Utah Code § 7-1-101
Title
This title is known as the "Financial Institutions Act."
Utah Code Title 7 — Financial Institutions Act
Utah · statute · Utah Code tit. 7 · 363 active provisions
Utah Code § 7-1-102
Legislative findings, purpose, and intent
(1) The Legislature finds it is in the interest of the citizens of this state, and is the purpose of this title, to: (a) supervise, regulate, and examine persons, firms, corporations, associations, and other business entities furnishing depository, lending, and associated financial services in this state; (b) protect t…
Utah Code § 7-1-103
Definitions
As used in this title: (1) (a) "Bank" means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. (b) "Bank" does not include: (i) a federal savings and loan association or federal savings bank; (ii) an industrial bank subject to Chapter 8, Industrial…
Utah Code § 7-1-103.5
Control
(1) There is a rebuttable presumption that a person has control of a financial institution if the person has the power, directly or indirectly, or through or in concert with one or more persons, to vote more than 10% but less than 25% of any class of voting securities of a financial institution. (2) Except as provided…
Utah Code § 7-1-104
Exemptions from application of title
(1) This title does not apply to: (a) investment companies registered under the Investment Company Act of 1940, 15 U.S.C. Sec. 80a-1 et seq.; (b) securities brokers and dealers registered pursuant to: (i) Title 61, Chapter 1, Utah Uniform Securities Act; or (ii) the federal Securities Exchange Act of 1934, 15 U.S.C. Se…
Utah Code § 7-1-105
Procedures -- Adjudicative proceedings
The commissioner and the department shall, except to the extent exempted, comply with the procedures and requirements of Title 63G, Chapter 4, Administrative Procedures Act, in their adjudicative proceedings.
Utah Code § 7-1-106
Venue for action or petition brought by commissioner
If the commissioner brings an action in the district court under this title, the commissioner shall bring the action: (1) in accordance with Title 78B, Chapter 3a, Venue for Civil Actions; or (2) in the county where the office of the commissioner is located.
Utah Code § 7-1-201
Creation of department -- Organization
(1) There is created the Department of Financial Institutions that is responsible for the execution of the laws of this state relating to a financial institution or other person subject to this title, and relating to the businesses that the financial institution or other person conducts. (2) The department organization…
Utah Code § 7-1-202
Commissioner of financial institutions as executive officer -- Appointment -- Term -- Salary -- Qualifications
The chief executive officer of the Department of Financial Institutions shall be the commissioner of financial institutions who shall be appointed by the governor with the advice and consent of the Senate. The commissioner shall hold office for a term of four years following appointment and confirmation and until a suc…
Utah Code § 7-1-203
Board of Financial Institutions
(1) There is created a Board of Financial Institutions consisting of the commissioner and the following five members, who shall be qualified by training and experience in their respective fields and shall be appointed or reappointed by the governor with the advice and consent of the Senate: (a) one representative from…
Utah Code § 7-1-204
Chief examiner -- Powers and duties
(1) The commissioner shall designate an examiner as chief examiner, who shall be sufficiently qualified by training and experience in financial institutions or as an employee of a state or federal agency having supervision of financial institutions to perform the duties of the office. (2) The chief examiner shall serve…
Utah Code § 7-1-205
Supervisor of banks -- Responsibilities
(1) The commissioner shall designate an examiner as supervisor of banks, who shall be sufficiently qualified by training and experience in the banking business or as an employee of a state or federal bank supervisory agency to perform the duties of the office. (2) The supervisor of banks is responsible, subject to the…
Utah Code § 7-1-207
Supervisor of industrial banks -- Responsibilities
(1) The commissioner shall designate an examiner as supervisor of industrial banks who shall be sufficiently qualified by training and experience in the business of industrial banks or other financial institutions or as an employee of a state or federal agency supervising financial institutions to perform the duties of…
Utah Code § 7-1-208
Supervisor of credit unions -- Responsibilities
(1) The commissioner shall designate an examiner as supervisor of credit unions who shall be sufficiently qualified by training and experience in the business of credit unions or as an employee of a state or federal agency supervising credit unions to perform the duties of the office. (2) The supervisor of credit union…
Utah Code § 7-1-208.1
Supervisor of holding companies -- Qualifications -- Responsibilities
(1) The commissioner may designate an examiner as supervisor of holding companies who shall be a citizen of the United States and shall have sufficient training and experience with regard to holding companies to demonstrate the examiner's qualifications and fitness to perform the duties of the supervisor of holding com…
Utah Code § 7-1-208.2
Deputy commissioner
The commissioner may appoint a deputy commissioner who shall be a citizen of the United States and a member of the Utah State Bar, to serve at the pleasure of the commissioner. The deputy commissioner shall serve as staff attorney for the department and perform all other duties assigned to the deputy commissioner by th…
Utah Code § 7-1-208.3
Supervisor of money services businesses
(1) The commissioner shall designate an examiner as supervisor of money services businesses who shall be sufficiently qualified by training and experience in the business of money services businesses or other financial institutions or as an employee of a state or federal agency supervising financial institutions to per…
Utah Code § 7-1-209
Additional supervisors, examiners, and other personnel -- Compensation -- Travel expenses
(1) In addition to the supervisors under Sections 7-1-205 through 7-1-208.1 and 7-1-208.3, the commissioner may appoint additional supervisors as necessary. The commissioner may assign to any supervisor responsibility, subject to the direction and control of the commissioner, for the general supervision and examination…
Utah Code § 7-1-210
Records of department required
The commissioner shall keep as records of the department proper books showing all acts and matters and things done by the department.
Utah Code § 7-1-211
Reports of commissioner to governor and Legislature
The commissioner shall submit on or before October 1 of each year a report to the governor and to the Legislature containing information from the last report of condition furnished by each institution under the supervision of the department and any other proceeding had or done by the department showing generally the co…
Utah Code § 7-1-212
Background checks for employees
(1) As used in this section,"bureau" means the Bureau of Criminal Identification created in Section 53-10-201. (2) Beginning July 1, 2018, the department shall require current employees in, and all applicants for, the following positions to submit to a fingerprint-based local, regional, and national criminal history ba…
Utah Code § 7-1-213
Compliance with training and certification requirements
The department shall ensure that any training or certification required of a public official or public employee, as those terms are defined in Section 63G-22-102, complies with Title 63G, Chapter 22, State Training and Certification Requirements, if the training or certification is required: (1) under this title; (2) b…
Utah Code § 7-1-301
Powers and duties of commissioner -- Rulemaking
Without limiting the other powers, duties, and responsibilities specified in this title, the commissioner has the functions, powers, duties, and responsibilities with respect to an institution, person, or business subject to the jurisdiction of the department contained in this title, including the functions, powers, du…
Utah Code § 7-1-302
Review of supervisor's action by commissioner
The commissioner shall review, upon written request of the institution or other person affected, any act or order of a supervisor and may suspend, modify, or revoke any such act or order as the commissioner may find to be arbitrary, capricious, contrary to law or the rules and regulations of the department, or not in t…
Utah Code § 7-1-303
Joint operations and information exchange by institutions
The commissioner may authorize institutions subject to the jurisdiction of the department to engage in such joint and cooperative actions as the commissioner finds will be in the public interest, including: (1) mutual exchange of financial information as to depositors, borrowers, and other customers; (2) joint use of f…
Page 1 of 15Next →