United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-308

The commissioner may suspend or remove a director or officer, or bar further participation, after notice and a hearing if specified misconduct or charges are found and the commissioner sees risk to the institution or a…

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banking supervisiondirector removalhearing procedureinstitution oversightofficer disciplineofficer suspensionofficer/director discipline

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

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“The commissioner may suspend or remove a director or officer, or bar further participation, after notice and a hearing if specified misconduct or charges are found and the commissioner sees risk to the institution or a financial benefit from fiduciary breach.”

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Suspension or removal of director or officer -- Grounds -- Procedure for issuance of order.

Section 7-1-308

Subsection 7-1-308(1)(a)(i)

violated any law, rule, regulation, or a cease and desist order which has become final;

Section 7-1-308(1)(a)(i)

Subsection 7-1-308(1)(a)(iv)

been charged in any information, indictment, or complaint authorized by a county attorney, a district attorney, or the attorney general of the state relative to a violation of this title; or

Section 7-1-308(1)(a)(iv)

Subsection 7-1-308(1)(b)

If the commissioner makes certain findings and gives notice and a hearing, the commissioner may issue a written notice suspending or removing a director or officer, or barring further participation in the institution’s affairs.

Section 7-1-308(1)(b)

Subsection 7-1-308(2)

Section 7-1-308(2)

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Showing 12 of 12 provisions

Provision 12

Part 7-1-3

part 7-1-3 Powers and Duties of Commissioner of Financial Institutions

§ 7-1-308Suspension or removal of director or officer -- Grounds -- Procedure for issuance of order.Provision

Source excerpt

Suspension or removal of director or officer -- Grounds -- Procedure for issuance of order. If the commissioner has determined that any officer or director of an institution or other person under the jurisdiction of the department has: violated any law, rule, regulation, or a cease and desist order which has become final; engaged or participated in any unsafe or unsound practice in the conduct of the affairs of the institution or other person; committed or engaged in any act, omission, or practice which constitutes a breach of the person's fiduciary duty as an officer or director; been charged in any information, indictment, or complaint authorized by a county attorney, a district attorney, or the attorney general of the state relative to a violation of this title; or been charged with the commission of or participation in a crime involving dishonesty or breach of trust; and if the commissioner determines that: the institution or other person under the jurisdiction of the department has suffered or will suffer substantial financial loss or other damage due to such actions and that such action may impair the safety and soundness of the institution or other person or prejudice in any manner the interests of the depositors, members, creditors, or shareholders; or the director or officer has received financial gain by reason of any breach of fiduciary duty,the commissioner may, after notice and opportunity for hearing, serve upon such director or officer a written notice of suspension or removal of the individual from office or prohibition from further participation in the conduct of the affairs of the institution or other person. If the commissioner deems it necessary for the protection of an institution or other person under the jurisdiction of the department or the interests of its depositors, members, creditors, or shareholders, the commissioner may, by written notice served upon the officer or director, suspend that officer or director from office or prohibit the officer or director from further participation in any manner in the conduct of the affairs of the institution or other person. The suspension or prohibition is effective upon service of the notice and, unless stayed by a court, shall remain in effect until the commissioner dismisses the charges specified in the notice, or, if an order of removal or prohibition is issued against the officer or director, until the effective date of that order.

Section 7-1-308Verify source

§ 7-1-308(1)Subsection 7-1-308(1)Provision

Source excerpt

If the commissioner has determined that any officer or director of an institution or other person under the jurisdiction of the department has: violated any law, rule, regulation, or a cease and desist order which has become final; engaged or participated in any unsafe or unsound practice in the conduct of the affairs of the institution or other person; committed or engaged in any act, omission, or practice which constitutes a breach of the person's fiduciary duty as an officer or director; been charged in any information, indictment, or complaint authorized by a county attorney, a district attorney, or the attorney general of the state relative to a violation of this title; or been charged with the commission of or participation in a crime involving dishonesty or breach of trust; and if the commissioner determines that: the institution or other person under the jurisdiction of the department has suffered or will suffer substantial financial loss or other damage due to such actions and that such action may impair the safety and soundness of the institution or other person or prejudice in any manner the interests of the depositors, members, creditors, or shareholders; or the director or officer has received financial gain by reason of any breach of fiduciary duty,the commissioner may, after notice and opportunity for hearing, serve upon such director or officer a written notice of suspension or removal of the individual from office or prohibition from further participation in the conduct of the affairs of the institution or other person.

Section 7-1-308(1)Verify source

§ 7-1-308(1)(a)Subsection 7-1-308(1)(a)Provision

Source excerpt

Section 7-1-308(1)(a)Verify source

§ 7-1-308(1)(a)(i)Subsection 7-1-308(1)(a)(i)Provision

Source excerpt

violated any law, rule, regulation, or a cease and desist order which has become final;

Section 7-1-308(1)(a)(i)Verify source

§ 7-1-308(1)(a)(ii)Subsection 7-1-308(1)(a)(ii)Provision

Source excerpt

engaged or participated in any unsafe or unsound practice in the conduct of the affairs of the institution or other person;

Section 7-1-308(1)(a)(ii)Verify source

§ 7-1-308(1)(a)(iii)Subsection 7-1-308(1)(a)(iii)Provision

Source excerpt

A person must not commit or engage in conduct that breaches fiduciary duty as an officer or director.

committed or engaged in any act, omission, or practice which constitutes a breach of the person's fiduciary duty as an officer or director;

Section 7-1-308(1)(a)(iii)Verify source

§ 7-1-308(1)(a)(iv)Subsection 7-1-308(1)(a)(iv)Provision

Source excerpt

been charged in any information, indictment, or complaint authorized by a county attorney, a district attorney, or the attorney general of the state relative to a violation of this title; or

Section 7-1-308(1)(a)(iv)Verify source

§ 7-1-308(1)(a)(v)Subsection 7-1-308(1)(a)(v)Provision

Source excerpt

been charged with the commission of or participation in a crime involving dishonesty or breach of trust; and

Section 7-1-308(1)(a)(v)Verify source

§ 7-1-308(1)(b)Subsection 7-1-308(1)(b)Provision

Source excerpt

if the commissioner determines that: the institution or other person under the jurisdiction of the department has suffered or will suffer substantial financial loss or other damage due to such actions and that such action may impair the safety and soundness of the institution or other person or prejudice in any manner the interests of the depositors, members, creditors, or shareholders; or the director or officer has received financial gain by reason of any breach of fiduciary duty,the commissioner may, after notice and opportunity for hearing, serve upon such director or officer a written notice of suspension or removal of the individual from office or prohibition from further participation in the conduct of the affairs of the institution or other person.

Section 7-1-308(1)(b)Verify source

§ 7-1-308(1)(b)(i)Subsection 7-1-308(1)(b)(i)Provision

Source excerpt

the institution or other person under the jurisdiction of the department has suffered or will suffer substantial financial loss or other damage due to such actions and that such action may impair the safety and soundness of the institution or other person or prejudice in any manner the interests of the depositors, members, creditors, or shareholders; or

Section 7-1-308(1)(b)(i)Verify source

§ 7-1-308(1)(b)(ii)Subsection 7-1-308(1)(b)(ii)Provision

Source excerpt

If a director or officer has received financial gain from a breach of fiduciary duty, the commissioner may, after notice and a hearing, serve written notice suspending or removing the person from office or barring further participation in the institution’s affairs.

the director or officer has received financial gain by reason of any breach of fiduciary duty,the commissioner may, after notice and opportunity for hearing, serve upon such director or officer a written notice of suspension or removal of the individual from office or prohibition from further participation in the conduct of the affairs of the institution or other person.

Section 7-1-308(1)(b)(ii)Verify source

§ 7-1-308(2)Subsection 7-1-308(2)Provision

Source excerpt

If the commissioner deems it necessary for the protection of an institution or other person under the jurisdiction of the department or the interests of its depositors, members, creditors, or shareholders, the commissioner may, by written notice served upon the officer or director, suspend that officer or director from office or prohibit the officer or director from further participation in any manner in the conduct of the affairs of the institution or other person. The suspension or prohibition is effective upon service of the notice and, unless stayed by a court, shall remain in effect until the commissioner dismisses the charges specified in the notice, or, if an order of removal or prohibition is issued against the officer or director, until the effective date of that order.

Section 7-1-308(2)Verify source

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Utah Code § 7-1-308

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