Title 7, Financial Institutions Act

7-1-402. Time for payment of fees -- Schedule of additional fees -- Revocation of permit or license for failure to pay fees. (1) All financial institutions or other persons under the jurisdiction of the department shall pay to the commissioner for the fiscal year beginning July 1…

7-1-403. Funds and balances paid to treasurer -- Separate account -- Use of funds. (1) The commissioner shall deposit unexpended balances and money accruing to the department with the state treasurer monthly. The unexpended balances and money accruing to the department constitute…

7-1-501. Institutions and persons subject to jurisdiction of department. (1) As provided in this title and the rules of the department, the persons and institutions described in Subsection (2) are subject to: (a) the jurisdiction of the department; and (b) supervision and examina…

7-1-502. Limitations on jurisdiction of department. (1) The jurisdiction of the department with respect to the persons and institutions described in Section 7-1-501 is limited as follows: (a) to the portion of the business activities conducted in this state or with residents of t…

7-1-503. Regulation of sale by financial institution of its securities -- Solicitation of deposit accounts restricted -- Violations. (1) As used in this section, "security" has the same meaning as in Section 61-1-13, except that "security" does not include: (a) a certificate of d…

7-1-505. Rules and regulations governing persons or institutions not regulated under other chapters of title. With respect to any person or institution or class of institutions subject to the jurisdiction of the department under this part and not regulated or supervised under any…

7-1-507. Assessing institution's record in meeting credit needs -- Requirements -- Remedial order. (1) With respect to institutions subject to the jurisdiction of the department that are engaged in soliciting deposits or selling or offering for sale evidences of indebtedness or s…

7-1-508. Conviction for fraud or dishonest conduct as disqualification to serve as officer, director or employee or to take control of a depository institution -- Violation as misdemeanor. Except as may be expressly authorized by the commissioner, no person convicted of a felony …

7-1-510. Examination of institutions -- Adoption of rules -- Requiring actions by institutions. If the commissioner finds that it is in the public interest and necessary to protect the depositors and other customers of a financial institution, the commissioner may: (1) examine th…

7-1-601. Adverse claim to account in depository institution -- Notice required -- Bond may be required for payment. Receipt of a notice of an adverse claim to a deposit or other account standing on the books of any depository institution doing business in this state does not obli…

7-1-602. Final settlement of transaction account -- Limitation of action on accuracy of statement -- Duty to examine statement and notify of errors unaffected. (1) Two years after a statement of a checking or other transaction account has been rendered to a depositor, the account…

7-1-603. Final settlement of savings account -- Limitation of action on accuracy of statement. (1) If the depository institution in the course of its business regularly records the credit balances of savings accounts in the savings account passbooks of its depositors or renders s…

7-1-604. Savings accounts -- Qualifications to hold -- Representation -- Transfer -- Holder treated as owner -- Exception. (1) Savings accounts may be opened and held solely and absolutely by any adult or minor individual, male or female, single or married in the individual's own…

7-1-605. Savings accounts -- Special terms to be in writing. Any special terms and provisions applicable to a savings account, the ownership of a savings account, or the conditions upon which withdrawals may be made, or all of those, shall be clearly and truthfully set forth in w…

7-1-606. Savings accounts and credit union share accounts -- Form of ownership certificate. A certificate of ownership may be issued to each savings account or credit union share account holder of record as shown by the books of the institution and may be in separate certificate …

7-1-607. Lost or destroyed account book or certificate. If the holder of record of an account as shown by the books of a depository institution, or his legal representative, files with the institution an affidavit to the effect that the account book or certificate has been lost o…

7-1-608. School or institutional savings plans authorized. A depository institution may contract with any public or non-public elementary or secondary school or institution of higher learning, or any public or charitable institution caring for minors, for the participation and im…

7-1-609. Payroll deduction savings -- Direct deposit of wages. A depository institution may contract with an employer with respect to the: (1) solicitation, collection, and receipt of savings by payroll deduction to be credited to a designated account of an employer's employee wh…

7-1-610. Attorney-in-fact as to savings account -- Institution immune from liability. Any depository institution may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals either in whole or in part from the savings accou…

7-1-611. Deposit accounts of minors or married persons. (1) A depository institution may issue a deposit account to a married person or minor as the sole and absolute owner of the deposit account, and receive payment on the account by or for the owner, and pay withdrawals, accept…

7-1-612. Pledge or hypothecation of joint savings accounts. The pledge or hypothecation to any depository institution of all or part of a savings account in joint tenancy signed by any tenant or tenants whether minor or adult, upon whose signature or signatures withdrawals may be…

7-1-613. Incompetency of savings account owner. When a savings account is held in any depository institution by a person who becomes incompetent and an adjudication of incompetency has been made by a court of competent jurisdiction, the institution may pay or deliver the withdraw…

7-1-616. Authority to accept transaction accounts -- Payment of instruments. (1) A financial institution may accept or advertise that it accepts transaction accounts only if authorized to do so under federal or state law. An institution may submit a written request for this autho…

7-1-617. No concentration limit under state law. (1) There is no state deposit cap or concentration limit under Utah law. A depository institution or depository institution holding company may control any percentage of the total deposits held within this state by all depository i…

7-1-618. Deposit production offices prohibited. (1) Except as provided in Subsection (2), it is unlawful to establish or operate a deposit production office or similar office in this state for the purpose of soliciting deposits or similar evidence of indebtedness or participation…

7-1-619. Savings promotion programs. (1) As used in this section: (a) "Prize period" means a period of time, designated by a depository institution, during which a qualifying account holder may submit an entry into the depository institution's savings promotion program for a chan…

7-1-701. Representing and transacting business as financial institution restricted -- Restricted names -- Penalty. (1) As used in this section, "transact business" includes: (a) advertising; (b) representing oneself in any manner as being engaged in transacting business; (c) regi…

7-1-702. Interstate acquisition, merger, and branching. (1) A Utah depository institution or its holding company may acquire control of, acquire all or substantially all the assets of, or merge with: (a) an out-of-state depository institution; or (b) a holding company of an out-o…

7-1-703. Restrictions on acquisition of institutions and holding companies -- Enforcement. (1) Unless the commissioner gives prior written approval under Section 7-1-705, a person may not: (a) acquire, directly or indirectly, control of a depository institution or depository inst…

7-1-704. Authorization required to engage in business -- Exemptions -- Procedure. (1)(a) An institution subject to the jurisdiction of the department may maintain an office in this state or engage in the activities of a financial institution in this state only if it is authorized…

7-1-705. Approval required for certain transactions -- Application -- Grounds for disapproval. (1) Except as provided in Subsection (5), an applicant for authorization to engage in any of the transactions described in Sections 7-1-702 and 7-1-703 shall file with the commissioner:…

7-1-706. Application to commissioner to exercise power -- Procedure -- Notice. (1) Except as provided in Sections 7-1-704 and 7-1-705, by filing a request for agency action with the commissioner, any person may request the commissioner to: (a) issue any rule or order; (b) exercis…

7-1-708. Establishing branches and relocating offices -- Application and procedure for approval -- Nonexempt credit unions. (1) A Utah depository institution or an out-of-state depository institution with a Utah branch or seeking to acquire a branch in this state may establish on…

7-1-709. Branches -- Discontinuance of operation. (1) A Utah depository institution or out-of-state depository institution authorized to do business in this state may discontinue operation of a branch upon resolution of its board of directors. (2) Upon adopting the resolution, th…

7-1-710. "Agency" defined -- Purposes and establishment of agency. (1) As used in this section, "agency" means a place, person, or facility, stationary or mobile, other than the home office or a branch office: (a) where functions of the financial institution not involving the rec…

7-1-711. Mobile facilities -- Approval required for operation. No financial institution may operate a mobile facility in this state at which deposits are received, checks paid, or money lent without the prior written approval of the commissioner.

7-1-712. Acquisition of office of another financial institution. Any financial institution authorized to do business in this state may acquire an office of any other financial institution located in this state upon obtaining the prior written approval of the commissioner in the m…

7-1-713. Conversion of financial institution -- Approval required -- Procedure -- Federal-state conversion. (1) Any financial institution authorized to do business as a particular class of financial institution under any chapter of this title may convert to an institution authori…

7-1-714. Judicial review of acts of commissioner -- Hearing by court. (1) Any person aggrieved by any rule, regulation, order, decision, or ruling or other act or failure to act of the commissioner under this title is entitled to judicial review. (2) Judicial review of other agen…

7-1-715. Loan production offices -- Application and procedure for approval. (1) With the prior approval of the commissioner, a depository institution may establish one or more loan production offices. (2) A loan production office shall be staffed and accessible to the public. (3)…

7-1-716. Affiliate depository institutions acting as agents -- Notification required. (1) Any depository institution may, at its main office or at any branch, act as an agent of any other depository institution that is a subsidiary of the same depository institution holding compa…

7-1-801. False statement derogatory to financial condition of depository institution a misdemeanor -- Exemptions. (1) Any person who willfully and knowingly makes or circulates or transmits to another any statement or rumor, written, printed, or by word of mouth, which is untrue …

7-1-802. Confidentiality of information received by department -- Availability of information. (1) The commissioner shall receive and place on file in the department's office all reports required by law and shall certify all reports required to be published. (2) Except as provide…

7-1-803. Conflicting interests of commissioner, supervisors, and examiners -- Loans and accounts -- Disclosure -- Penalty. (1) Neither the commissioner nor any supervisor or examiner may do any of the following with respect to any institution under the supervision of the departme…

7-1-806. Money market funds arranging with bank to honor two-party instruments -- Discouraging payment of interest to two persons on funds in transit -- Pyramiding and similar schemes as misdemeanors. Nothing in this act shall be construed to prevent money market funds from makin…

7-1-807. Printed checks, drafts and orders -- Requirements -- Violation as misdemeanor. Every check, draft, order, or other like instrument printed for a customer of any institution issuing transaction accounts in the state as part of a series after the effective date of this act…