Ask Reggi Your Question Now
Can you summarize UTCO 7-3-3?
Banks > 'Banking business' defined -- Credit card banks -- Insurance of deposit accounts. (Effective 5/12/2020)
Short Summary
This legal document defines the term ‘banking business’ and outlines the criteria for a person to be considered a bank subject to the provisions of the Financial Institutions Act. A person conducting a banking business must be authorized under the laws of this state, another state, the United States, the District of Columbia, or a territory of the United States to accept deposits from the public and conduct other authorized business activities. However, certain entities such as federal savings and loan associations, federal savings banks, industrial banks subject to Chapter 8, federally chartered credit unions, and credit unions subject to Chapter 9 are exempt from being considered banks under this title. The document also specifies the requirements for operating as a credit card bank and mandates that all deposit accounts in banks or branches subject to the jurisdiction of the department must be insured by the Federal Deposit Insurance Corporation or a successor. The effective date of this document is 5/12/2020.
Whom does it apply to?
Persons conducting a banking business
What does it govern?
Banking business
What are exemptions?
Federal savings and loan associations, federal savings banks, industrial banks subject to Chapter 8, federally chartered credit unions, credit unions subject to Chapter 9
What are the Penalties?
Not specified
Jurisdiction
Utah