Professional statute overview
Enactment structure, operative effect and source provenance
01
Purpose and legislative effect
“Control. 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%”
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02
How the instrument operates
- 01
Start with the recorded version
Enacted 2022. The date shown identifies this source expression and should not be treated as proof that no later change exists.
- 02
Locate the controlling provision
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- 03
Read conditions and exceptions together
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- 04
Verify currency and official wording
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03
Research entry points
Selected provisions across the instrument. Open any row to continue with the exact stored text.
Control. 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%
Section 7-1-103.5
A person who wants to rebut the presumption of control in Subsection (1) must submit an application to the commissioner, unless a rule under Subsection (3) provides otherwise.
Section 7-1-103.5(2)
The commissioner may make rules about application procedures and requirements, and about when a person may get a determination of not being in control of a financial institution without filing an application.
Section 7-1-103.5(3)
A person may obtain a determination of not being in control of a financial institution without filing the application required by Subsection (2).
Section 7-1-103.5(3)(b)
The commissioner has sole discretion to decide whether a person rebuts a presumption of control under this section.
Section 7-1-103.5(4)
04
Source and current-law status
In force source record
Source record from le.utah.gov · Enacted 2022
This source records the instrument as in force. Confirm subsequent amendments, commencement notices, and judicial treatment before relying on it.