Title 7, Financial Institutions Act

7-1-1005. Admissibility of information restricted. (1) Information obtained directly or indirectly from a financial institution in violation of Sections 7-1-1001 through 7-1-1003 may not be admissible in any court of this state against the person entitled to notice. (2) This sect…

7-1-1006. Inapplicable to certain official investigations. (1) Sections 7-1-1002 and 7-1-1003 do not apply if an examination of a record is a part of an official investigation by: (a) local police; (b) a sheriff; (c) a peace officer; (d) a city attorney; (e) a county attorney; (f…

7-1-1007. Liability of financial institutions. A financial institution is not liable to an account holder or person named or referenced within a record: (1) for a disclosure that is the result of a subpoena, order, or request made pursuant to Sections 7-1-1001 through 7-1-1006 if…

7-1-101. Title. This title is known as the "Financial Institutions Act."

7-1-102. Legislative findings, purpose, and intent. (1) The Legislature finds it is in the interest of the citizens of this state, and is the purpose of this title, to: (a) supervise, regulate, and examine persons, firms, corporations, associations, and other business entities fu…

7-1-103. Definitions. As used in this title: (1)(a) "Bank" means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. (b) "Bank" does not include: (i) a federal savings and loan association or federal savings ba…

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 se…

7-1-104. Exemptions from application of title. (1) This title does not apply to: (a) investment companies registered under the Investment Company Act of 1940, 15 U.S.C. Sec. 80a-1 et seq.; (b) securities brokers and dealers registered pursuant to: (i) Title 61, Chapter 1, Utah Un…

7-1-105. Procedures -- Adjudicative proceedings. The commissioner and the department shall, except to the extent exempted, comply with the procedures and requirements of Title 63G, Chapter 4, Administrative Procedures Act, in their adjudicative proceedings.

7-1-106. Venue for action or petition brought by commissioner. If the commissioner brings an action in the district court under this title, the commissioner shall bring the action: (1) in accordance with Title 78B, Chapter 3a, Venue for Civil Actions; or (2) in the county where t…

7-1-201. Creation of department -- Organization. (1) There is created the Department of Financial Institutions that is responsible for the execution of the laws of this state relating to a financial institution or other person subject to this title, and relating to the businesses…

7-1-202. Commissioner of financial institutions as executive officer -- Appointment -- Term -- Salary -- Qualifications. The chief executive officer of the Department of Financial Institutions shall be the commissioner of financial institutions who shall be appointed by the gover…

7-1-203. Board of Financial Institutions. (1) There is created a Board of Financial Institutions consisting of the commissioner and the following five members, who shall be qualified by training and experience in their respective fields and shall be appointed or reappointed by th…

7-1-204. Chief examiner -- Powers and duties. (1) The commissioner shall designate an examiner as chief examiner, who shall be sufficiently qualified by training and experience in financial institutions or as an employee of a state or federal agency having supervision of financia…

7-1-205. Supervisor of banks -- Responsibilities. (1) The commissioner shall designate an examiner as supervisor of banks, who shall be sufficiently qualified by training and experience in the banking business or as an employee of a state or federal bank supervisory agency to per…

7-1-207. Supervisor of industrial banks -- Responsibilities. (1) The commissioner shall designate an examiner as supervisor of industrial banks who shall be sufficiently qualified by training and experience in the business of industrial banks or other financial institutions or as…

7-1-208. Supervisor of credit unions -- Responsibilities. (1) The commissioner shall designate an examiner as supervisor of credit unions who shall be sufficiently qualified by training and experience in the business of credit unions or as an employee of a state or federal agency…

7-1-208.1. Supervisor of holding companies -- Qualifications -- Responsibilities. (1) The commissioner may designate an examiner as supervisor of holding companies who shall be a citizen of the United States and shall have sufficient training and experience with regard to holding…

7-1-208.2. Deputy commissioner. The commissioner may appoint a deputy commissioner who shall be a citizen of the United States and a member of the Utah State Bar, to serve at the pleasure of the commissioner. The deputy commissioner shall serve as staff attorney for the departmen…

7-1-208.3. Supervisor of money services businesses. (1) The commissioner shall designate an examiner as supervisor of money services businesses who shall be sufficiently qualified by training and experience in the business of money services businesses or other financial instituti…

7-1-209. Additional supervisors, examiners, and other personnel -- Compensation -- Travel expenses. (1) In addition to the supervisors under Sections 7-1-205 through 7-1-208.1 and 7-1-208.3, the commissioner may appoint additional supervisors as necessary. The commissioner may as…

7-1-210. Records of department required. The commissioner shall keep as records of the department proper books showing all acts and matters and things done by the department.

7-1-211. Reports of commissioner to governor and Legislature. The commissioner shall submit on or before October 1 of each year a report to the governor and to the Legislature containing information from the last report of condition furnished by each institution under the supervi…

7-1-212. Background checks for employees. (1) As used in this section,"bureau" means the Bureau of Criminal Identification created in Section 53-10-201. (2) Beginning July 1, 2018, the department shall require current employees in, and all applicants for, the following positions …

7-1-213. Compliance with training and certification requirements. The department shall ensure that any training or certification required of a public official or public employee, as those terms are defined in Section 63G-22-102, complies with Title 63G, Chapter 22, State Training…

7-1-301. Powers and duties of commissioner -- Rulemaking. Without limiting the other powers, duties, and responsibilities specified in this title, the commissioner has the functions, powers, duties, and responsibilities with respect to an institution, person, or business subject …

7-1-302. Review of supervisor's action by commissioner. The commissioner shall review, upon written request of the institution or other person affected, any act or order of a supervisor and may suspend, modify, or revoke any such act or order as the commissioner may find to be ar…

7-1-303. Joint operations and information exchange by institutions. The commissioner may authorize institutions subject to the jurisdiction of the department to engage in such joint and cooperative actions as the commissioner finds will be in the public interest, including: (1) m…

7-1-304. Civil actions against unauthorized operations. The commissioner may bring any appropriate civil action to prevent or restrain any person from engaging in this state in any business subject to the jurisdiction of the department without first having obtained the authority …

7-1-305. Final decisions on applications for new institutions, branches, relocation, merger, consolidation, acquisition and changes in control of financial institutions. The commissioner shall make final decisions consistent with the purposes and provisions of this title on behal…

7-1-307. Cease and desist orders -- Procedure for issuance. (1) If the commissioner has determined that any institution or other person under the jurisdiction of the department, or any director, officer, employee, agent, or other person participating in the conduct of the affairs…

7-1-308. Suspension or removal of director or officer -- Grounds -- Procedure for issuance of order. (1)(a) If the commissioner has determined that any officer or director of an institution or other person under the jurisdiction of the department has: (i) violated any law, rule, …

7-1-309. Hearings by commissioner -- Discretion of commissioner -- Procedure -- Judicial review. The commissioner may conduct or cause to be conducted hearings relating to matters within his supervisory jurisdiction and shall establish rules for discovery and other procedures app…

7-1-310. Subpoena power of commissioner. The commissioner may issue subpoenas to compel the attendance of witnesses and the production of books, records, and other papers and documents and may examine or cause to be examined under oath any officer, director, or employee of any in…

7-1-311. Moratoriums on applications for new depository institutions or branches. The commissioner may establish, upon finding that applicable financial and economic conditions require such action, a moratorium on accepting or acting upon applications to conduct a business of dep…

7-1-312. Reports required of large stockholders of financial institutions as to loans secured by stock. The commissioner may require any person owning or acquiring 25% or more of the outstanding capital stock of any depository institution subject to the commissioner's jurisdictio…

7-1-313. Requiring remedial action by institution in or about to be in unsound condition -- Assistance by insurers. (1) The commissioner may require any financial institution subject to the jurisdiction of the department that the commissioner finds to be or about to be in an unsa…

7-1-314. Examination of institutions by commissioner or supervisor. (1) The commissioner or the responsible supervisor shall visit and examine or cause to be visited and examined every depository institution and such other institutions subject to the jurisdiction of the departmen…

7-1-315. Examination by board of directors required -- Report. The commissioner may at any time require the board of directors of any or all institutions under the commissioner's jurisdiction to fully examine or have fully examined the books, papers, and affairs of the institutio…

7-1-316. Forms for reports required from institutions. The commissioner shall prescribe the forms for all reports required by law or regulation from financial institutions subject to the jurisdiction of the department and may change the forms at the commissioner's discretion. The…

7-1-317. Reports of condition called for by commissioner. The commissioner may call upon any institution under the jurisdiction of the department for a report of its condition at the close of business on any day specified in the call within the preceding three months. The reports…

7-1-318. Reports of condition -- Form -- Falsification or failure to file. (1) Each institution under the jurisdiction of the department, including each out-of-state depository institution operating a branch in this state, shall provide a report of its condition to the department…

7-1-319. Notice to county attorney or district attorney of criminal violations -- Attorney general to conduct actions commenced by commissioner -- Assistance of county attorney or district attorney. The commissioner shall inform the county attorney or district attorney in the cou…

7-1-320. Actions to enjoin violations -- Bond not required -- Recovery -- Attorney fees. (1) Whenever it appears to the commissioner that any person has engaged in or is about to engage in any act or practice constituting a violation of this title or any rule, regulation, or orde…

7-1-321. Powers and duties of commissioner to carry out purposes of title. The commissioner shall have such other powers, duties, and responsibilities as shall be necessary or appropriate to carry out the provisions and purposes of this title and to prevent evasion thereof, to pr…

7-1-322. Orders of commissioner -- Writing -- Service -- Contents -- Enforcement. Any order issued by the commissioner under authority of this title shall be in writing, delivered to the institution or institutions affected and shall state the findings of the commissioner and the…