United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-324, 2003

The commissioner may adopt rules to authorize and regulate issuance of debt cancellation and debt suspension agreements by certain depository institutions, and out-of-state institutions may issue them only if home-state…

Source excerpt

borrowersconsumer protectionconsumer protectionsdebt cancellation agreementdebt cancellation agreementsdebt suspension agreementdebt suspension agreementsdepository institutiondepository institution regulationdepository institutionsfederal regulation conformityfinancial regulationinstitution classificationrulemaking

Jurisdiction: United States — Utah
Status: In force
Official identity: Year 2003
Dates: Enacted 2003

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Dates: Enacted 2003

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“The commissioner may adopt rules to authorize and regulate issuance of debt cancellation and debt suspension agreements by certain depository institutions, and out-of-state institutions may issue them only if home-state rules and other conditions are met.”

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Debt cancellation agreements and debt suspension agreements.

Section 7-1-324

Subsection 7-1-324(1)(a)(iv)

wholly owned subsidiaries of a depository institution listed in this Subsection (1)(a) .

Section 7-1-324(1)(a)(iv)

Subsection 7-1-324(2)(a)(ii)

a debt suspension agreement; and

Section 7-1-324(2)(a)(ii)

Subsection 7-1-324(4)

Section 7-1-324(4)

Subsection 7-1-324(4)(b)(ii)

for consumer protections for the borrowers of the depository institution.

Section 7-1-324(4)(b)(ii)

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Source record from le.utah.gov · Enacted 2003

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Showing 24 of 24 provisions

Provision 24

Part 7-1-3

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

§ 7-1-324Debt cancellation agreements and debt suspension agreements.Provision

Source excerpt

Debt cancellation agreements and debt suspension agreements. As used in this section: "Class of depository institution" means a class consisting of: banks; credit unions; industrial banks; or wholly owned subsidiaries of a depository institution listed in this Subsection (1)(a) . "Debt cancellation agreement" is as defined in Section 31A-21-109 . "Debt suspension agreement" is as defined in Section 31A-21-109 . Subject to the other provisions of this section, the commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act : authorize any member of a class of depository institution that is subject to the jurisdiction of the department to issue: a debt cancellation agreement; or a debt suspension agreement; and regulate the issuance of a debt cancellation agreement or a debt suspension agreement issued in this state by a member of a class of depository institution. Any rule adopted by the commissioner under this section as applied to a class of depository institution shall be substantially similar to any federal regulation applying to the same class of depository institution. Any rule adopted by the commissioner applicable to a class of depository institution described in this Subsection (3)(b) shall be substantially similar to any federal regulation applicable to a bank if no federal regulation authorizes or regulates the issuance of a debt cancellation agreement or debt suspension agreement for that class of depository institution. An out-of-state depository institution may issue a debt cancellation agreement or debt suspension agreement in this state if: the home state of the out-of-state depository institution authorizes and regulates the issuance of a debt cancellation agreement or debt suspension agreement by the out-of-state depository institution; and subject to Subsection (4)(b) , the out-of-state depository institution complies with regulations from the out-of-state depository institution's home state that regulate the issuance of a debt cancellation agreement or a debt suspension agreement. Notwithstanding Subsection (4)(a) , an out-of-state depository institution described in Subsection (4)(a) shall comply with rules adopted by the commissioner under this section that regulate the issuance of a debt cancellation agreement or a debt suspension agreement in this state by the class of depository institution to which the out-of-state depository institution belongs if the regulations of the out-of-state depository institution's home state do not provide at least the same level of protection with respect to a debt cancellation agreement or debt suspension agreement as the rules adopted by the commissioner under this section with respect to the same class of depository institution: for the safety and soundness of the depository institution; and for consumer protections for the borrowers of the depository institution.

Section 7-1-324Verify source

§ 7-1-324(1)Subsection 7-1-324(1)Provision

Source excerpt

This section defines “class of depository institution,” “debt cancellation agreement,” and “debt suspension agreement.”

As used in this section: "Class of depository institution" means a class consisting of: banks; credit unions; industrial banks; or wholly owned subsidiaries of a depository institution listed in this Subsection (1)(a) . "Debt cancellation agreement" is as defined in Section 31A-21-109 . "Debt suspension agreement" is as defined in Section 31A-21-109 .

Section 7-1-324(1)Verify source

§ 7-1-324(1)(a)Subsection 7-1-324(1)(a)Provision

Source excerpt

"Class of depository institution" means a class consisting of: banks; credit unions; industrial banks; or wholly owned subsidiaries of a depository institution listed in this Subsection (1)(a) .

Section 7-1-324(1)(a)Verify source

§ 7-1-324(1)(a)(i)Subsection 7-1-324(1)(a)(i)Provision

Source excerpt

banks;

Section 7-1-324(1)(a)(i)Verify source

§ 7-1-324(1)(a)(ii)Subsection 7-1-324(1)(a)(ii)Provision

Source excerpt

credit unions;

Section 7-1-324(1)(a)(ii)Verify source

§ 7-1-324(1)(a)(iii)Subsection 7-1-324(1)(a)(iii)Provision

Source excerpt

industrial banks; or

Section 7-1-324(1)(a)(iii)Verify source

§ 7-1-324(1)(a)(iv)Subsection 7-1-324(1)(a)(iv)Provision

Source excerpt

wholly owned subsidiaries of a depository institution listed in this Subsection (1)(a) .

Section 7-1-324(1)(a)(iv)Verify source

§ 7-1-324(1)(b)Subsection 7-1-324(1)(b)Provision

Source excerpt

"Debt cancellation agreement" is defined by reference to Section 31A-21-109.

"Debt cancellation agreement" is as defined in Section 31A-21-109 .

Section 7-1-324(1)(b)Verify source

§ 7-1-324(1)(c)Subsection 7-1-324(1)(c)Provision

Source excerpt

“Debt suspension agreement” is defined by reference to Section 31A-21-109.

"Debt suspension agreement" is as defined in Section 31A-21-109 .

Section 7-1-324(1)(c)Verify source

§ 7-1-324(2)Subsection 7-1-324(2)Provision

Source excerpt

The commissioner may, by rule and subject to this section and the Utah Administrative Rulemaking Act, authorize certain depository institutions to issue debt cancellation or debt suspension agreements and regulate their issuance.

Subject to the other provisions of this section, the commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act : authorize any member of a class of depository institution that is subject to the jurisdiction of the department to issue: a debt cancellation agreement; or a debt suspension agreement; and regulate the issuance of a debt cancellation agreement or a debt suspension agreement issued in this state by a member of a class of depository institution.

Section 7-1-324(2)Verify source

§ 7-1-324(2)(a)Subsection 7-1-324(2)(a)Provision

Source excerpt

The provision authorizes a covered depository institution to issue a debt cancellation agreement or a debt suspension agreement.

authorize any member of a class of depository institution that is subject to the jurisdiction of the department to issue: a debt cancellation agreement; or a debt suspension agreement; and

Section 7-1-324(2)(a)Verify source

§ 7-1-324(2)(a)(i)Subsection 7-1-324(2)(a)(i)Provision

Source excerpt

a debt cancellation agreement; or

Section 7-1-324(2)(a)(i)Verify source

§ 7-1-324(2)(a)(ii)Subsection 7-1-324(2)(a)(ii)Provision

Source excerpt

a debt suspension agreement; and

Section 7-1-324(2)(a)(ii)Verify source

§ 7-1-324(2)(b)Subsection 7-1-324(2)(b)Provision

Source excerpt

regulate the issuance of a debt cancellation agreement or a debt suspension agreement issued in this state by a member of a class of depository institution.

Section 7-1-324(2)(b)Verify source

§ 7-1-324(3)Subsection 7-1-324(3)Provision

Source excerpt

Commissioner-adopted rules for a class of depository institution must be substantially similar to the comparable federal regulation; if no federal regulation covers debt cancellation or debt suspension agreements for that class, the rule must instead be substantially similar to the federal regulation applicable to a bank.

Any rule adopted by the commissioner under this section as applied to a class of depository institution shall be substantially similar to any federal regulation applying to the same class of depository institution. Any rule adopted by the commissioner applicable to a class of depository institution described in this Subsection (3)(b) shall be substantially similar to any federal regulation applicable to a bank if no federal regulation authorizes or regulates the issuance of a debt cancellation agreement or debt suspension agreement for that class of depository institution.

Section 7-1-324(3)Verify source

§ 7-1-324(3)(a)Subsection 7-1-324(3)(a)Provision

Source excerpt

A commissioner’s rule for a class of depository institution must be substantially similar to the comparable federal regulation.

Section 7-1-324(3)(a)Verify source

§ 7-1-324(3)(b)Subsection 7-1-324(3)(b)Provision

Source excerpt

Commissioner-adopted rules for the covered depository institutions must be substantially similar to applicable federal bank regulations when no federal rule authorizes or regulates debt cancellation or debt suspension agreements for that class.

Any rule adopted by the commissioner applicable to a class of depository institution described in this Subsection (3)(b) shall be substantially similar to any federal regulation applicable to a bank if no federal regulation authorizes or regulates the issuance of a debt cancellation agreement or debt suspension agreement for that class of depository institution.

Section 7-1-324(3)(b)Verify source

§ 7-1-324(4)Subsection 7-1-324(4)Provision

Source excerpt

An out-of-state depository institution may issue a debt cancellation or debt suspension agreement in this state if its home state authorizes and regulates that activity and the institution follows its home-state regulations; if the home-state rules are not at least as protective as the commissioner’s rules, the institution must follow the commissioner’s rules instead.

An out-of-state depository institution may issue a debt cancellation agreement or debt suspension agreement in this state if: the home state of the out-of-state depository institution authorizes and regulates the issuance of a debt cancellation agreement or debt suspension agreement by the out-of-state depository institution; and subject to Subsection (4)(b) , the out-of-state depository institution complies with regulations from the out-of-state depository institution's home state that regulate the issuance of a debt cancellation agreement or a debt suspension agreement. Notwithstanding Subsection (4)(a) , an out-of-state depository institution described in Subsection (4)(a) shall comply with rules adopted by the commissioner under this section that regulate the issuance of a debt cancellation agreement or a debt suspension agreement in this state by the class of depository institution to which the out-of-state depository institution belongs if the regulations of the out-of-state depository institution's home state do not provide at least the same level of protection with respect to a debt cancellation agreement or debt suspension agreement as the rules adopted by the commissioner under this section with respect to the same class of depository institution: for the safety and soundness of the depository institution; and for consumer protections for the borrowers of the depository institution.

Section 7-1-324(4)Verify source

§ 7-1-324(4)(a)Subsection 7-1-324(4)(a)Provision

Source excerpt

An out-of-state depository institution may issue a debt cancellation or debt suspension agreement in this state if its home state authorizes and regulates that issuance and, subject to Subsection (4)(b), the institution complies with its home-state regulations.

Section 7-1-324(4)(a)Verify source

§ 7-1-324(4)(a)(i)Subsection 7-1-324(4)(a)(i)Provision

Source excerpt

The home state authorizes and regulates issuance of a debt cancellation agreement or debt suspension agreement by an out-of-state depository institution.

the home state of the out-of-state depository institution authorizes and regulates the issuance of a debt cancellation agreement or debt suspension agreement by the out-of-state depository institution; and

Section 7-1-324(4)(a)(i)Verify source

§ 7-1-324(4)(a)(ii)Subsection 7-1-324(4)(a)(ii)Provision

Source excerpt

subject to Subsection (4)(b) , the out-of-state depository institution complies with regulations from the out-of-state depository institution's home state that regulate the issuance of a debt cancellation agreement or a debt suspension

Section 7-1-324(4)(a)(ii)Verify source

§ 7-1-324(4)(b)Subsection 7-1-324(4)(b)Provision

Source excerpt

An out-of-state depository institution must follow the commissioner’s rules on issuing debt cancellation or debt suspension agreements in Utah when its home-state rules do not provide at least the same protection.

Notwithstanding Subsection (4)(a) , an out-of-state depository institution described in Subsection (4)(a) shall comply with rules adopted by the commissioner under this section that regulate the issuance of a debt cancellation agreement or a debt suspension agreement in this state by the class of depository institution to which the out-of-state depository institution belongs if the regulations of the out-of-state depository institution's home state do not provide at least the same level of protection with respect to a debt cancellation agreement or debt suspension agreement as the rules adopted by the commissioner under this section with respect to the same class of depository institution: for the safety and soundness of the depository institution; and for consumer protections for the borrowers of the depository institution.

Section 7-1-324(4)(b)Verify source

§ 7-1-324(4)(b)(i)Subsection 7-1-324(4)(b)(i)Provision

Source excerpt

for the safety and soundness of the depository institution; and

Section 7-1-324(4)(b)(i)Verify source

§ 7-1-324(4)(b)(ii)Subsection 7-1-324(4)(b)(ii)Provision

Source excerpt

for consumer protections for the borrowers of the depository institution.

Section 7-1-324(4)(b)(ii)Verify source

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Utah Code § 7-1-324, 2003

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