Title 7, Title 7: Financial Institutions Act

7-17-9. Actions on accounts established prior to 1979 -- Limitations on recovery. (1) With respect to any reserve account established prior to July 1, 1979, and for which no legal action is pending as of January 1, 1979, no recovery shall be had in any action brought to require p…

7-18a-101. Title. This chapter is known as the "Utah Foreign Depository Institutions Act."

7-18a-102. Definitions. As used in this chapter: (1) "Agency" means a place of business of a foreign depository institution located in this state that is authorized to exercise the powers permitted in Section. 7-18a-301 (2) "Branch," when used in reference to a foreign depository…

7-18a-103. Application of Utah Revised Business Corporation Act. A foreign depository institution authorized to transact business in this state through an agency, branch, or representative office shall comply with.

7-18a-104. Application of Utah Financial Institutions Act. A foreign depository institution authorized under Sectionto transact business in this state through an agency, branch, or representative office is subject to this title.

7-18a-201. Authorization required to transact business as a foreign depository institution agency, branch, or representative office. (1) It is unlawful for a foreign depository institution to transact business in this state unless it transacts business through an agency, branch, …

7-18a-202. Application and fee to establish, relocate, or discontinue a foreign depository institution agency, branch, or representative office -- Certificate of authority. (1) To obtain a certificate of authority to transact business through an agency, branch, or representative …

7-18a-203. No concurrent maintenance of agencies or branches. (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 fede…

7-18a-204. Filing of amendments to articles of incorporation. (1) If a foreign depository institution authorized by this state to transact business in this state through an agency, branch, or representative office amends its articles of incorporation, the institution shall file w…

7-18a-205. Amended certificate of authority to establish an agency, branch, or representative office. (1) A foreign depository institution authorized by this state to transact business in this state through an agency, branch, or representative office shall secure an amended certi…

7-18a-206. Change of control of foreign depository institution. A foreign depository institution authorized by this state to transact business through an agency, branch, or representative office in this state shall file with the commissioner a notice, in such form and containing …

7-18a-207. Annual renewal of certificate of authority. (1) A foreign depository institution may renew a certificate of authority, issued under Section, to transact business in this state through an agency, branch, or representative office in a form prescribed by the commissioner.…

7-18a-301. Powers of an agency, branch, or representative office of a foreign depository institution. (1) Subject to the limitations set forth in Subsectionsand, and notwithstanding any other law of this state, a foreign depository institution authorized by this state to transact…

7-18a-302. Trust business. A foreign depository institution may not engage in the trust business, as that term is defined in Section, in this state.

7-18a-401. Separate assets. (1) Each foreign depository institution authorized to transact business in this state through an agency or branch shall keep the assets of its business in this state separate and apart from the assets of its business outside this state. (2) The credito…

7-18a-402. Disclosure of lack of deposit insurance. Each foreign depository institution authorized to transact business in this state through an agency or branch shall give notice to the customers of the foreign depository institution, as prescribed by rule or order, that deposit…

7-18a-403. Asset maintenance. (1) Each foreign depository institution authorized to transact business in this state through an agency or branch shall hold assets in this state consisting of currency, bonds, notes, debentures, drafts, bills of exchange, or other evidences of indeb…

7-18a-501. Supervisory actions by commissioner. A foreign depository institution authorized by this state to transact business in this state through an agency, branch, or representative office is subject to supervisory actions by the commissioner under, or, if the commissioner, w…

7-18a-502. Distribution of balance of assets. (1) This section supersedes Subsection. 7-2-15(3) (2) When the commissioner has paid claims of each depositor and creditor of the foreign depository institution's agency or branch in this state whose claims have been proved and allowe…

7-19-1. Definitions. As used in this chapter: (1) "Failing or failed depository institution" means a depository institution under the jurisdiction of the department: regarding which the commissioner makes a finding that any of the conditions set forth in Subsectionsthroughexist; …

7-19-2. Supervisory acquisition or merger authorized or required by commissioner. Notwithstanding any provision of law to the contrary, the commissioner, or any receiver or liquidator appointed by the commissioner, may solicit offers from and authorize, require, or give effect to…

7-19-3. Waiver of procedures. The commissioner may waive any of the procedures of Sectionor any regulation of the department if the commissioner considers it necessary to protect the interest of depositors, creditors, and other customers of a failing or failed depository institut…

7-19-4. Rights and powers of acquired or resulting institution or holding company. Any depository institution or depository institution holding company acquired, or the resulting institution in a merger under the provisions of this chapter, has all the rights, powers, and privile…

7-19-5. Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner. The commissioner may not authorize or require any transaction pursuant to Sectionunless the commissioner determines that: (1) the acquiring or resulting depository insti…

7-19-5.5. Transferred assets free of encumbrances. (1) Any institution or other person to whom assets, business, and property are transferred pursuant to a supervisory merger or a supervisory acquisition shall take those assets, business, and property: free and clear of all liens…

7-19-9. Commissioner's powers not limited -- Immunity -- Rules -- Reports. (1) This chapter does not limit any power otherwise granted to the commissioner or to any depository institution or depository institution holding company by the laws of this state. (2) The commissioner is…

7-22-101. Definitions -- Exemptions. (1) As used in this chapter: "Escrow" means an agreement, express or implied, that provides for one or more parties to deliver or entrust money, a certificate of deposit, a security, a negotiable instrument, a deed, or other property or asset …

7-22-102. Authorization required. Without prior authorization by the department, no person may perform escrow services, offer to perform escrow services, advertise that it performs escrow services, use the word "escrow" in a business name, or do any other thing that might reasona…

7-22-103. Registration -- Fees -- Qualifications -- Rulemaking. (1) An escrow agent shall register with the department annually on or before December 31 of each year and pay a registration fee of $100. Registration of an escrow agent in accordance with this section includes all d…

7-22-104. Net worth requirements. An escrow agent shall at all times maintain a positive net worth no less than the greater of $50,000 or 10% of the agent's average daily escrow liabilities during the preceding 12 months, or during all preceding operations if less than 12 months.…

7-22-105. Bond required. (1) Before furnishing any escrow services, each escrow agent shall file with the commissioner a surety bond in accordance with the following schedule: (2) The surety bond shall name as beneficiaries: this state for payment of any costs incurred and charge…

7-22-106. Accounts to be maintained -- Records open to inspection -- Retention of records. (1) Each escrow agent shall maintain in its main office sufficient books, accounts, and records for the department to determine at any time the escrow agent's financial condition, what duti…

7-22-107. Examinations. The department may examine an escrow agent at any time. The scope and frequency of examinations shall be determined solely in the discretion of the department. In addition to annual registration fees, each escrow agent shall pay per diem assessments incide…

7-22-108. Segregation of accounts -- Duties specified by agreement -- Duties generally. (1) Each escrow agent shall place all funds received in escrow into separate federally insured depository accounts specifically denominated as trust accounts and shall allow no other funds to …

7-22-109. Priority of claims in case of insolvency. If the commissioner takes possession of the business and property of the escrow agent in accordance with, or if the escrow agent files or is involuntarily placed into bankruptcy, or if a receiver, conservator, or liquidator is a…

7-23-101. Title. This chapter is known as the "Check Cashing and Deferred Deposit Lending Registration Act."

7-23-102. Definitions. As used in this chapter: (1) "Annual percentage rate" has the same meaning as in 15 U.S.C. Sec. 1606, as implemented by regulations issued under that section. (2) "Business of cashing checks" means cashing a check for consideration. (3) "Business of deferre…

7-23-103.1. Exemptions. The following are not subject to the requirements of this chapter: (1) a depository institution; (2) a depository institution holding company; (3) an institution directly or indirectly owned or controlled by one or more: depository institutions; or deposit…

7-23-104.1. No effect on civil liability. Nothing in this chapter is intended to limit any civil liability that may exist against a check casher or deferred deposit lender for: (1) breach of contract; (2) violation of federal law; or (3) other unlawful act.

7-23-201. Registration -- Rulemaking. (1) It is unlawful for a person to engage in the business of cashing checks or the business of deferred deposit lending in Utah or with a Utah resident unless the person: registers with the department in accordance with this chapter; and main…

7-23-201. Registration -- Rulemaking. (1) It is unlawful for a person to engage in the business of cashing checks or the business of deferred deposit lending in Utah or with a Utah resident unless the person: registers with the department in accordance with this chapter; and main…

7-23-301. Posting of fee schedules for cashing checks. (1) A check casher shall post a complete schedule of all fees for cashing a check in a conspicuous location on its premises that can be viewed by a person cashing a check. (2) The schedule of fees required to be posted under …

7-23-401. Operational requirements for deferred deposit loans. (1) If a deferred deposit lender extends a deferred deposit loan, the deferred deposit lender shall: post in a conspicuous location on its premises that can be viewed by a person seeking a deferred deposit loan: a com…

7-23-402. Electronic disbursement and collections. If a deferred deposit lender collects payment on a deferred deposit loan through an electronic payment, the deferred deposit lender shall, on the day the loan is executed: (1) credit the amount of the deferred deposit loan throug…

7-23-403. Extended payment plan. (1) If a person who owes money on a deferred deposit loan requests to enter into an extended payment plan, the deferred deposit lender who extended the deferred deposit loan shall allow the person to enter into an extended payment plan that meets …

7-23-501. Enforcement by department -- Rulemaking. (1) Subject to the requirements of, the department may: Title 63G, Chapter 4, Administrative Procedures Act receive and act on complaints; take action designed to obtain voluntary compliance with this chapter; commence administra…