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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-617, 1995

Utah law sets no state deposit cap or concentration limit; depository institutions and holding companies may hold any share of in-state deposits, and the commissioner may waive a stricter federal limit in some cases.

Source excerpt

antitrustdeposit concentrationdepository institutionsfederal preemptionholding companies
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 1995
Dates
Enacted 1995
More statute details
Dates
Enacted 1995
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01

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“Utah law sets no state deposit cap or concentration limit; depository institutions and holding companies may hold any share of in-state deposits, and the commissioner may waive a stricter federal limit in some cases.”

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No concentration limit under state law.

Utah law sets no state deposit cap or concentration limit; depository institutions and holding companies may hold any share of in-state deposits, and the commissioner may waive a stricter federal limit in some cases.

Section 7-1-617

Subsection 7-1-617(2)

The commissioner may, if federal law allows and on a case-by-case basis, waive a federal deposit concentration limit that is more restrictive than Subsection (1).

Section 7-1-617(2)

Subsection 7-1-617(3)

This section does not affect the applicability, if any, of antitrust law.

Section 7-1-617(3)

04

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In force source record

Source record from le.utah.gov · Enacted 1995

In force

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Showing 7 of 7 provisions

Provision 7

Part 7-1-6

part 7-1-6 Deposit Accounts

§ 7-1-617No concentration limit under state law.Provision

Source excerpt

Utah law sets no state deposit cap or concentration limit; depository institutions and holding companies may hold any share of in-state deposits, and the commissioner may waive a stricter federal limit in some cases.

No concentration limit under state law. There is no state deposit cap or concentration limit under Utah law. A depository institution or depository institution holding company may control any percentage of the total deposits held within this state by all depository institutions of the same class. To the extent authorized by federal law, the commissioner may, on a case by case basis, waive any applicable federal deposit concentration limit that has the effect of being more limiting than Subsection (1) . In making a decision to waive a federal deposit concentration limit, the commissioner shall apply a standard that does not discriminate against out-of-state depository institutions, upon a finding that the waiver promotes: the availability of financial services; the marketability of Utah depository institutions; or another public interest. This section does not affect the applicability, if any, of antitrust law.
Section 7-1-617Verify source
§ 7-1-617(1)Subsection 7-1-617(1)Provision

Source excerpt

Utah law states there is no state deposit cap or concentration limit, and a depository institution or depository institution holding company may control any percentage of total deposits held in the state by depository institutions of the same class.

There is no state deposit cap or concentration limit under Utah law. A depository institution or depository institution holding company may control any percentage of the total deposits held within this state by all depository institutions of the same class.
Section 7-1-617(1)Verify source
§ 7-1-617(2)Subsection 7-1-617(2)Provision

Source excerpt

The commissioner may, if federal law allows and on a case-by-case basis, waive a federal deposit concentration limit that is more restrictive than Subsection (1).

To the extent authorized by federal law, the commissioner may, on a case by case basis, waive any applicable federal deposit concentration limit that has the effect of being more limiting than Subsection (1) . In making a decision to waive a federal deposit concentration limit, the commissioner shall apply a standard that does not discriminate against out-of-state depository institutions, upon a finding that the waiver promotes: the availability of financial services; the marketability of Utah depository institutions; or another public interest.
Section 7-1-617(2)Verify source
§ 7-1-617(2)(a)Subsection 7-1-617(2)(a)Provision

Source excerpt

the availability of financial services;

the availability of financial services;
Section 7-1-617(2)(a)Verify source
§ 7-1-617(2)(b)Subsection 7-1-617(2)(b)Provision

Source excerpt

the marketability of Utah depository institutions; or

the marketability of Utah depository institutions; or
Section 7-1-617(2)(b)Verify source
§ 7-1-617(2)(c)Subsection 7-1-617(2)(c)Provision

Source excerpt

another public interest.

another public interest.
Section 7-1-617(2)(c)Verify source
§ 7-1-617(3)Subsection 7-1-617(3)Provision

Source excerpt

This section does not affect the applicability, if any, of antitrust law.

This section does not affect the applicability, if any, of antitrust law.
Section 7-1-617(3)Verify source

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