Part 1 Citation, Purposes, Definitions, and Application
§ 7-1-101 Title.
§ 7-1-102 Legislative findings, purpose, and intent.
§ 7-1-103 Definitions.
§ 7-1-103.5 Control.
§ 7-1-104 Exemptions from application of title.
§ 7-1-105 Procedures -- Adjudicative proceedings.
§ 7-1-106 Venue for action or petition brought by commissioner.
Part 2 Department of Financial Institutions
§ 7-1-201 Creation of department -- Organization.
§ 7-1-202 Commissioner of financial institutions as executive officer -- Appointment -- Term -- Salary -- Qualifications.
§ 7-1-203 Board of Financial Institutions.
§ 7-1-204 Chief examiner -- Powers and duties.
§ 7-1-205 Supervisor of banks -- Responsibilities.
§ 7-1-207 Supervisor of industrial banks -- Responsibilities.
§ 7-1-208 Supervisor of credit unions -- Responsibilities.
§ 7-1-208.1 Supervisor of holding companies -- Qualifications -- Responsibilities.
§ 7-1-208.2 Deputy commissioner.
§ 7-1-208.3 Supervisor of money services businesses.
§ 7-1-209 Additional supervisors, examiners, and other personnel -- Compensation -- Travel expenses.
§ 7-1-210 Records of department required.
§ 7-1-211 Reports of commissioner to governor and Legislature.
§ 7-1-212 Background checks for employees.
§ 7-1-213 Compliance with training and certification requirements.
Part 3 Powers and Duties of Commissioner of Financial Institutions
§ 7-1-301 Powers and duties of commissioner -- Rulemaking.
§ 7-1-302 Review of supervisor's action by commissioner.
§ 7-1-303 Joint operations and information exchange by institutions.
§ 7-1-304 Civil actions against unauthorized operations.
§ 7-1-305 Final decisions on applications for new institutions, branches, relocation, merger, consolidation, acquisition and changes in control of financial institutions.
§ 7-1-307 Cease and desist orders -- Procedure for issuance.
§ 7-1-308 Suspension or removal of director or officer -- Grounds -- Procedure for issuance of order.
§ 7-1-309 Hearings by commissioner -- Discretion of commissioner -- Procedure -- Judicial review.
§ 7-1-310 Subpoena power of commissioner.
§ 7-1-311 Moratoriums on applications for new depository institutions or branches.
§ 7-1-312 Reports required of large stockholders of financial institutions as to loans secured by stock.
§ 7-1-313 Requiring remedial action by institution in or about to be in unsound condition -- Assistance by insurers.
§ 7-1-314 Examination of institutions by commissioner or supervisor.
§ 7-1-315 Examination by board of directors required -- Report.
§ 7-1-316 Forms for reports required from institutions.
§ 7-1-317 Reports of condition called for by commissioner.
§ 7-1-318 Reports of condition -- Form -- Falsification or failure to file.
§ 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.
§ 7-1-320 Actions to enjoin violations -- Bond not required -- Recovery -- Attorney fees.
§ 7-1-321 Powers and duties of commissioner to carry out purposes of title.
§ 7-1-322 Orders of commissioner -- Writing -- Service -- Contents -- Enforcement.
§ 7-1-323 Regulation of interstate operations -- Coordination of efforts.
§ 7-1-324 Debt cancellation agreements and debt suspension agreements.
§ 7-1-325 Compliance with applicable federal law.
Part 4 Fees
§ 7-1-401 Fees payable to commissioner.
§ 7-1-402 Time for payment of fees -- Schedule of additional fees -- Revocation of permit or license for failure to pay fees.
§ 7-1-403 Funds and balances paid to treasurer -- Separate account -- Use of funds.
Part 5 Jurisdiction of Department
§ 7-1-501 Institutions and persons subject to jurisdiction of department.
§ 7-1-502 Limitations on jurisdiction of department.
§ 7-1-503 Regulation of sale by financial institution of its securities -- Solicitation of deposit accounts restricted -- Violations.
§ 7-1-505 Rules and regulations governing persons or institutions not regulated under other chapters of title.
§ 7-1-507 Assessing institution's record in meeting credit needs -- Requirements -- Remedial order.
§ 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.
§ 7-1-510 Examination of institutions -- Adoption of rules -- Requiring actions by institutions.
Part 6 Deposit Accounts
§ 7-1-601 Adverse claim to account in depository institution -- Notice required -- Bond may be required for payment.
§ 7-1-602 Final settlement of transaction account -- Limitation of action on accuracy of statement -- Duty to examine statement and notify of errors unaffected.
§ 7-1-603 Final settlement of savings account -- Limitation of action on accuracy of statement.
§ 7-1-604 Savings accounts -- Qualifications to hold -- Representation -- Transfer -- Holder treated as owner -- Exception.
§ 7-1-605 Savings accounts -- Special terms to be in writing.
§ 7-1-606 Savings accounts and credit union share accounts -- Form of ownership certificate.
§ 7-1-607 Lost or destroyed account book or certificate.
§ 7-1-608 School or institutional savings plans authorized.
§ 7-1-609 Payroll deduction savings -- Direct deposit of wages.
§ 7-1-610 Attorney-in-fact as to savings account -- Institution immune from liability.
§ 7-1-611 Deposit accounts of minors or married persons.
§ 7-1-612 Pledge or hypothecation of joint savings accounts.
§ 7-1-613 Incompetency of savings account owner.
§ 7-1-616 Authority to accept transaction accounts -- Payment of instruments.
§ 7-1-617 No concentration limit under state law.
§ 7-1-618 Deposit production offices prohibited.
§ 7-1-619 Savings promotion programs.
Part 7 Authorization Required to Conduct Business
§ 7-1-701 Representing and transacting business as financial institution restricted -- Restricted names -- Penalty.
§ 7-1-702 Interstate acquisition, merger, and branching.
§ 7-1-703 Restrictions on acquisition of institutions and holding companies -- Enforcement.
§ 7-1-704 Authorization required to engage in business -- Exemptions -- Procedure.
§ 7-1-705 Approval required for certain transactions -- Application -- Grounds for disapproval.
§ 7-1-706 Application to commissioner to exercise power -- Procedure -- Notice.
§ 7-1-708 Establishing branches and relocating offices -- Application and procedure for approval -- Nonexempt credit unions.
§ 7-1-709 Branches -- Discontinuance of operation.
§ 7-1-710 "Agency" defined -- Purposes and establishment of agency.
§ 7-1-711 Mobile facilities -- Approval required for operation.
§ 7-1-712 Acquisition of office of another financial institution.
§ 7-1-801 False statement derogatory to financial condition of depository institution a misdemeanor -- Exemptions.
§ 7-1-802 Confidentiality of information received by department -- Availability of information.
§ 7-1-803 Conflicting interests of commissioner, supervisors, and examiners -- Loans and accounts -- Disclosure -- Penalty.
§ 7-1-806 Money market funds arranging with bank to honor two-party instruments -- Discouraging payment of interest to two persons on funds in transit -- Pyramiding and similar schemes as misdemeanors.
§ 7-1-807 Printed checks, drafts and orders -- Requirements -- Violation as misdemeanor.
§ 7-1-808 Closing days for depository institutions.
§ 7-1-809 Articles of incorporation -- Amended or restated articles of incorporation -- Prerequisites to filing.
§ 7-1-810 Limited liability companies.
Part 9 Depository Institution Insurance Powers
§ 7-1-901 Authorized insurance activities of depository institutions.
Part 10 Financial Information Privacy
§ 7-1-1001 Definitions -- Written consent or court order for disclosure by financial institution -- Exception.
§ 7-1-1002 Notice to person about whom information sought.
§ 7-1-1003 Intervention to challenge or stay order -- Burden on governmental entity.
§ 7-1-1004 Reimbursement of financial institution for costs of obtaining information.
§ 7-1-1005 Admissibility of information restricted.
§ 7-1-1006 Inapplicable to certain official investigations.
§ 7-1-1007 Liability of financial institutions.
Chapter 2 Possession of Depository Institution by Commissioner
§ 7-2-1 Supervisory actions by commissioner -- Grounds -- Mergers or acquisitions authorized by commissioner -- Possession of business and property taken by commissioner.
§ 7-2-2 Action to review the commissioner's actions -- Supervision of actions of commissioner in possession -- Authority of commissioner and court.
§ 7-2-3 Action for injunction against commissioner in possession -- Procedure -- Appeal.
§ 7-2-4 Consent required for institution to resume business.
§ 7-2-5 Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession.
§ 7-2-6 Possession by commissioner -- Notice -- Presentation, allowance, and disallowance of claims -- Objections to claims.
§ 7-2-7 Stay of proceedings against institution -- Relief.
§ 7-2-8 Special deputies or agents -- Appointment -- Bond.
§ 7-2-9 Conservatorship, receivership, or liquidation of institution -- Appointment of receiver -- Review of actions.
§ 7-2-10 Inventory of assets -- Listings of claims -- Report of proceedings -- Filing -- Inspection.
§ 7-2-11 Special counsel -- Employment by attorney general.
§ 7-2-12 Powers of commissioner in possession -- Sale of assets -- Postpossession financing -- New deposit instruments -- Executory contracts -- Transfer of property -- Avoidance of transfers -- Avoidable preferences -- Setoff.
§ 7-2-13 Collections in liquidation -- Deposit -- Preference.
§ 7-2-14 Expenses during possession.
§ 7-2-15 Priority of obligations, expenses, and claims -- Distribution of balance of assets.
§ 7-2-16 Interim ratable dividends.
§ 7-2-17 Disposition of records after liquidation.
§ 7-2-18 Plan for reorganization or liquidation of institution -- Hearing -- Procedure -- Effect -- Appeals.
§ 7-2-19 Suspension of payments by institution -- Order of commissioner -- Approval of governor -- Period effective -- Exempt payments -- Operation during suspension -- Modification of orders -- Adoption of rules and regulations.
§ 7-2-21 Applicability of Utah Procurement Code.
§ 7-2-22 Termination of authority to transact business.
§ 7-2-23 Limitation of action -- Tolling of period.
Chapter 3 Banks
§ 7-3-1 Application of chapter.
§ 7-3-2 Restrictions on conduct of banking business.
§ 7-3-3 "Banking business" defined -- Credit card banks -- Insurance of deposit accounts.
§ 7-3-3.2 Securities business permitted -- Activities conducted by subsidiary -- Disclosure statements required.
§ 7-3-10 Organization -- Powers, rights, and privileges of banking corporation -- Other business activities.
§ 7-3-12 Prohibited investments and loans.
§ 7-3-13 Changes in articles of incorporation restricted.
§ 7-5-103 Permit required to engage in trust business -- Exceptions.
§ 7-5-104 Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company.
§ 7-5-105 Withdrawal from trust business.
§ 7-5-106 Revocation of trust authority -- Procedure -- Violations.
§ 7-5-107 Confidentiality of communications and writings concerning trust -- Actions to protect property or authorized under probate laws not precluded.
§ 7-5-108 Management and investment of trust money.
§ 7-5-109 Segregation of trust assets -- Books and records required -- Examination -- Trust property not subject to claims or debts against trust company.
§ 7-5-110 Registration of investment in name of nominee -- Records -- Possession of investment.
§ 7-5-111 Lending trust funds to trust company, officer, director, or employee a felony.
§ 7-5-112 Self-dealing with trust property -- Own stock as trust property -- Policies for dealing with trust securities.
§ 7-5-113 Directors' audit of trust business -- Report available to commissioner or examiners -- Examinations in lieu of audit.
§ 7-5-114 Collective investment funds.
§ 7-5-115 Mergers, consolidations, acquisitions, transfers, or reorganizations involving entities engaged in trust business -- Succession of rights and duties -- Petition for appointment of another trust company.
§ 7-5-116 Assets of trust company in possession of the commissioner.
Chapter 8 Industrial Banks
§ 7-8-3 Organization -- Authorization to conduct business -- Deposit insurance.
§ 7-8-5 Acquisition of own stock restricted -- Capital requirements.
§ 7-8-7 Reports to commissioner.
§ 7-8-11 Dividends.
§ 7-8-13 Real estate acquisition, holding, and conveyance.
§ 7-8-14 Investment in property used in conduct of business.
§ 7-8-15 Bad debts.
§ 7-8-16 Registration of industrial bank holding company -- Filing and contents of statement -- Exemptions -- Rules.
§ 7-8-19 Meetings of the board of directors.
§ 7-8-20 Limitations on loans to one borrower -- Exceptions -- Rules.
§ 7-8-21 Application of chapter to industrial loan companies.
Chapter 9 Utah Credit Union Act
§ 7-9-1 Title.
§ 7-9-2 Description of credit unions.
§ 7-9-3 Definitions.
§ 7-9-5 Powers of credit unions.
§ 7-9-6 Formation of corporation to conduct credit union -- Approval of commissioner.
§ 7-9-7 Forms furnished by commissioner.
§ 7-9-9 Amendment of articles of incorporation.
§ 7-9-10 Filing amendment.
§ 7-9-11 Bylaws and amendments to be approved.
§ 7-9-12 Contents of bylaws.
§ 7-9-13 Fiscal year.
§ 7-9-14 Meetings.
§ 7-9-15 Appeals from board of directors or committees.
§ 7-9-16 Members -- Eligibility -- Liability -- Grounds for closing account -- Denial of membership.
§ 7-18a-103 Application of Utah Revised Business Corporation Act.
§ 7-18a-104 Application of Utah Financial Institutions Act.
Part 2 Authorization Required to Conduct Business
§ 7-18a-201 Authorization required to transact business as a foreign depository institution agency, branch, or representative office.
§ 7-18a-202 Application and fee to establish, relocate, or discontinue a foreign depository institution agency, branch, or representative office -- Certificate of authority.
§ 7-18a-203 No concurrent maintenance of agencies or branches.
§ 7-18a-204 Filing of amendments to articles of incorporation.
§ 7-18a-205 Amended certificate of authority to establish an agency, branch, or representative office.
§ 7-18a-206 Change of control of foreign depository institution.
§ 7-18a-207 Annual renewal of certificate of authority.
Part 3 Powers
§ 7-18a-301 Powers of an agency, branch, or representative office of a foreign depository institution.
§ 7-18a-302 Trust business.
Part 4 Operation
§ 7-18a-401 Separate assets.
§ 7-18a-402 Disclosure of lack of deposit insurance.
§ 7-18a-403 Asset maintenance.
Part 5 Possession of Foreign Depository Institutions by Commissioner
§ 7-18a-501 Supervisory actions by commissioner.
§ 7-18a-502 Distribution of balance of assets.
Chapter 19 Acquisition of Failing Depository Institutions or Holding Companies
§ 7-19-1 Definitions.
§ 7-19-2 Supervisory acquisition or merger authorized or required by commissioner.
§ 7-19-3 Waiver of procedures.
§ 7-19-4 Rights and powers of acquired or resulting institution or holding company.
§ 7-19-5 Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner.
§ 7-19-5.5 Transferred assets free of encumbrances.