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Can you summarize UTCO 7-8-16?
Industrial Banks > Registration of industrial bank holding company -- Filing and contents of statement -- Exemptions -- Rules.
Short Summary
This legal document governs the registration of industrial bank holding companies in Utah. Industrial bank holding companies are required to register with the department by filing a registration statement that includes information about their officers and directors, financial condition, and authorization to transact business in the state. The document also specifies that forming an industrial bank holding company requires authorization from the commissioner and registration with the department. However, certain exemptions from registration are provided for bank holding companies or savings and loan holding companies subject to federal regulation, persons that own or control voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities for a period of 120 days or less, persons exempt from the jurisdiction of the department under Section 7-1-502, and persons exempted in writing by the commissioner or by rule. The commissioner has the authority to adopt rules to protect depositors, other creditors, the public, and the financial system of the state.
Whom does it apply to?
Industrial bank holding companies
What does it govern?
Registration of industrial bank holding companies
What are exemptions?
Bank holding companies or savings and loan holding companies subject to federal regulation, persons that own or control voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities for a period of 120 days or less, persons exempt from the jurisdiction of the department under Section 7-1-502, persons exempted in writing by the commissioner or by rule
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Utah