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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-502

The department’s jurisdiction over certain persons and institutions is limited to specified in-state or resident-related business activities and other activities not barred by U.S. law. The commis…

Source excerpt

agency jurisdictionbooks and recordsinspection and examinationmutual fundsrecordssupervisory reporting
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“The department’s jurisdiction over certain persons and institutions is limited to specified in-state or resident-related business activities and other activities not barred by U.S. law. The commissioner may still require certain books and records for inspection and examination.”

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Limitations on jurisdiction of department.

The department’s jurisdiction over certain persons and institutions is limited to specified in-state or resident-related business activities and other activities not barred by U.S. law. The commissioner may still require certain books a…

Section 7-1-502

Subsection 7-1-502(1)

The jurisdiction of the department with respect to the persons and institutions described in Section 7-1-501 is limited as follows: to the portion of the business activities conducted in this state or with residents of this state, whether

Section 7-1-502(1)

Subsection 7-1-502(1)(b)

to business activities that the department is not prohibited from regulating by the United States Constitution or laws of the United States.

Section 7-1-502(1)(b)

Subsection 7-1-502(2)

The commissioner may require a covered institution to make books and records available for inspection and examination when they relate to in-state business, business with state residents, or the safety or soundness of a branch in the state.

Section 7-1-502(2)

Subsection 7-1-502(3)

The department is not authorized to supervise or regulate the operation of money market mutual funds or similar investments when they are already supervised and regulated by another state or federal department or agency.

Section 7-1-502(3)

04

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In force source record

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

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Showing 6 of 6 provisions

Provision 6

Part 7-1-5

part 7-1-5 Jurisdiction of Department

§ 7-1-502Limitations on jurisdiction of department.Provision

Source excerpt

The department’s jurisdiction over certain persons and institutions is limited to specified in-state or resident-related business activities and other activities not barred by U.S. law. The commissioner may still require certain books and records for inspection and examination.

Limitations on jurisdiction of department. The jurisdiction of the department with respect to the persons and institutions described in Section 7-1-501 is limited as follows: to the portion of the business activities conducted in this state or with residents of this state, whether conducted solely or jointly by combination or contract; and to business activities that the department is not prohibited from regulating by the United States Constitution or laws of the United States. The jurisdictional limitations in Subsection (1) do not prohibit the commissioner from requiring an institution described in Section 7-1-501 to make available for inspection and examination books and records applicable to its business activities in this state, conducted with residents of this state, or relevant to the safety or soundness of a branch in this state. These book and records may include any report filed with a federal or state supervisory agency having jurisdiction over the institution. Section 7-1-501 does not authorize the department to supervise or regulate, by setting interest rates or otherwise, the operation of money market mutual funds or similar investments subject to supervision and regulation by another department or agency of this state or of the United States.
Section 7-1-502Verify source
§ 7-1-502(1)Subsection 7-1-502(1)Provision

Source excerpt

The jurisdiction of the department with respect to the persons and institutions described in Section 7-1-501 is limited as follows: to the portion of the business activities conducted in this state or with residents of this state, whether

The jurisdiction of the department with respect to the persons and institutions described in Section 7-1-501 is limited as follows: to the portion of the business activities conducted in this state or with residents of this state, whether conducted solely or jointly by combination or contract; and to business activities that the department is not prohibited from regulating by the United States Constitution or laws of the United States.
Section 7-1-502(1)Verify source
§ 7-1-502(1)(a)Subsection 7-1-502(1)(a)Provision

Source excerpt

to the portion of the business activities conducted in this state or with residents of this state, whether conducted solely or jointly by combination or contract; and

to the portion of the business activities conducted in this state or with residents of this state, whether conducted solely or jointly by combination or contract; and
Section 7-1-502(1)(a)Verify source
§ 7-1-502(1)(b)Subsection 7-1-502(1)(b)Provision

Source excerpt

to business activities that the department is not prohibited from regulating by the United States Constitution or laws of the United States.

to business activities that the department is not prohibited from regulating by the United States Constitution or laws of the United States.
Section 7-1-502(1)(b)Verify source
§ 7-1-502(2)Subsection 7-1-502(2)Provision

Source excerpt

The commissioner may require a covered institution to make books and records available for inspection and examination when they relate to in-state business, business with state residents, or the safety or soundness of a branch in the state.

The jurisdictional limitations in Subsection (1) do not prohibit the commissioner from requiring an institution described in Section 7-1-501 to make available for inspection and examination books and records applicable to its business activities in this state, conducted with residents of this state, or relevant to the safety or soundness of a branch in this state. These book and records may include any report filed with a federal or state supervisory agency having jurisdiction over the institution.
Section 7-1-502(2)Verify source
§ 7-1-502(3)Subsection 7-1-502(3)Provision

Source excerpt

The department is not authorized to supervise or regulate the operation of money market mutual funds or similar investments when they are already supervised and regulated by another state or federal department or agency.

Section 7-1-501 does not authorize the department to supervise or regulate, by setting interest rates or otherwise, the operation of money market mutual funds or similar investments subject to supervision and regulation by another department or agency of this state or of the United States.
Section 7-1-502(3)Verify source

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