United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-203

This section creates the Board of Financial Institutions, sets member qualifications and appointment rules, and requires the board to meet regularly, disclose conflicts, and advise state officials.

Source excerpt

appointmentsboard compositionboard governanceboard meetingsconflicts of interestcorporate governancedisclosurefinancial institution conflictsmeeting procedurerecordsreportingterm staggeringterms of officevoting procedure

Jurisdiction: United States — Utah
Status: In force
Dates: Legal dates not recorded

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“This section creates the Board of Financial Institutions, sets member qualifications and appointment rules, and requires the board to meet regularly, disclose conflicts, and advise state officials.”

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Board of Financial Institutions.

This section creates the Board of Financial Institutions, sets member qualifications and appointment rules, and requires the board to meet regularly, disclose conflicts, and advise state officials.

Section 7-1-203

Subsection 7-1-203(3)(a)

A member of the board shall be a resident of this state.

Section 7-1-203(3)(a)

Subsection 7-1-203(5)(b)

The commissioner or any two board members may call additional meetings.

Section 7-1-203(5)(b)

Subsection 7-1-203(7)

A member may not receive compensation or benefits for service, but may receive per diem and travel expenses under the listed sections and Finance Division rules.

Section 7-1-203(7)

Subsection 7-1-203(8)(c)

The department must annually recommend a budget to the governor and the Legislature for its needs.

Section 7-1-203(8)(c)

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Showing 38 of 38 provisions

Provision 38

Part 7-1-2

part 7-1-2 Department of Financial Institutions

§ 7-1-203Board of Financial Institutions.Provision

Source excerpt

This section creates the Board of Financial Institutions, sets member qualifications and appointment rules, and requires the board to meet regularly, disclose conflicts, and advise state officials.

Board of Financial Institutions. 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 the governor with the advice and consent of the Senate: one representative from the commercial banking business; one representative from the consumer lending, money services business, or escrow agency business; one representative from the industrial bank business; one representative from the credit union business; and one representative of the general public who, as a result of education, training, experience, or interest, is well qualified to consider economic and financial issues and data as they may affect the public interest in the soundness of the financial systems of this state. The commissioner shall act as chair. A member of the board shall be a resident of this state. No more than two members of the board may be connected with the same financial institution or its holding company. A member may not participate in any matter involving an institution with which the member has a conflict of interest. Except as required by Subsection (4)(b), the terms of office shall be four years each expiring on July 1. The governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of board members are staggered so that approximately half of the board is appointed every two years. A member serves until the member's successor is appointed and qualified. When a vacancy occurs in the membership for any reason, the governor shall, with the advice and consent of the Senate, appoint a replacement for the unexpired term. The board shall meet at least quarterly on a date the board sets. The commissioner or any two members of the board may call additional meetings. Four members constitute a quorum for the transaction of business. Actions of the board require a vote of a majority of those present when a quorum is present. A meeting of the board and records of the board's proceedings are subject to Title 52, Chapter 4, Open and Public Meetings Act, except for discussion of confidential information pertaining to a particular financial institution. A member of the board shall, by sworn or written statement filed with the commissioner, disclose any position of employment or ownership interest that the member has with respect to any institution subject to the jurisdiction of the department. The member shall: file the statement required by this Subsection (6) when first appointed to the board; and subsequently file amendments to the statement if there is any material change in the matters covered by the statement. A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with: Section 63A-3-106 ; Section 63A-3-107 ; and rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107 . The board shall: advise the commissioner with respect to: the exercise of the commissioner's duties, powers, and responsibilities under this title; and the organization and performance of the department and its employees; advise the governor and the commissioner on problems relating to financial institutions and foster the interest and cooperation of financial institutions in the improvement of their services to the people of the state; and recommend annually to the governor and the Legislature a budget for the requirements of the department in carrying out its duties, functions, and responsibilities under this title.

Section 7-1-203Verify source

§ 7-1-203(1)Subsection 7-1-203(1)Provision

Source excerpt

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 the governor with the advice and consent of the Senate: one representative from the commercial banking business; one representative from the consumer lending, money services business, or escrow agency business; one representative from the industrial bank business; one representative from the credit union business; and one representative of the general public who, as a result of education, training, experience, or interest, is well qualified to consider economic and financial issues and data as they may affect the public interest in the soundness of the financial systems of this state.

Section 7-1-203(1)Verify source

§ 7-1-203(1)(a)Subsection 7-1-203(1)(a)Provision

Source excerpt

one representative from the commercial banking business;

Section 7-1-203(1)(a)Verify source

§ 7-1-203(1)(b)Subsection 7-1-203(1)(b)Provision

Source excerpt

one representative from the consumer lending, money services business, or escrow agency business;

Section 7-1-203(1)(b)Verify source

§ 7-1-203(1)(c)Subsection 7-1-203(1)(c)Provision

Source excerpt

The text refers to one representative from the industrial bank business.

one representative from the industrial bank business;

Section 7-1-203(1)(c)Verify source

§ 7-1-203(1)(d)Subsection 7-1-203(1)(d)Provision

Source excerpt

one representative from the credit union business; and

Section 7-1-203(1)(d)Verify source

§ 7-1-203(1)(e)Subsection 7-1-203(1)(e)Provision

Source excerpt

one representative of the general public who, as a result of education, training, experience, or interest, is well qualified to consider economic and financial issues and data as they may affect the public interest in the soundness of the

Section 7-1-203(1)(e)Verify source

§ 7-1-203(2)Subsection 7-1-203(2)Provision

Source excerpt

The commissioner must act as chair.

The commissioner shall act as chair.

Section 7-1-203(2)Verify source

§ 7-1-203(3)Subsection 7-1-203(3)Provision

Source excerpt

Board members must live in the state, no more than two may be tied to the same financial institution or holding company, and a member may not take part in matters involving an institution where they have a conflict of interest.

A member of the board shall be a resident of this state. No more than two members of the board may be connected with the same financial institution or its holding company. A member may not participate in any matter involving an institution with which the member has a conflict of interest.

Section 7-1-203(3)Verify source

§ 7-1-203(3)(a)Subsection 7-1-203(3)(a)Provision

Source excerpt

A member of the board shall be a resident of this state.

Section 7-1-203(3)(a)Verify source

§ 7-1-203(3)(b)Subsection 7-1-203(3)(b)Provision

Source excerpt

No more than two board members may be connected with the same financial institution or its holding company.

No more than two members of the board may be connected with the same financial institution or its holding company.

Section 7-1-203(3)(b)Verify source

§ 7-1-203(3)(c)Subsection 7-1-203(3)(c)Provision

Source excerpt

A member may not participate in a matter involving an institution if the member has a conflict of interest.

A member may not participate in any matter involving an institution with which the member has a conflict of interest.

Section 7-1-203(3)(c)Verify source

§ 7-1-203(4)Subsection 7-1-203(4)Provision

Source excerpt

Board members’ terms are generally four years, ending July 1, unless another subsection requires otherwise.

Except as required by Subsection (4)(b), the terms of office shall be four years each expiring on July 1. The governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of board members are staggered so that approximately half of the board is appointed every two years. A member serves until the member's successor is appointed and qualified. When a vacancy occurs in the membership for any reason, the governor shall, with the advice and consent of the Senate, appoint a replacement for the unexpired term.

Section 7-1-203(4)Verify source

§ 7-1-203(4)(a)Subsection 7-1-203(4)(a)Provision

Source excerpt

The terms of office are four years each, with an exception for Subsection (4)(b), and each term expires on July 1.

Except as required by Subsection (4)(b), the terms of office shall be four years each expiring on July 1.

Section 7-1-203(4)(a)Verify source

§ 7-1-203(4)(b)Subsection 7-1-203(4)(b)Provision

Source excerpt

The governor must adjust appointment terms so board terms are staggered, with about half of the board appointed every two years.

The governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of board members are staggered so that approximately half of the board is appointed every two years.

Section 7-1-203(4)(b)Verify source

§ 7-1-203(4)(c)Subsection 7-1-203(4)(c)Provision

Source excerpt

A member continues serving until a successor is appointed and qualified.

A member serves until the member's successor is appointed and qualified.

Section 7-1-203(4)(c)Verify source

§ 7-1-203(4)(d)Subsection 7-1-203(4)(d)Provision

Source excerpt

If a membership vacancy occurs for any reason, the governor must appoint a replacement for the unexpired term, with the Senate’s advice and consent.

When a vacancy occurs in the membership for any reason, the governor shall, with the advice and consent of the Senate, appoint a replacement for the unexpired term.

Section 7-1-203(4)(d)Verify source

§ 7-1-203(5)Subsection 7-1-203(5)Provision

Source excerpt

The board must meet at least quarterly, and the board sets the meeting date.

The board shall meet at least quarterly on a date the board sets. The commissioner or any two members of the board may call additional meetings. Four members constitute a quorum for the transaction of business. Actions of the board require a vote of a majority of those present when a quorum is present. A meeting of the board and records of the board's proceedings are subject to Title 52, Chapter 4, Open and Public Meetings Act, except for discussion of confidential information pertaining to a particular financial institution.

Section 7-1-203(5)Verify source

§ 7-1-203(5)(a)Subsection 7-1-203(5)(a)Provision

Source excerpt

The board must meet at least quarterly, on dates the board sets.

The board shall meet at least quarterly on a date the board sets.

Section 7-1-203(5)(a)Verify source

§ 7-1-203(5)(b)Subsection 7-1-203(5)(b)Provision

Source excerpt

The commissioner or any two board members may call additional meetings.

The commissioner or any two members of the board may call additional meetings.

Section 7-1-203(5)(b)Verify source

§ 7-1-203(5)(c)Subsection 7-1-203(5)(c)Provision

Source excerpt

Four members constitute a quorum for the transaction of business.

Section 7-1-203(5)(c)Verify source

§ 7-1-203(5)(d)Subsection 7-1-203(5)(d)Provision

Source excerpt

Board actions require a majority vote of those present when a quorum is present.

Actions of the board require a vote of a majority of those present when a quorum is present.

Section 7-1-203(5)(d)Verify source

§ 7-1-203(5)(e)Subsection 7-1-203(5)(e)Provision

Source excerpt

Board meetings and board proceeding records are subject to the Open and Public Meetings Act, except when discussing confidential information about a particular financial institution.

A meeting of the board and records of the board's proceedings are subject to Title 52, Chapter 4, Open and Public Meetings Act, except for discussion of confidential information pertaining to a particular financial institution.

Section 7-1-203(5)(e)Verify source

§ 7-1-203(6)Subsection 7-1-203(6)Provision

Source excerpt

A board member must disclose employment or ownership interests in covered institutions to the commissioner by sworn or written statement, and must file the statement when first appointed and update it if there is a material change.

A member of the board shall, by sworn or written statement filed with the commissioner, disclose any position of employment or ownership interest that the member has with respect to any institution subject to the jurisdiction of the department. The member shall: file the statement required by this Subsection (6) when first appointed to the board; and subsequently file amendments to the statement if there is any material change in the matters covered by the statement.

Section 7-1-203(6)Verify source

§ 7-1-203(6)(a)Subsection 7-1-203(6)(a)Provision

Source excerpt

A board member must disclose any employment or ownership interest in an institution under the department’s jurisdiction, using a sworn or written statement filed with the commissioner.

Section 7-1-203(6)(a)Verify source

§ 7-1-203(6)(b)Subsection 7-1-203(6)(b)Provision

Source excerpt

The member shall: file the statement required by this Subsection (6) when first appointed to the board; and subsequently file amendments to the statement if there is any material change in the matters covered by the statement.

Section 7-1-203(6)(b)Verify source

§ 7-1-203(6)(b)(i)Subsection 7-1-203(6)(b)(i)Provision

Source excerpt

A board member must file the statement required by Subsection (6) when first appointed to the board.

file the statement required by this Subsection (6) when first appointed to the board; and

Section 7-1-203(6)(b)(i)Verify source

§ 7-1-203(6)(b)(ii)Subsection 7-1-203(6)(b)(ii)Provision

Source excerpt

A person must later file amendments to a statement if there is a material change in what the statement covers.

subsequently file amendments to the statement if there is any material change in the matters covered by the statement.

Section 7-1-203(6)(b)(ii)Verify source

§ 7-1-203(7)Subsection 7-1-203(7)Provision

Source excerpt

A member may not receive compensation or benefits for service, but may receive per diem and travel expenses under the listed sections and Finance Division rules.

A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with: Section 63A-3-106 ; Section 63A-3-107 ; and rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107 .

Section 7-1-203(7)Verify source

§ 7-1-203(7)(a)Subsection 7-1-203(7)(a)Provision

Source excerpt

Section 63A-3-106 ;

Section 7-1-203(7)(a)Verify source

§ 7-1-203(7)(b)Subsection 7-1-203(7)(b)Provision

Source excerpt

Section 63A-3-107 ; and

Section 7-1-203(7)(b)Verify source

§ 7-1-203(7)(c)Subsection 7-1-203(7)(c)Provision

Source excerpt

rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107 .

Section 7-1-203(7)(c)Verify source

§ 7-1-203(8)Subsection 7-1-203(8)Provision

Source excerpt

The board must advise the commissioner and the governor on specified department and financial-institution matters, and it must recommend an annual budget to the governor and the Legislature.

The board shall: advise the commissioner with respect to: the exercise of the commissioner's duties, powers, and responsibilities under this title; and the organization and performance of the department and its employees; advise the governor and the commissioner on problems relating to financial institutions and foster the interest and cooperation of financial institutions in the improvement of their services to the people of the state; and recommend annually to the governor and the Legislature a budget for the requirements of the department in carrying out its duties, functions, and responsibilities under this title.

Section 7-1-203(8)Verify source

§ 7-1-203(8)(a)Subsection 7-1-203(8)(a)Provision

Source excerpt

An advisory body must advise the commissioner about the commissioner's duties, powers, and responsibilities, and about the department's organization and performance.

advise the commissioner with respect to: the exercise of the commissioner's duties, powers, and responsibilities under this title; and the organization and performance of the department and its employees;

Section 7-1-203(8)(a)Verify source

§ 7-1-203(8)(a)(i)Subsection 7-1-203(8)(a)(i)Provision

Source excerpt

This text refers to the commissioner’s exercise of duties, powers, and responsibilities under this title.

the exercise of the commissioner's duties, powers, and responsibilities under this title; and

Section 7-1-203(8)(a)(i)Verify source

§ 7-1-203(8)(a)(ii)Subsection 7-1-203(8)(a)(ii)Provision

Source excerpt

the organization and performance of the department and its employees;

Section 7-1-203(8)(a)(ii)Verify source

§ 7-1-203(8)(b)Subsection 7-1-203(8)(b)Provision

Source excerpt

advise the governor and the commissioner on problems relating to financial institutions and foster the interest and cooperation of financial institutions in the improvement of their services to the people of the state; and

Section 7-1-203(8)(b)Verify source

§ 7-1-203(8)(c)Subsection 7-1-203(8)(c)Provision

Source excerpt

The department must annually recommend a budget to the governor and the Legislature for its needs.

recommend annually to the governor and the Legislature a budget for the requirements of the department in carrying out its duties, functions, and responsibilities under this title.

Section 7-1-203(8)(c)Verify source

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Utah Code § 7-1-203

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