Utah Code § 7-18a-203
No concurrent maintenance of agencies or branches
Utah · Utah Code Title 7 — Financial Institutions Act · Status: effective
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- Citation
- Utah Code § 7-18a-203, No concurrent maintenance of agencies or branches, Utah, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2324541
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Full text
(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.