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 in rule made under Subsection, a person seeking to rebut a presumption of control described in Subsectionshall submit an application to the commissioner. (3) (1)
(3) In accordance with, the commissioner may make rules that specify: Title 63G, Chapter 3, Utah Administrative Rulemaking Act the procedures and requirements for an application described in Subsection; and (2) the conditions under which a person may obtain a determination that the person is not in control of a financial institution without filing an application in accordance with Subsection. (2)
(4) The commissioner has sole discretion to determine whether a person rebuts a presumption of control under this section.