reglab/statecodes huggingface dataset:
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 17 - Interest on Mortgage Loan Reserve Accounts › Section 8 - Damages for lender's violation of act -- Limitations on recovery.

7-17-8.
Damages for lender's violation of act -- Limitations on recovery.
(1) Except as otherwise provided in this act, a lender who violates this act is liable to the borrower, his successors or assigns, for the actual damages suffered by the borrower, his assigns or successors, or $100, whichever is greater. If an action is commenced, the prevailing party may be awarded reasonable attorney's fees as determined by the court.
(2) A lender has no liability under this section if the court finds that written demand for payment of the claim of the borrower, his successors or assigns, was made on the lender not less than 30 days before commencement of the action and that the lender tendered to the borrower, his successors or assigns, prior to the commencement of the action, an amount not less than the damages awarded.
(3) A lender may not be held liable under this section for a violation of this act if the lender shows that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures to avoid such errors.
(4) A reserve account established or maintained in violation of this act is voidable, at the option of the borrower, his successors or assigns, at any time, but does not otherwise affect the validity of the loan, the security interest in the real property or any other obligation of the borrower.
(5) No action under this section may be brought more than one year after the date of the violation.
Amended by Chapter 378, 2010 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 17 - Interest on Mortgage Loan Reserve Accounts › Section 9 - Actions on accounts established prior to 1979 -- Limitations on recovery.

Effective 5/12/2015
7-17-9.
Actions on accounts established prior to 1979 -- Limitations on recovery.
(1) With respect to any reserve account established prior to July 1, 1979, and for which no legal action is pending as of January 1, 1979, no recovery shall be had in any action brought to require payment of interest on, or other compensation for, the use prior to July 1, 1979, of the funds in such account unless:
(a) An agreement in writing expressly so providing was executed by the borrower and the lender; or
(b) The borrower, or his successors or assigns, establishes by clear and convincing evidence an agreement between the parties that the lender would pay interest on or to otherwise compensate the borrower for the use of the funds in such account. Use in the loan documents of such words as "trust" or "pledge" alone does not establish the intent of the parties; and
(c) There is no federal law or regulation prohibiting the payment of interest on or otherwise compensating the borrower for the use of the funds in such an account.
(2) No action seeking payment of interest on or other compensation for the use of the funds in any reserve account for any period prior to July 1, 1979, shall be brought after June 30, 1981. Any recovery in any such action shall be limited to the four-year period immediately preceding the commencement of the action. No recovery shall be had in respect of any reserve account established prior to July 1, 1979, greater than if the provisions of Section 7-17-3 of this act were applicable to such accounts.
(3) With respect to any reserve account established prior to July 1, 1979, an agreement in writing between the lender and the borrower, or his successors or assigns, that:
(a) the provisions of Section 7-17-3 of this act shall apply to all payments made subsequent to July 1, 1979; or
(b) the borrower may exercise, for the period subsequent to July 1, 1979, either of the options provided in Section 7-17-4 of this act, shall bar any recovery by the borrower, his successors or assigns, for interest on or other compensation for the use of the funds in such account for any period prior to July 1, 1979.
Amended by Chapter 258, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 17 - Interest on Mortgage Loan Reserve Accounts › Section 10 - Applicability of act to accounts and actions thereon.

7-17-10.
Applicability of act to accounts and actions thereon.
The provisions of this act shall apply:
(1) to all reserve accounts; and
(2) to all actions filed after January 1, 1979, to recover interest on or other compensation for the use of the funds in any reserve account whether or not the reserve accounts were established prior to or subsequent to July 1, 1979.
Enacted by Chapter 124, 1979 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 1 - Title, Definitions, and Application of Law › Section 102 - Definitions.

7-18a-102.
Definitions.
As used in this chapter:
(1) "Agency" means a place of business of a foreign depository institution located in this state that is authorized to exercise the powers permitted in Section 7-18a-301.
(2) "Branch," when used in reference to a foreign depository institution, means a place of business of a foreign depository institution located in this state that is authorized to exercise the powers permitted in Section 7-18a-301.
(3) "Foreign person" means a person who is a citizen or national of a country, including any colony, dependency, or possession of such country, other than the United States.
(4) "Representative office" means a place of business of a foreign depository institution located in this state that is authorized to exercise powers permitted in Section 7-18a-301.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 1 - Title, Definitions, and Application of Law › Section 103 - Application of Utah Revised Business Corporation Act.

7-18a-103.
Application of Utah Revised Business Corporation Act.
A foreign depository institution authorized to transact business in this state through an agency, branch, or representative office shall comply with Title 16, Chapter 10a, Utah Revised Business Corporation Act.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 1 - Title, Definitions, and Application of Law › Section 104 - Application of Utah Financial Institutions Act.

7-18a-104.
Application of Utah Financial Institutions Act.
A foreign depository institution authorized under Section 7-18a-201 to transact business in this state through an agency, branch, or representative office is subject to this title.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 2 - Authorization Required to Conduct Business › Section 201 - Authorization required to transact business as a foreign depository institution agency, branch, or representative office.

7-18a-201.
Authorization required to transact business as a foreign depository institution agency, branch, or representative office.
(1) It is unlawful for a foreign depository institution to transact business in this state unless it transacts business through an agency, branch, or representative office authorized by the department or an agency of the federal government.
(2) Notwithstanding Subsection (1), a foreign depository institution that is not authorized to transact business through an agency, branch, or representative office in this state may make or enforce loans made in this state secured by liens on real or personal property located in this state.
(3) A foreign depository institution authorized to transact business through an agency, branch, or representative office in this state may transact business as an agent for an affiliated depository institution in accordance with Section 7-1-716.
(4) For purposes of Subsection (1), a foreign depository institution is not considered to be transacting business in this state solely because a subsidiary or affiliate transacts business in this state, including business that any depository institution subsidiary or affiliate may lawfully conduct in this state as an agent for the foreign depository institution in accordance with the laws of this state.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 2 - Authorization Required to Conduct Business › Section 203 - No concurrent maintenance of agencies or branches.

7-18a-203.
No concurrent maintenance of agencies or branches.
(1) A foreign depository institution authorized under this chapter to transact business through an agency or branch may not concurrently transact business in this state through an agency or branch authorized under federal law.
(2) A foreign depository institution authorized under federal law to transact business through an agency or branch in this state may not concurrently transact business through an agency or branch authorized under this chapter.
(3) A foreign depository institution authorized to transact business through an agency may not concurrently transact business through a branch in this state.
(4) A foreign depository institution authorized to transact business through a branch may not concurrently transact business through an agency in this state.
(5) Subsections (1) through (4) do not prohibit a foreign depository institution authorized to transact business through an agency or branch in this state from transacting business through a representative office.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 2 - Authorization Required to Conduct Business › Section 204 - Filing of amendments to articles of incorporation.

7-18a-204.
Filing of amendments to articles of incorporation.
(1) If a foreign depository institution authorized by this state to transact business in this state through an agency, branch, or representative office amends its articles of incorporation, the institution shall file with the department a copy and an accurate English translation of the amendment authenticated by the appropriate officer of the chartering country.
(2) Without obtaining an amended certificate of authority under Section 7-18a-205, the filing of the amendment may not:
(a) enlarge or alter the purpose for which the foreign depository institution is authorized to transact business in this state;
(b) authorize the foreign depository institution to transact business in this state under any name other than the name set forth in the certificate of authority issued by the department; or
(c) extend the duration of the foreign depository institution's corporate existence.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 2 - Authorization Required to Conduct Business › Section 205 - Amended certificate of authority to establish an agency, branch, or representative office.

7-18a-205.
Amended certificate of authority to establish an agency, branch, or representative office.
(1) A foreign depository institution authorized by this state to transact business in this state through an agency, branch, or representative office shall secure an amended certificate of authority if it:
(a) changes its corporate name;
(b) changes the duration of its corporate existence; or
(c) desires to expand or contract the purposes set forth in the foreign depository institution's prior application for certificate of authority.
(2) An application for an amended certificate of authority shall be filed with the department in a form prescribed by the commissioner.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 2 - Authorization Required to Conduct Business › Section 206 - Change of control of foreign depository institution.

7-18a-206.
Change of control of foreign depository institution.
A foreign depository institution authorized by this state to transact business through an agency, branch, or representative office in this state shall file with the commissioner a notice, in such form and containing such information as the commissioner may prescribe, no later than 14 days after the change of control of the foreign depository institution.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 2 - Authorization Required to Conduct Business › Section 207 - Annual renewal of certificate of authority.

7-18a-207.
Annual renewal of certificate of authority.
(1) A foreign depository institution may renew a certificate of authority, issued under Section 7-18a-202, to transact business in this state through an agency, branch, or representative office in a form prescribed by the commissioner.
(2) The application for renewal shall be submitted to the department no later than 60 days before the expiration of the certificate of authority.
(3) The certificate of authority may be renewed by the commissioner upon a determination, with or without examination, that the foreign depository institution:
(a) is in a safe and sound condition; and
(b) has complied with applicable provisions of the law.
(4) An application for renewal of certificate of authority shall be accompanied by the annual fee required by Subsection 7-1-401(5).
Amended by Chapter 260, 2000 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 3 - Powers › Section 301 - Powers of an agency, branch, or representative office of a foreign depository institution.

7-18a-301.
Powers of an agency, branch, or representative office of a foreign depository institution.
(1) Subject to the limitations set forth in Subsections (2) and (3), and notwithstanding any other law of this state, a foreign depository institution authorized by this state to transact business through an agency or branch shall transact business with the same rights, privileges, and powers as a Utah depository institution and shall be subject to all the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply under the laws of this state to a Utah depository institution.
(2) The general rights, powers, and privileges of a foreign depository institution authorized by this state to transact business through an agency or branch set forth in Subsection (1) are limited to the following:
(a) An agency may not accept any deposits from citizens or residents of the United States, other than credit balances that are incidental to or arise out of its exercise of other lawful powers, but it may accept deposits from persons who are neither citizens nor residents of the United States.
(b) An agency may pay checks or loan money.
(c) A branch operating in this state may not accept from citizens or residents of the United States deposits, other than credit balances that are incidental to or arise out of its exercise of other lawful powers, of less than $100,000.
(d) An agency or branch is not required to maintain federal deposit insurance.
(e) After considering the applicable limitations on the retail deposit-taking powers and privileges of an agency or branch of a foreign depository institution, the commissioner may, by rule or order, modify the applicability to an agency or branch, of any law of this state that is generally applicable to insured depository institutions doing business in this state.
(f) The commissioner may adopt such additional standards, conditions, or requirements, or modify the applicability of any existing standards, conditions, or requirements, by rule or order, as the commissioner may consider necessary to ensure the safety and soundness and the protection of creditors of the operations of an agency or branch of a foreign depository institution in this state.
(3) A foreign depository institution authorized by this state to transact business through a representative office may only:
(a) engage in loan production office activities authorized by Section 7-1-715;
(b) solicit new business;
(c) conduct research; or
(d) perform administrative functions expressly permitted by rule or order.
Amended by Chapter 378, 2010 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 4 - Operation › Section 401 - Separate assets.

7-18a-401.
Separate assets.
(1) Each foreign depository institution authorized to transact business in this state through an agency or branch shall keep the assets of its business in this state separate and apart from the assets of its business outside this state.
(2) The creditors of a foreign depository institution authorized to transact business in this state through an agency or branch arising out of transactions with, and recorded on the books of, the agency or branch shall be entitled to absolute preference and priority over the creditors of the foreign depository institution's offices located outside this state with respect to the assets of the foreign depository institution in this state.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 4 - Operation › Section 402 - Disclosure of lack of deposit insurance.

7-18a-402.
Disclosure of lack of deposit insurance.
Each foreign depository institution authorized to transact business in this state through an agency or branch shall give notice to the customers of the foreign depository institution, as prescribed by rule or order, that deposits and credit balances in the agency or branch are not insured by a federal deposit insurance agency.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 4 - Operation › Section 403 - Asset maintenance.

7-18a-403.
Asset maintenance.
(1) Each foreign depository institution authorized to transact business in this state through an agency or branch shall hold assets in this state consisting of currency, bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness, including loan participation agreements or certificates, or other obligations that are payable:
(a) in the United States in United States funds; or
(b) with the prior approval of the commissioner, in funds freely convertible into United States funds.
(2) The amount of assets required in Subsection (1) shall be in an amount not less than 108% of the aggregate amount of liabilities of the foreign depository institution appearing in the books, accounts, or records of its agency or branch located in this state, including acceptances, but excluding amounts due and other liabilities to other offices, agencies, or branches of, and wholly owned, except for a nominal number of directors' shares, subsidiaries of, the foreign depository institution, and such other liabilities as the commissioner shall determine.
(3) For the purposes of this section, the commissioner:
(a) shall value marketable securities at principal amount or market value, whichever is lower;
(b) may determine the value of any non-marketable bond, note, debenture, draft, bill of exchange, other evidence of indebtedness or other asset or obligation held by or owed to the foreign depository institution in this state; and
(c) in determining the amount of assets for the purpose of computing the above ratio of assets to liabilities in Subsection (2), may exclude in whole or in part any particular asset.
(4) The commissioner may require a foreign depository institution to deposit the assets required to be held in this state pursuant to this section with a Utah depository institution designated by the commissioner if, because of the existence or the potential occurrence of unusual and extraordinary circumstances, the commissioner considers it necessary or desirable:
(a) for the maintenance of a sound financial condition;
(b) for the protection of depositors, creditors, and the public interest; or
(c) to maintain public confidence in the business of an agency or branch.
(5) The assets held to satisfy the ratio of assets to liabilities prescribed by this section, shall include obligations of any person for money borrowed from an agency or branch of a foreign depository institution authorized to transact business in this state only to the extent that the total of these obligations of any person are not more than 10% of the assets considered for purposes of this section.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 5 - Possession of Foreign Depository Institutions by Commissioner › Section 501 - Supervisory actions by commissioner.

7-18a-501.
Supervisory actions by commissioner.
A foreign depository institution authorized by this state to transact business in this state through an agency, branch, or representative office is subject to supervisory actions by the commissioner under Chapter 2, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, if the commissioner, with or without an administrative hearing, finds:
(1) any of the circumstances set forth in Section 7-2-1;
(2) that the foreign depository institution is transacting business in or outside this state in an unsafe and unsound manner;
(3) that the foreign depository institution or its agency, branch, or representative office is in an unsafe and unsound condition;
(4) that the foreign depository institution has ceased to operate its agency, branch, or representative office without the prior approval of the commissioner as required in Section 7-18a-202;
(5) that the foreign depository institution or its agency or branch has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;
(6) that the foreign depository institution or its agency or branch has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any foreign or domestic bankruptcy, reorganization, insolvency, or moratorium law, or that any person has applied for any such relief under such law against the foreign depository institution and the foreign depository institution has by any affirmative act approved of or consented to such action or such relief has been granted;
(7) that a receiver, liquidator, or conservator has been appointed for the foreign depository institution, or that any proceeding for such an appointment or any similar proceeding has been initiated in the chartering country;
(8) that the foreign depository institution's existence or authority to transact depository institution business under the laws of the chartering country has been suspended or terminated; or
(9) that any fact or condition exists that, if it had existed at the time when the foreign depository institution applied for a certificate of authority to transact business through an agency, branch, or representative office in this state, would have been grounds for denying the application.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 18a - Utah Foreign Depository Institutions Act › Part 5 - Possession of Foreign Depository Institutions by Commissioner › Section 502 - Distribution of balance of assets.

7-18a-502.
Distribution of balance of assets.
(1) This section supersedes Subsection 7-2-15(3).
(2) When the commissioner has paid claims of each depositor and creditor of the foreign depository institution's agency or branch in this state whose claims have been proved and allowed the full amount of the claim, the commissioner shall transfer any remaining assets to the foreign depository institution in accordance with orders issued by the court.
(3)
(a) Notwithstanding Subsection (2), if the foreign depository institution has an office in another state of the United States that is in liquidation and the assets of the office appear to be insufficient to pay in full the creditors of that office, the court shall order the commissioner to transfer to the liquidator of that office the amount of any remaining assets as appears to be necessary to cover the insufficiency.
(b) If the foreign depository institution has two or more offices in a state other than this state and the assets of each office appear to be insufficient to pay in full the creditors of each office, and the amount of remaining assets is less than the aggregate amount of insufficiencies with respect to the offices, the court shall order the commissioner to distribute the remaining assets among the liquidators of the offices in a manner the court finds equitable.
Enacted by Chapter 63, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies › Section 1 - Definitions.

Effective 5/13/2014
7-19-1.
Definitions.
As used in this chapter:
(1) "Failing or failed depository institution" means a depository institution under the jurisdiction of the department:
(a) regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through (k) exist;
(b) that meets the requirements of Subsection 7-2-1(1)(l);
(c) whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2); or
(d) which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner.
(2) "Failing or failed depository institution holding company" means a depository institution holding company under the jurisdiction of the department:
(a) regarding which the commissioner makes a finding that any of the conditions set forth in Subsections 7-2-1(1)(a) through (k) exist;
(b) that meets the requirements of Subsection 7-2-1(1)(l);
(c) whose shareholders have consented to a supervisory action by the commissioner pursuant to Subsection 7-2-1(2);
(d) which is in the possession of the commissioner, or any receiver or liquidator appointed by the commissioner, pursuant to Chapter 2, Possession of Depository Institution by Commissioner; or
(e) whose subsidiary depository institution is a failing or failed depository institution.
(3) "Supervisory acquisition" means the acquisition of control, the acquisition of all or a portion of the assets, or the assumption of all or a portion of the liabilities, pursuant to Section 7-2-1, 7-2-12, or 7-2-18, of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, by:
(a) a Utah depository institution;
(b) an out-of-state depository institution;
(c) a Utah depository institution holding company; or
(d) an out-of-state depository institution holding company.
(4) "Supervisory merger" means the merger or consolidation, pursuant to Section 7-2-1, 7-2-12, or 7-2-18 of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, with:
(a) a Utah depository institution;
(b) an out-of-state depository institution;
(c) a Utah depository institution holding company; or
(d) an out-of-state depository institution holding company.
Amended by Chapter 189, 2014 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies › Section 2 - Supervisory acquisition or merger authorized or required by commissioner.

7-19-2.
Supervisory acquisition or merger authorized or required by commissioner.
Notwithstanding any provision of law to the contrary, the commissioner, or any receiver or liquidator appointed by the commissioner, may solicit offers from and authorize, require, or give effect to, a supervisory acquisition of, or a supervisory merger with respect to a failing or failed depository institution or failing or failed depository institution holding company by a Utah depository institution, an out-of-state depository institution, a Utah depository institution holding company, or an out-of-state depository institution holding company.
Amended by Chapter 49, 1995 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies › Section 3 - Waiver of procedures.

7-19-3.
Waiver of procedures.
The commissioner may waive any of the procedures of Section 7-1-705 or any regulation of the department if he considers it necessary to protect the interest of depositors, creditors, and other customers of a failing or failed depository institution or failing or failed depository institution holding company in a supervisory merger or a supervisory acquisition.
Amended by Chapter 1, 1986 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies › Section 4 - Rights and powers of acquired or resulting institution or holding company.

7-19-4.
Rights and powers of acquired or resulting institution or holding company.
Any depository institution or depository institution holding company acquired, or the resulting institution in a merger under the provisions of this chapter, has all the rights, powers, and privileges of any other depository institution of the same class under the laws of this state, the rules of the department, the applicable laws of the United States or any other state, and the rules and regulations of the primary federal regulatory agency with jurisdiction over that institution. These rights, powers, and privileges include, but are not limited to, acquiring control of, merging with, acquiring all or a portion of the assets of, or assuming all or a portion of the liabilities of, a Utah depository institution or Utah depository institution holding company.
Amended by Chapter 1, 1986 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies › Section 5 - Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner.

7-19-5.
Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner.
The commissioner may not authorize or require any transaction pursuant to Section 7-19-2 unless he determines that:
(1) the acquiring or resulting depository institution or depository institution holding company has demonstrated an acceptable record of meeting the credit needs of the communities which it serves; and
(2) the acquiring or resulting depository institution or depository institution holding company has a record of sound performance, capital adequacy, financial capacity, and efficient management such that the acquisition or merger will not jeopardize the financial stability of the acquired or merged depository institution and will not be detrimental to the interests of depositors, creditors, other customers of the depository institution, or to the public.
Amended by Chapter 1, 1986 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies › Section 5.5 - Transferred assets free of encumbrances.

7-19-5.5.
Transferred assets free of encumbrances.
(1) Any institution or other person to whom assets, business, and property are transferred pursuant to a supervisory merger or a supervisory acquisition shall take those assets, business, and property:
(a) free and clear of all liens, claims, and encumbrances that have been avoided or disallowed by the commissioner under Sections 7-2-6 and 7-2-12;
(b) free and clear of all unperfected liens, claims, and encumbrances pertaining to the assets, business, and property, except to the extent expressly assumed by the transferee; and
(c) subject to all allowed perfected liens, claims, security interests, and encumbrances relating to such assets, business, and property.
(2) Only those deposit liabilities and other liabilities, claims, and obligations of or against the transferring institution, its officers, directors, employees, and agents which are expressly assumed by the transferee shall be transferred or assigned pursuant to a supervisory merger or a supervisory acquisition. In addition, no such transferee shall be liable for any claim or obligation made against or attributable to acts or omissions of the commissioner, the department, or any of their agents, arising out of or related to the supervisory merger or the supervisory acquisition.
Amended by Chapter 229, 1987 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 19 - Acquisition of Failing Depository Institutions or Holding Companies › Section 9 - Commissioner's powers not limited -- Immunity -- Rules -- Reports.

7-19-9.
Commissioner's powers not limited -- Immunity -- Rules -- Reports.
(1) This chapter does not limit any power otherwise granted to the commissioner or to any depository institution or depository institution holding company by the laws of this state.
(2) The commissioner is not subject to any civil liability or penalty nor to any criminal prosecution for any error in judgment or discretion in any action taken or omitted by him in good faith under the provisions of this chapter.
(3) The commissioner may promulgate such rules and regulations as may be necessary to implement this chapter.
(4) By January 10 of each year, the commissioner shall report to the governor and the Legislature the nature and general terms and conditions of any supervisory acquisition or supervisory merger effectuated under the provisions of this chapter during the preceding year.
Enacted by Chapter 5, 1984 Special Session 2
Enacted by Chapter 5, 1984 Special Session 2
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 22 - Regulation of Independent Escrow Agents › Section 101 - Definitions -- Exemptions.

Effective 7/1/2020
7-22-101.
Definitions -- Exemptions.
(1) As used in this chapter:
(a) "Escrow" means an agreement, express or implied, that provides for one or more parties to deliver or entrust money, a certificate of deposit, a security, a negotiable instrument, a deed, or other property or asset to another person to be held, paid, or delivered in accordance with terms and conditions prescribed in the agreement.
(b) "Escrow agent" means a person that provides or offers to provide escrow services to the public.
(c) "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U.S.C. Sec. 5101 for federal licensing of mortgage loan originators.
(2) This chapter does not apply to:
(a) a trust company authorized to engage in the trust business in Utah in accordance with Chapter 5, Trust Business;
(b) a person other than an escrow agent regulated under this chapter that is exempted from the definition of trust business in Subsection 7-5-1(1);
(c) a depository institution chartered by a state or the federal government that is engaged in business as a depository institution in Utah;
(d) the Utah Board of Higher Education, the Utah Higher Education Assistance Authority, or the State Treasurer; and
(e) a person licensed under Title 31A, Insurance Code.
Amended by Chapter 365, 2020 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 22 - Regulation of Independent Escrow Agents › Section 102 - Authorization required.

7-22-102.
Authorization required.
Without prior authorization by the department, no person may perform escrow services, offer to perform escrow services, advertise that it performs escrow services, use the word "escrow" in a business name, or do any other thing that might reasonably cause anyone to believe that the person performs escrow services.
Enacted by Chapter 133, 1991 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 22 - Regulation of Independent Escrow Agents › Section 103 - Registration -- Fees -- Qualifications -- Rulemaking.

Effective 5/12/2015
7-22-103.
Registration -- Fees -- Qualifications -- Rulemaking.
(1)
(a) An escrow agent shall register with the department annually on or before December 31 of each year and pay a registration fee of $100.
(b) Registration of an escrow agent in accordance with this section includes all directors, officers, employees, and representatives of the escrow agent while acting in the course of the escrow agent's business.
(2) To register under this chapter an escrow agent shall provide the department:
(a) evidence satisfactory to the commissioner that the person is registered with the nationwide database;
(b) a financial statement; and
(c) any other information requested by the department.
(3) The commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, provide for the transition of persons registering with the nationwide database.
Amended by Chapter 284, 2015 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 22 - Regulation of Independent Escrow Agents › Section 104 - Net worth requirements.

7-22-104.
Net worth requirements.
An escrow agent shall at all times maintain a positive net worth no less than the greater of $50,000 or 10% of the agent's average daily escrow liabilities during the preceding 12 months, or during all preceding operations if less than 12 months. For purposes of this section, net worth shall be calculated in accordance with generally accepted accounting principles.
Enacted by Chapter 133, 1991 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 22 - Regulation of Independent Escrow Agents › Section 105 - Bond required.

7-22-105.
Bond required.
(1) Before furnishing any escrow services, each escrow agent shall file with the commissioner a surety bond in accordance with the following schedule:
Monthly AverageMinimum
Escrow LiabilitySurety Bond
Up to $10,000$10,000
$10,001 to 20,000$20,000
$20,001 to 30,000$30,000
$30,001 to 40,000$40,000
Above $40,000$50,000
(2) The surety bond shall name as beneficiaries:
(a) this state for payment of any costs incurred and charges made in connection with any escrow agent's insolvency or default, including costs and charges relating to an examination and receivership of any escrow agent; and
(b) when all claims and charges of the state have been paid in full, any person who has a claim against the surety on the bond based on any default or violation of any duty or obligation of the escrow agent.
(3) The total aggregate liability on the bond from all claims including legal fees and other costs incurred in connection with the bond may not exceed the amount of the bond.
(4) An applicant for registration as an escrow agent may, in lieu of and subject to the same surety conditions described in Subsection (2), deposit assets with or provide a letter of credit to the commissioner in the amount of the minimum surety bond required in Subsection (1).
Amended by Chapter 182, 1996 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 22 - Regulation of Independent Escrow Agents › Section 106 - Accounts to be maintained -- Records open to inspection -- Retention of records.

7-22-106.
Accounts to be maintained -- Records open to inspection -- Retention of records.
(1) Each escrow agent shall maintain in its main office sufficient books, accounts, and records for the department to determine at any time the escrow agent's financial condition, what duties and responsibilities the escrow agent has undertaken to perform and whether it is properly performing all such duties, and any other information considered necessary to determine whether the escrow agent is operating in a safe, competent, and lawful manner. The books, accounts, and records shall be maintained in accordance with generally accepted accounting principles and good business practice.
(2) For each individual escrow account, the escrow agent shall maintain the escrow agreement and all amendments, all instructions affecting the agreement, all related correspondence, and an individual ledger reflecting all activity pertinent to that account.
(3) Each escrow agent shall continuously maintain the following general accounts:
(a) a general ledger reflecting assets, liabilities, income, expense, and equity accounts;
(b) an escrow liability control ledger for all escrow accounts;
(c) a cash receipts and disbursements journal; and
(d) copies of all receipts and disbursements used as a medium of posting to individual escrow accounts.
(4) The records referred to in this section shall be reconciled at least monthly.
(5) All records pertaining to individual escrow accounts in Subsection (2) shall be maintained by the escrow agent for six years following the close of each account. All records relating to general accounts required in Subsection (3) shall be maintained for six years after the end of the fiscal year to which they relate.
Enacted by Chapter 133, 1991 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 22 - Regulation of Independent Escrow Agents › Section 107 - Examinations.

7-22-107.
Examinations.
The department may examine an escrow agent at any time. The scope and frequency of examinations shall be determined solely in the discretion of the department. In addition to annual registration fees, each escrow agent shall pay per diem assessments incident to an examination in accordance with Section 7-1-401.
Enacted by Chapter 133, 1991 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 22 - Regulation of Independent Escrow Agents › Section 108 - Segregation of accounts -- Duties specified by agreement -- Duties generally.

7-22-108.
Segregation of accounts -- Duties specified by agreement -- Duties generally.
(1) Each escrow agent shall place all funds received in escrow into separate federally insured depository accounts specifically denominated as trust accounts and shall allow no other funds to be placed into a trust account for any purpose. Funds may be paid from trust accounts only in accordance with the terms and conditions of the escrow agreement. An agent may maintain a general trust account and individual accounts for specific escrows in the agent's discretion, subject to any specific terms and conditions of an escrow agreement. Earnings on funds held in an escrow trust account may be periodically dispersed to the escrow agent if the escrow contract specifically provides for such disbursements. Otherwise, earnings on funds held in escrow may be paid out of the escrow account to any other party in accordance with the provisions of the escrow agreement if the agreement does not otherwise provide for payment of the earnings or any portion of the earnings on the escrow funds.
(2) All other assets or property received by an escrow agent in accordance with an escrow agreement shall be maintained in a manner which will reasonably preserve and protect the property from loss, theft, or damage, and which will otherwise comply with all duties and responsibilities of a fiduciary or bailee generally.
Enacted by Chapter 133, 1991 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 22 - Regulation of Independent Escrow Agents › Section 109 - Priority of claims in case of insolvency.

7-22-109.
Priority of claims in case of insolvency.
If the commissioner takes possession of the business and property of the escrow agent in accordance with Title 7, Chapter 2, Possession of Depository Institution by Commissioner, or if the escrow agent files or is involuntarily placed into bankruptcy, or if a receiver, conservator, or liquidator is appointed to administer the affairs of the escrow agent, the claims of persons for losses relating to funds or property held in escrow shall have the same priority as claims of depositors in Section 7-2-15.
Enacted by Chapter 133, 1991 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 23 - Check Cashing and Deferred Deposit Lending Registration Act › Part 1 - General Provisions › Section 102 - Definitions.

Effective 5/9/2017
7-23-102.
Definitions.
As used in this chapter:
(1) "Annual percentage rate" has the same meaning as in 15 U.S.C. Sec. 1606, as implemented by regulations issued under that section.
(2) "Business of cashing checks" means cashing a check for consideration.
(3) "Business of deferred deposit lending" means extending a deferred deposit loan.
(4) "Check" is as defined in Section 70A-3-104.
(5) "Check casher" means a person that engages in the business of cashing checks.
(6) "Deferred deposit lender" means a person that engages in the business of deferred deposit lending.
(7) "Deferred deposit loan" means a transaction where:
(a) a person:
(i) presents to a deferred deposit lender a check written on that person's account; or
(ii) provides written or electronic authorization to a deferred deposit lender to effect a debit from that person's account using an electronic payment; and
(b) the deferred deposit lender:
(i) provides the person described in Subsection (7)(a) an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction; and
(ii) agrees not to cash the check or process the debit until a specific date.
(8)
(a) "Electronic payment" means an electronic method by which a person:
(i) accepts a payment from another person; or
(ii) makes a payment to another person.
(b) "Electronic payment" includes a payment made through:
(i) an automated clearing house transaction;
(ii) an electronic check;
(iii) a stored value card; or
(iv) an Internet transfer.
(9) "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements for mortgage loan originators.
(10)
(a) "Refinance" means a new deferred deposit loan transaction whose proceeds are meant to satisfy the term or amount owed on an existing deferred deposit loan.
(b) "Refinance" does not mean:
(i) an extended payment plan under Section 7-23-403; or
(ii) a rollover.
(11) "Rollover" means the extension or renewal of the term of a deferred deposit loan.
Amended by Chapter 37, 2017 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 23 - Check Cashing and Deferred Deposit Lending Registration Act › Part 1 - General Provisions › Section 103.1 - Exemptions.

7-23-103.1.
Exemptions.
The following are not subject to the requirements of this chapter:
(1) a depository institution;
(2) a depository institution holding company;
(3) an institution directly or indirectly owned or controlled by one or more:
(a) depository institutions; or
(b) depository institution holding companies; or
(4) a person that cashes a check in a transaction:
(a) that is incidental to a retail sale of goods or services; and
(b) for consideration that does not exceed the greater of:
(i) 1% of the amount of the check; or
(ii) $1.
Renumbered and Amended by Chapter 96, 2008 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 23 - Check Cashing and Deferred Deposit Lending Registration Act › Part 1 - General Provisions › Section 104.1 - No effect on civil liability.

7-23-104.1.
No effect on civil liability.
Nothing in this chapter is intended to limit any civil liability that may exist against a check casher or deferred deposit lender for:
(1) breach of contract;
(2) violation of federal law; or
(3) other unlawful act.
Renumbered and Amended by Chapter 96, 2008 General Session