisdiction of the department for a report of its condition at the close of business on any day specified in the call within the preceding three months. The reports required shall be transmitted by the institution to the commissioner within 30 days after the date of the call. Reports prepared by an independent certified public accountant or reports accepted by supervisory agencies of the United States or other states shall be acceptable.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 318 - Reports of condition -- Form -- Falsification or failure to file.

7-1-318.
Reports of condition -- Form -- Falsification or failure to file.
(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.
Amended by Chapter 49, 1995 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 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.

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.
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 his jurisdiction which shall come to his notice, 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 his 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.
Amended by Chapter 38, 1993 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 320 - Actions to enjoin violations -- Bond not required -- Recovery -- Attorney's fees.

7-1-320.
Actions to enjoin violations -- Bond not required -- Recovery -- Attorney's fees.
(1) Whenever it appears to the commissioner that any person has engaged in or is about to engage in any act or practice constituting a violation of this title or any rule, regulation, or order of the commissioner or the department, he may bring an action in an appropriate court of general jurisdiction to enjoin the acts or practices and to enforce compliance with this title or any rule or order issued under this title. Upon a proper showing, a permanent or temporary injunction, restraining order, or extraordinary writ shall be granted and a receiver or conservator may be appointed for the defendant or the defendant's assets. The court may not require the commissioner to post a bond.
(2) If the court finds that the defendant in an action brought by the commissioner pursuant to this section has violated or is about to violate any provision of this title or any rule or order of the commissioner, the court may award to the department an amount not exceeding $10,000 per day for each day the defendant was in violation. The court may also award the department reasonable attorney's fees.
Amended by Chapter 133, 1991 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 321 - Powers and duties of commissioner to carry out purposes of title.

7-1-321.
Powers and duties of commissioner to carry out purposes of title.
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.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 322 - Orders of commissioner -- Writing -- Service -- Contents -- Enforcement.

7-1-322.
Orders of commissioner -- Writing -- Service -- Contents -- Enforcement.
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.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 323 - Regulation of interstate operations -- Coordination of efforts.

7-1-323.
Regulation of interstate operations -- Coordination of efforts.
(1) The commissioner may:
(a) examine, supervise, and regulate a branch operated in this state by a depository institution chartered by another state and take any action or issue any order with regard to that branch;
(b) examine, supervise, and regulate a branch operated in another state by a depository institution chartered by this state and take any action or issue any order with regard to that branch; and
(c) coordinate these activities with any other state or federal agency that shares jurisdiction over the institution.
(2) The commissioner may coordinate the examination, supervision, and regulation of any depository institution chartered by this state with the examination, supervision, and regulation of an affiliated depository institution operating in another state.
(3) The commissioner may take any reasonable and lawful action in furtherance of coordinating the regulation of interstate operations, including:
(a) negotiating and entering into cooperative agreements with an agency of another state or of the federal government;
(b) sharing information and reports in accordance with Section 7-1-802 with an agency that shares jurisdiction over the institution;
(c) accepting as sufficient, if appropriate, examination reports and other information compiled or generated by or for an agency that shares jurisdiction over the institution;
(d) contracting with an agency that shares jurisdiction over the institution to engage the services of its examiners at a reasonable rate of compensation;
(e) offering the services of the department's examiners at a reasonable rate of compensation to an agency that shares jurisdiction over the institution;
(f) collecting fees on behalf of, or receiving payment of fees through, an agency that shares jurisdiction over the institution; and
(g) cooperating in any other way with other supervisory agencies and professional associations to promote the efficient, safe, and sound operation and regulation of interstate depository institution activities, including the formulation of interstate examination policies and procedures and the drafting of model laws, rules, and agreements.
(4) A contract between the department and an agency that shares jurisdiction over a depository institution to provide examiners to aid in interstate examination and regulation is considered a sole source contract under Section 63G-6a-802.
Amended by Chapter 347, 2012 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 3 - Powers and Duties of Commissioner of Financial Institutions › Section 325 - Compliance with applicable federal law.

7-1-325.
Compliance with applicable federal law.
(1) As used in this section, "federal law" means:
(a) a statute passed by the Congress of the United States; or
(b) a final regulation:
(i) adopted by an administrative agency of the United States government; and
(ii) published in the code of federal regulations or the federal register.
(2)
(a) An institution subject to the jurisdiction of the department violates this title if the institution violates a federal law:
(i) that is applicable to the institution; and
(ii) pursuant to the terms of the federal law in effect on the day the institution violates the federal law.
(b) The department shall by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and consistent with this title, designate which one or more federal laws are applicable to an institution subject to the jurisdiction of the department.
(3) Except for criminal penalties, the department may enforce a violation described in Subsection (2) by taking any action:
(a) permitted by:
(i) this part;
(ii)Chapter 2, Possession of Depository Institution by Commissioner;
(iii)Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies;
(iv) in the case of a check casher or deferred deposit lender, Chapter 23, Check Cashing and Deferred Deposit Lending Registration Act; or
(v) in the case of a title lender, Chapter 24, Title Lending Registration Act; and
(b) including bringing an action permitted under this title in state court.
Amended by Chapter 96, 2008 General Session
Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 4 - Fees › Section 402 - Time for payment of fees -- Schedule of additional fees -- Revocation of permit or license for failure to pay fees.

7-1-402.
Time for payment of fees -- Schedule of additional fees -- Revocation of permit or license for failure to pay fees.
(1) All financial institutions or other persons under the jurisdiction of the department shall pay to the commissioner for the fiscal year beginning July 1, 1987, and annually thereafter, the fees, charges, and assessments for the costs of supervision, examination, and administration of the department and for processing all applications and notices as required under this title.
(2) All per diem and other examination fees shall be paid promptly upon order of the commissioner after completion of an examination. All other fees, unless otherwise provided, shall be assessed on July 1 and shall be payable to the commissioner on or before July 15.
(3) Any financial institution or other person subject to the jurisdiction of the department as of July 1 of each year shall pay the total fee for the fiscal year of July 1 through June 30.
(4) The commissioner may adopt a schedule of fees in addition to those provided in this section that may be assessed for services rendered by the department. These fees shall be reasonable and fair and shall reflect the cost of the services provided.
(5) The fees and assessments established in this section shall be in addition to any other fee or tax imposed by law.
(6) The commissioner may revoke the license or permit of any institution under the jurisdiction of the department for failure to pay the fees, charges, or assessments as provided in this title.
Amended by Chapter 133, 1991 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 4 - Fees › Section 403 - Funds and balances paid to treasurer -- Separate account -- Use of funds.

Effective 5/13/2014
7-1-403.
Funds and balances paid to treasurer -- Separate account -- Use of funds.
(1) The commissioner shall deposit unexpended balances and money accruing to the department with the state treasurer monthly. The unexpended balances and money accruing to the department constitute a separate account within the General Fund. No part of the account may revert to the General Fund except an amount as required by law to be transferred for general government and administrative costs.
(2) With the approval of the director of the Division of Finance, the commissioner may withdraw money from the account to pay costs and expenses of administration incurred in proceedings under Chapter 1, General Provisions, Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, or to use in connection with the rehabilitation, reorganization, or liquidation of an institution under the jurisdiction of the department.
(3) The commissioner, after consultation with the Board of Financial Institutions and with the approval of the director of the Division of Finance, may withdraw money from the account to promote, protect, and encourage the dual banking system and state-chartered institutions.
Amended by Chapter 189, 2014 General Session
Amended by Chapter 345, 2014 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 5 - Jurisdiction of Department › Section 501 - Institutions and persons subject to jurisdiction of department.

Effective 5/10/2016
7-1-501.
Institutions and persons subject to jurisdiction of department.
(1) As provided in this title and the rules of the department, the persons and institutions described in Subsection (2) are subject to:
(a) the jurisdiction of the department; and
(b) supervision and examination by the department.
(2) Subsection (1) applies to:
(a) a depository institution chartered under the laws of this state, including any out-of-state branch of the depository institution;
(b) a Utah depository institution chartered by the federal government, but only to the extent the application of this title is authorized by:
(i) federal law; or
(ii) the appropriate federal regulatory agency;
(c) a Utah branch of an out-of-state depository institution chartered under the laws of another state;
(d) a Utah branch of an out-of-state depository institution chartered by the federal government, but only to the extent the application of this title is authorized by:
(i) federal law; or
(ii) the appropriate federal regulatory agency;
(e) a service corporation or service organization, including a credit union service organization as defined in Section 7-9-3;
(f) a trust company;
(g) an escrow company;
(h) a person or institution engaged in this state in the business of:
(i) guaranteeing or insuring deposits, savings accounts, share accounts, or other accounts in depository institutions;
(ii) operating a loan production office for:
(A) a Utah depository institution;
(B) an out-of-state depository institution; or
(C) a foreign depository institution;
(iii) a check casher or deferred deposit lender, as defined in Section 7-23-102;
(iv) a title lender, as defined in Section 7-24-102; or
(v) money transmission, as defined in Section 7-25-102;
(i) a corporation or other business entity owning or controlling an institution subject to the jurisdiction of the department;
(j) subject to Subsection (3), a technology service provider that provides services to a depository institution subject to the jurisdiction of the department;
(k) a subsidiary or affiliate of an institution subject to the jurisdiction of the department; and
(l) any person or institution that, with or without authority to do so, transacts business as, or holds itself out as being, a depository institution, trust company, or any other person or institution described in this section as being subject to the jurisdiction of the department.
(3) A technology service provider is subject to regulation and examination by the commissioner to the same extent as if the service or activity of the technology service provider were being performed by the depository institution itself.
Amended by Chapter 288, 2016 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 5 - Jurisdiction of Department › Section 502 - Limitations on jurisdiction of department.

7-1-502.
Limitations on jurisdiction of department.
(1) The jurisdiction of the department with respect to the persons and institutions described in Section 7-1-501 is limited as follows:
(a) to the portion of the business activities conducted in this state or with residents of this state, whether conducted solely or jointly by combination or contract; and
(b) to business activities that the department is not prohibited from regulating by the United States Constitution or laws of the United States.
(2) The jurisdictional limitations in Subsection (1) do not prohibit the commissioner from requiring an institution described in Section 7-1-501 to make available for inspection and examination books and records applicable to its business activities in this state, conducted with residents of this state, or relevant to the safety or soundness of a branch in this state. These book and records may include any report filed with a federal or state supervisory agency having jurisdiction over the institution.
(3) Section 7-1-501 does not authorize the department to supervise or regulate, by setting interest rates or otherwise, the operation of money market mutual funds or similar investments subject to supervision and regulation by another department or agency of this state or of the United States.
Amended by Chapter 49, 1995 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 5 - Jurisdiction of Department › Section 505 - Rules and regulations governing persons or institutions not regulated under other chapters of title.

7-1-505.
Rules and regulations governing persons or institutions not regulated under other chapters of title.
With respect to any person or institution or class of institutions subject to the jurisdiction of the department under this part and not regulated or supervised under any other chapter of this title, the commissioner shall issue appropriate rules and regulations consistent with the purposes and provisions of this title governing the regulation, supervision, and examination of those persons, institutions, or classes of institutions.
Amended by Chapter 356, 2009 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 5 - Jurisdiction of Department › Section 507 - Assessing institution's record in meeting credit needs -- Requirements -- Remedial order.

7-1-507.
Assessing institution's record in meeting credit needs -- Requirements -- Remedial order.
(1) With respect to institutions subject to the jurisdiction of the department that are engaged in soliciting deposits or selling or offering for sale evidences of indebtedness or similar investments, the commissioner shall periodically assess the institution's record of meeting the credit needs of residents of this state in relation to the deposits received from or investments sold to residents of this state.
(2) The commissioner may not impose requirements more restrictive than those applicable to federally chartered or federally insured depository institutions doing business in this state.
(3) The commissioner may order an institution to take remedial action consistent with the safe and sound operation of the institution that will promote the availability of credit to Utah residents.
Amended by Chapter 161, 1987 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 5 - Jurisdiction of Department › Section 508 - Conviction for fraud or dishonest conduct as disqualification to serve as officer, director or employee or to take control of a depository institution -- Violation as misdemeanor.

7-1-508.
Conviction for fraud or dishonest conduct as disqualification to serve as officer, director or employee or to take control of a depository institution -- Violation as misdemeanor.
Except as may be expressly authorized by the commissioner, no person convicted of a felony or a misdemeanor involving fraud or dishonest conduct may serve as an officer, director, or employee of a depository institution. No such person, acting directly or indirectly or through or in concert with any one or more persons may acquire control of any depository institution. Violation of this paragraph is a class A misdemeanor.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 5 - Jurisdiction of Department › Section 510 - Examination of institutions -- Adoption of rules -- Requiring actions by institutions.

7-1-510.
Examination of institutions -- Adoption of rules -- Requiring actions by institutions.
If the commissioner finds that it is in the public interest and necessary to protect the depositors and other customers of a financial institution, he may:
(1) examine the books and records of any financial institution holding company and require the company to furnish whatever reports that he considers appropriate to properly supervise the company's financial institution subsidiaries;
(2) adopt and issue rules consistent with the purposes and provisions of this title as they pertain to financial institution holding companies; and
(3) require a financial institution holding company to take any action he finds reasonable and necessary to protect the interests of depositors, other customers, and creditors of any subsidiary financial institution, to maintain its solvency or to prevent its failure.
Amended by Chapter 161, 1987 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 601 - Adverse claim to account in depository institution -- Notice required -- Bond may be required for payment.

7-1-601.
Adverse claim to account in depository institution -- Notice required -- Bond may be required for payment.
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 him 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 attorneys' 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.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 602 - Final settlement of transaction account -- Limitation of action on accuracy of statement -- Duty to examine statement and notify of errors unaffected.

7-1-602.
Final settlement of transaction account -- Limitation of action on accuracy of statement -- Duty to examine statement and notify of errors unaffected.
(1) Two years after a statement of a checking or other transaction account has been rendered to a depositor, the account shall be considered finally adjusted and settled and its correctness conclusively presumed as of the date the statement is rendered.
(2) The depositor may not maintain an action on the correctness or accuracy of the statement of account unless it is commenced within two years next after the date the statement was rendered.
(3) For the purpose of this section a statement of account shall be considered rendered if at the time the statement is purported to have been made, the depository institution in the course of its business regularly mailed or otherwise delivered to its depositor customers monthly or at other regular intervals statements of their checking and other transaction accounts, itemizing debit and credit entries.
(4) The date the statement is rendered is considered to be the first day of the month following the period covered by the statement as evidenced by the record of the account kept by the depository institution.
(5) Nothing in this section relieves a depositor from the duties imposed under Section 70A-4-406 to examine the statement of account, when rendered by the depository institution, and to immediately notify the depository institution of any errors discovered in it, nor from the legal consequences of neglect of those duties.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 603 - Final settlement of savings account -- Limitation of action on accuracy of statement.

7-1-603.
Final settlement of savings account -- Limitation of action on accuracy of statement.
(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).
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 604 - Savings accounts -- Qualifications to hold -- Representation -- Transfer -- Holder treated as owner -- Exception.

7-1-604.
Savings accounts -- Qualifications to hold -- Representation -- Transfer -- Holder treated as owner -- Exception.
(1) Savings accounts may be opened and held solely and absolutely by any adult or minor individual, male or female, single or married in his or her own right or in trust or other fiduciary capacity for any such adult or minor.
(2) Savings accounts shall be represented only by the account of each savings account holder on the books of the depository institution.
(3) Savings accounts shall be transferable only on the books of the depository institution and only upon written application. Acceptance by the institution of the transferee as an account holder may only be upon terms approved by its board of directors. Nothing in this subsection shall be construed as prohibiting the transfer of part or all of the funds in a transaction account to a third party by means of checks, drafts, or other instruments or by electronic means.
(4) The institution may treat the holder of record of a savings account as the owner of the account for all purposes and may disregard any notice to the contrary, unless the institution has acknowledged, in writing, notice of a pledge of the savings account.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 605 - Savings accounts -- Special terms to be in writing.

7-1-605.
Savings accounts -- Special terms to be in writing.
Any special terms and provisions applicable to a savings account, the ownership of a savings account, or the conditions upon which withdrawals may be made, or all of those, shall be clearly and truthfully set forth in writing. The provisions appearing on a signature card or in rules and regulations for the account shall satisfy the foregoing requirements of this section.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 606 - Savings accounts and credit union share accounts -- Form of ownership certificate.

7-1-606.
Savings accounts and credit union share accounts -- Form of ownership certificate.
A certificate of ownership may be issued to each savings account or credit union share account holder of record as shown by the books of the institution and may be in separate certificate form, or from time to time incorporated in an account book, statement of account, certificate of savings account withdrawal value, or card, device or other evidence or means of access or identity or may be shown in book entry form on the books of the institution, at the discretion of the institution. An account established in statement, book entry or other form shall be evidenced by a written agreement and deposits shall be confirmed by issuance of a receipt or advice.
Amended by Chapter 8, 1983 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 607 - Lost or destroyed account book or certificate.

7-1-607.
Lost or destroyed account book or certificate.
If the holder of record of an account as shown by the books of a depository institution, or his legal representative, files with the institution an affidavit to the effect that the account book or certificate has been lost or destroyed and has not been pledged or assigned in whole or in part, the institution shall issue a new account book or certificate in the name of the holder of record. The new account book or certificate shall state that it is issued in lieu of the one lost or destroyed. The institution is not liable thereafter on the original account book or certificate. However, the board of directors of the institution shall, if in its judgment it is necessary, require a bond in an amount it considers sufficient to indemnify the institution against any loss which might result from the issuance of the new account book or certificate.
Amended by Chapter 378, 2010 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 608 - School or institutional savings plans authorized.

7-1-608.
School or institutional savings plans authorized.
A depository institution may contract with any public or non-public elementary or secondary school or institution of higher learning, or any public or charitable institution caring for minors, for the participation and implementation by the depository institution in any school or institutional savings plan, and it may accept savings accounts at the school or institution, either by its own collector or by any representative of the school or institution which becomes the agent of the depository institution for that purpose.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 609 - Payroll deduction savings -- Direct deposit of wages.

7-1-609.
Payroll deduction savings -- Direct deposit of wages.
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.
Amended by Chapter 90, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 610 - Attorney-in-fact as to savings account -- Institution immune from liability.

7-1-610.
Attorney-in-fact as to savings account -- Institution immune from liability.
Any depository institution may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals either in whole or in part from the savings account of a holder, whether minor or adult, until it is on actual notice of the revocation of his authority. No such institution shall be liable for damages, penalty, or tax by reason of any payment made under this section.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 611 - Deposit accounts of minors or married persons.

7-1-611.
Deposit accounts of minors or married persons.
(1) A depository institution may issue a deposit account to a married person or minor as the sole and absolute owner of the deposit account, and receive payment on the account by or for the owner, and pay withdrawals, accept pledges to the institution, and act in any other manner with respect to the account on the order of the married person or minor.
(2) A payment or delivery of rights to a married person or minor, or a receipt or acquisition signed by a married person or minor who holds a deposit account, shall be a valid and sufficient release and discharge of the institution for any payment so made or delivery of rights to the married person or minor.
(3) In the case of a minor, the receipt, acquittance, pledge, or other action required by the institution to be taken by the minor shall be binding upon the minor with like effect as if the minor were of full age and legal capacity.
(4) The parent or guardian of the minor may not in the capacity as parent or guardian have the power to attach or in any manner to transfer any deposit account issued to or in the name of the minor. However, in the event of the death of the minor, the receipt or acquittance of either parent or of a person standing in loco parentis to the minor shall be a valid and sufficient discharge of the institution for any sum or sums not exceeding in the aggregate $2,500, unless the minor gave written notice to the institution not to accept the signature of the parent or person.
Amended by Chapter 182, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 612 - Pledge or hypothecation of joint savings accounts.

7-1-612.
Pledge or hypothecation of joint savings accounts.
The pledge or hypothecation to any depository institution of all or part of a savings account in joint tenancy signed by any tenant or tenants whether minor or adult, upon whose signature or signatures withdrawals may be made from the account shall, unless the terms of the savings account provide specifically to the contrary, be a valid pledge and transfer to the institution of that part of the account pledged or hypothecated, and does not operate to sever or terminate the joint and survivorship ownership of all or any part of the account.
Amended by Chapter 378, 2010 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 613 - Incompetency of savings account owner.

7-1-613.
Incompetency of savings account owner.
When a savings account is held in any depository institution by a person who becomes incompetent and an adjudication of incompetency has been made by a court of competent jurisdiction, the institution may pay or deliver the withdrawal value of the savings account and any earnings that may have accrued on the account to the conservator for that person upon proof of his appointment and qualification. However, if the institution has received no written notice and is not on actual notice that the savings account holder has been adjudicated incompetent, it may pay or deliver the funds to the holder in accordance with the provision of the savings account contract, and the receipt or acquittance of the holder therefor shall be a valid and sufficient release and discharge of the institution for the payment or delivery so made.
Enacted by Chapter 16, 1981 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 616 - Authority to accept transaction accounts -- Payment of instruments.

Effective 5/13/2014
7-1-616.
Authority to accept transaction accounts -- Payment of instruments.
(1) A financial institution may accept or advertise that it accepts transaction accounts only if authorized to do so under federal or state law. An institution may submit a written request for this authority to the commissioner, except that an institution authorized to accept transaction accounts as of June 1, 1994, does not, in the first instance, need to request or be granted any additional authority. The commissioner shall grant the authority if the commissioner finds that:
(a) the institution has adequate capital and reserves in relation to the character and condition of its assets and its deposit and other liabilities;
(b) the deposits and other accounts held by the institution are insured or guaranteed by an agency of the federal government; and
(c) the management of the institution is qualified to handle transaction accounts.
(2) The commissioner may revoke, limit, or condition an institution's authority to accept and handle transaction accounts upon a finding that:
(a) the institution no longer meets the criteria set forth in Subsection (1); or
(b) it would be contrary to the public interest and the soundness of the financial system of this state to allow the institution to continue to accept or handle transaction accounts without limitation or condition.
(3) One or more depository institutions may, by written agreement, vary the terms of Title 70A, Chapter 3, Uniform Commercial Code - Negotiable Instruments, and Chapter 4, Uniform Commercial Code - Bank Deposits and Collections, for the purposes of facilitating the transfer, exchange, and prompt payment of instruments drawn on transaction accounts.
Amended by Chapter 189, 2014 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 617 - No concentration limit under state law.

7-1-617.
No concentration limit under state law.
(1) There is no state deposit cap or concentration limit under Utah law. A depository institution or depository institution holding company may control any percentage of the total deposits held within this state by all depository institutions of the same class.
(2) To the extent authorized by federal law, the commissioner may, on a case by case basis, waive any applicable federal deposit concentration limit that has the effect of being more limiting than Subsection (1). In making a decision to waive a federal deposit concentration limit, the commissioner shall apply a standard that does not discriminate against out-of-state depository institutions, upon a finding that the waiver promotes:
(a) the availability of financial services;
(b) the marketability of Utah depository institutions; or
(c) another public interest.
(3) This section does not affect the applicability, if any, of antitrust law.
Enacted by Chapter 49, 1995 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 1 - General Provisions › Part 6 - Deposit Accounts › Section 618 - Deposit production offices prohibited.

7-1-618.
Deposit production offices prohibited.
(1) Except as provided in Subsection (2), it is unlawful to establish or operate a deposit production office or similar office in this state for the purpose of soliciting deposits or similar evidence of indebtedness or participation interests in indebtedness.
(2) This prohibition does not apply to:
(a) activities conducted at a main office or branch of the depository institution conducting the activities; or
(b) activities conducted at the main office or branch of an affiliate depository institution acting as an agent to the extent permitted under Section 7-1-716.
Enacted by Chapter 49, 1995 General Session