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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-313

The commissioner may require a covered financial institution in or near an unsafe or unsound condition to take corrective or remedial action. An insurer of the institution’s accounts may provide l…

Source excerpt

accountsasset purchaseassistancecommissioner approvalcorrective actiondepositor protectioninstitutional remediationinsurer assistanceloansregulatory approvalunsafe or unsound condition
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“The commissioner may require a covered financial institution in or near an unsafe or unsound condition to take corrective or remedial action. An insurer of the institution’s accounts may provide loans, buy assets, open accounts, or give other assistance, but only with the commissioner’s approval.”

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02

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Subsection 7-1-313(1)

The commissioner may require any financial institution subject to the jurisdiction of the department that the commissioner finds to be or about to be in an unsafe or unsound condition to take corrective or remedial action as the

Section 7-1-313(1)

Subsection 7-1-313(2)

An insurer of a financial institution’s accounts may provide loans, buy assets, open accounts, or give other assistance to the institution for corrective or protective purposes, but the assistance must be approved by the commissioner.

Section 7-1-313(2)

04

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 3 of 3 provisions

Provision 3

Part 7-1-3

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

§ 7-1-313Requiring remedial action by institution in or about to be in unsound condition -- Assistance by insurers.Provision

Source excerpt

The commissioner may require a covered financial institution in or near an unsafe or unsound condition to take corrective or remedial action. An insurer of the institution’s accounts may provide loans, buy assets, open accounts, or give other assistance, but only with the commissioner’s approval.

Requiring remedial action by institution in or about to be in unsound condition -- Assistance by insurers. The commissioner may require any financial institution subject to the jurisdiction of the department that the commissioner finds to be or about to be in an unsafe or unsound condition to take corrective or remedial action as the commissioner considers appropriate to protect the interests of depositors, members, other creditors, and shareholders of the institution, and the general public. An insurer of the accounts of a financial institution may make loans to, purchase the assets of, establish accounts in, or provide other assistance to a financial institution in order to correct or remedy an unsafe or unsound condition or to protect the interests of depositors, members, other creditors, and shareholders of the institution. This assistance is subject to approval by the commissioner.
Section 7-1-313Verify source
§ 7-1-313(1)Subsection 7-1-313(1)Provision

Source excerpt

The commissioner may require any financial institution subject to the jurisdiction of the department that the commissioner finds to be or about to be in an unsafe or unsound condition to take corrective or remedial action as the

The commissioner may require any financial institution subject to the jurisdiction of the department that the commissioner finds to be or about to be in an unsafe or unsound condition to take corrective or remedial action as the commissioner considers appropriate to protect the interests of depositors, members, other creditors, and shareholders of the institution, and the general public.
Section 7-1-313(1)Verify source
§ 7-1-313(2)Subsection 7-1-313(2)Provision

Source excerpt

An insurer of a financial institution’s accounts may provide loans, buy assets, open accounts, or give other assistance to the institution for corrective or protective purposes, but the assistance must be approved by the commissioner.

An insurer of the accounts of a financial institution may make loans to, purchase the assets of, establish accounts in, or provide other assistance to a financial institution in order to correct or remedy an unsafe or unsound condition or to protect the interests of depositors, members, other creditors, and shareholders of the institution. This assistance is subject to approval by the commissioner.
Section 7-1-313(2)Verify source

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Statute information is organised from identified legislative sources for professional research. Corrections can be reported to hello@esheria.ai.