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Can you summarize UTCO Title 7, Chapter 3?
Financial Institutions Act > Banks
Short Summary
This legal document, part of the Utah Code’s Financial Institutions Act, specifically pertains to banks. It governs the powers, rights, and privileges of banking corporations, as well as their other business activities. It applies to banks that are chartered under this chapter. The document specifies that a bank chartered under this chapter can be a domestic corporation under the Utah Revised Business Corporation Act or a limited liability company under the Utah Revised Uniform Limited Liability Company Act. A bank has all the necessary or incidental rights, privileges, and powers to carry on the business of banking. The commissioner may determine that additional rights, privileges, and powers include those held by national banks or other business activities, as long as it is consistent with the rules and regulations of the Federal Reserve System. The commissioner is required to implement this section in a manner consistent with the purposes set forth in Section 7-1-102.
Whom does it apply to?
Banks chartered under this chapter, persons conducting banking business in the state
What does it govern?
Powers, rights, and privileges of banking corporations, business activities of banks, securities business of banks, criteria for conducting 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?
No specific penalties are mentioned in this document.
Jurisdiction
Utah