7-8-21. Application of chapter to industrial loan companies.
(1) As used in this section, "industrial loan company" is a person that on March 17, 2004, is: authorized to conduct business under this chapter; and not authorized to hold or receive deposits.
(2) An industrial loan company may operate as an industrial bank under this chapter except that the industrial loan company: may not hold or receive deposits without: the prior written approval of the commissioner; and obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity; may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsectionsand; and (2)(a)(i) (ii) may not use a term listed in Subsectionin its name without meeting the conditions described in Subsectionsand. 7-1-701(3) (2)(a)(i) (ii)
(3) If a person is not authorized to conduct business under this chapter on March 17, 2004, that person may not be considered an industrial loan company under this section.