This section allows Utah and out-of-state depository institutions and their holding companies to acquire, merge, and branch across state lines, but restricts de novo interstate branching in Utah except as stated.…
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acquisition or mergeractivity scopeasset acquisitionbankingbranch conversionbranch establishmentbranch operationsbusiness registrationcharter acquisitioncommunity reinvestmentcomplianceconflict of lawsconsumer protectioncorporate powerscross-sector authorizationde novo branchingdepository institutiondepository institution controldepository institutionsfair lendinginsuranceinterstate bankinginterstate branchingintrastate branchingmarket entrymergermergers and acquisitionsout-of-state institutionspowersreal estate brokerageregulatory noticesecurities
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United States — Utah
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“This section allows Utah and out-of-state depository institutions and their holding companies to acquire, merge, and branch across state lines, but restricts de novo interstate branching in Utah except as stated. It also imposes compliance, filing, and notice requirements on out-of-state institutions operating Utah bra”
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This section allows Utah and out-of-state depository institutions and their holding companies to acquire, merge, and branch across state lines, but restricts de novo interstate branching in Utah except as stated. It also imposes complia…
A person must give written notification to the department about the out-of-state depository certificate of authority to transact business in this state.
Section 7-1-702(12)(c)
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Showing 61 of 61 provisions
Provision 58Amendment 3
Part 7-1-7
part 7-1-7 Authorization Required to Conduct Business
§ 7-1-702Interstate acquisition, merger, and branching.Amendment
Source excerpt
This section allows Utah and out-of-state depository institutions and their holding companies to acquire, merge, and branch across state lines, but restricts de novo interstate branching in Utah except as stated. It also imposes compliance, filing, and notice requirements on out-of-state institutions operating Utah branches.
Interstate acquisition, merger, and branching.
A Utah depository institution or its holding company may acquire control of, acquire all or substantially all the assets of, or merge with: an out-of-state depository institution; or a holding company of an out-of-state depository institution. An out-of-state depository institution or its holding company may acquire control of, acquire all or substantially all the assets of, or merge with: a Utah depository institution; or a holding company of a Utah depository institution. A Utah depository institution may acquire, through merger or otherwise, a branch of a depository institution in another state without acquiring: the depository institution in the other state; or the charter of the depository institution described in Subsection (3)(a) . An out-of-state depository institution may acquire, through merger or otherwise, a branch of a depository institution in Utah without acquiring: the Utah depository institution; or the charter of the Utah depository institution. A Utah depository institution may establish a de novo branch in any state that allows de novo interstate branching as described in 12 U.S.C. Secs. 36(g) and 1828(d)(4), as amended. Except as provided in Subsection (5)(c) , de novo interstate branching in Utah is prohibited. An out-of-state depository institution may establish a de novo branch in Utah if the home state of that out-of-state depository institution permits a Utah state chartered depository institution to establish and maintain a de novo branch in that home state under substantially the same terms and conditions as that out-of-state depository institution establishes its de novo branch in Utah. Any of the following may do anything described in Subsection (6)(b) : a Utah depository institution or holding company that acquires an out-of-state depository institution; a Utah depository institution that is the resulting depository institution after merging with an out-of-state depository institution; or a Utah depository institution that otherwise establishes or acquires a branch in a host state. A depository institution or holding company described in Subsection (6)(a) may do any of the following in accordance with applicable state and federal law, including the law of the host state: continue to operate the out-of-state depository institution or branch; convert any existing main office or branch in the host state into a branch of the Utah depository institution; establish or acquire additional branches of the Utah depository institution in any state where the out-of-state depository institution could have done so if the out-of-state depository institution had not been acquired or merged; and exercise any power and engage in any activity in a host state to the same extent as a depository institution of the same class whose home state is that state. Any of the following may do anything described in Subsection (7)(b) : an out-of-state depository institution or holding company that acquires a Utah depository institution; an out-of-state depository institution that is the resulting depository institution after merging with a Utah depository institution; or an out-of-state depository institution that otherwise establishes or acquires a branch in Utah. A depository institution or holding company described in Subsection (7)(a) may do any of the following in accordance with applicable state and federal law, including the law of this state: continue to operate the Utah depository institution or branch; convert any existing main office or branch in Utah into a branch of the out-of-state depository institution; establish or acquire additional branches of the out-of-state depository institution in any state where the Utah depository institution could have done so if the Utah depository institution had not been acquired or merged; and exercise any power and engage in any activity in this state to the same extent as a depository institution of the same class whose home state is Utah. A Utah branch of an out-of-state depository institution shall comply with: the law of the institution's home state; or the federal law in the case of a federally chartered institution. If the laws of this state as a host state conflict with the laws of another state as a home state, the laws of the home state prevail except as provided in this section. The commissioner may order that Utah law prevails over home state law if the application of Utah law is necessary to: preserve the safe and sound operation of the Utah branch; prevent significant competitive disadvantage to Utah depository institutions in local financial markets; or otherwise protect the citizens of this state. The laws of this state regarding community reinvestment, consumer protection, fair lending, and intrastate branching apply to a Utah branch of an out-of-state depository institution to the same extent as those laws apply to a Utah branch of a depository institution chartered by this state. An out-of-state depository institution authorized to operate a branch in Utah may underwrite or sell insurance, engage in the direct marketing of securities, or engage in the brokerage of real estate only to the extent permissible for a Utah depository institution of the same class. Subsection (8) does not affect the jurisdiction or authority of the commissioner to: examine, supervise, and regulate an out-of-state depository institution operating or seeking to operate a branch in this state; or take any action or issue any order with regard to a branch described in Subsection (9)(a) . The acquisition of a charter entitles the acquiring institution to engage in any activity the acquired institution could have engaged in if the acquired institution had not been acquired, so long as the acquiring institution does not convert the acquired institution into, or operate it as, an institution of a different class. The activities authorized in this section are subject to: the limitations for mergers and acquisitions set forth in Sections 7-1-703 and 7-1-705 ; and the limitations for branching set forth in Section 7-1-708 . An institution shall file all required applications and receive all appropriate approvals before engaging in any of the activities authorized in this section. An out-of-state depository institution that operates a branch in this state shall: maintain a certificate of authority to transact business in this state; comply with all applicable corporate filing requirements under Title 16, Chapter 10a, Utah Revised Business Corporation Act , to the same extent as any nondepository corporation transacting business in this state; and provide written notification to the department of the out-of-state depository certificate of authority to transact business in this state.
A Utah depository institution or its holding company may acquire control of, buy substantially all assets of, or merge with an out-of-state depository institution or its holding company.
A Utah depository institution or its holding company may acquire control of, acquire all or substantially all the assets of, or merge with: an out-of-state depository institution; or a holding company of an out-of-state depository institution.
An out-of-state depository institution or its holding company may acquire control of, buy all or substantially all assets of, or merge with a Utah depository institution or its holding company.
An out-of-state depository institution or its holding company may acquire control of, acquire all or substantially all the assets of, or merge with: a Utah depository institution; or a holding company of a Utah depository institution.
A Utah depository institution may acquire a branch of an out-of-state depository institution, including through merger or another method, without also acquiring the out-of-state institution or its charter.
A Utah depository institution may acquire, through merger or otherwise, a branch of a depository institution in another state without acquiring: the depository institution in the other state; or the charter of the depository institution described in Subsection (3)(a) .
An out-of-state depository institution may acquire a branch of a Utah depository institution through merger or otherwise, without acquiring the Utah institution or its charter.
An out-of-state depository institution may acquire, through merger or otherwise, a branch of a depository institution in Utah without acquiring: the Utah depository institution; or the charter of the Utah depository institution.
A Utah depository institution may open a de novo branch in another state if that state allows de novo interstate branching; de novo interstate branching in Utah is prohibited except as provided elsewhere; and an out-of-state depository institution may open a de novo branch in Utah if its home state gives Utah state-chartered depository institutions substantially similar reciprocal treatment.
A Utah depository institution may establish a de novo branch in any state that allows de novo interstate branching as described in 12 U.S.C. Secs. 36(g) and 1828(d)(4), as amended. Except as provided in Subsection (5)(c) , de novo interstate branching in Utah is prohibited. An out-of-state depository institution may establish a de novo branch in Utah if the home state of that out-of-state depository institution permits a Utah state chartered depository institution to establish and maintain a de novo branch in that home state under substantially the same terms and conditions as that out-of-state depository institution establishes its de novo branch in Utah.
A Utah depository institution may establish a de novo branch in a state that allows de novo interstate branching.
A Utah depository institution may establish a de novo branch in any state that allows de novo interstate branching as described in 12 U.S.C. Secs. 36(g) and 1828(d)(4), as amended.
An out-of-state depository institution may establish a de novo branch in Utah if the home state of that out-of-state depository institution permits a Utah state chartered depository institution to establish and maintain a de novo branch in
An out-of-state depository institution may establish a de novo branch in Utah if the home state of that out-of-state depository institution permits a Utah state chartered depository institution to establish and maintain a de novo branch in that home state under substantially the same terms and conditions as that out-of-state depository institution establishes its de novo branch in Utah.
Any of the following may do anything described in Subsection (6)(b) : a Utah depository institution or holding company that acquires an out-of-state depository institution; a Utah depository institution that is the resulting depository
Any of the following may do anything described in Subsection (6)(b) : a Utah depository institution or holding company that acquires an out-of-state depository institution; a Utah depository institution that is the resulting depository institution after merging with an out-of-state depository institution; or a Utah depository institution that otherwise establishes or acquires a branch in a host state. A depository institution or holding company described in Subsection (6)(a) may do any of the following in accordance with applicable state and federal law, including the law of the host state: continue to operate the out-of-state depository institution or branch; convert any existing main office or branch in the host state into a branch of the Utah depository institution; establish or acquire additional branches of the Utah depository institution in any state where the out-of-state depository institution could have done so if the out-of-state depository institution had not been acquired or merged; and exercise any power and engage in any activity in a host state to the same extent as a depository institution of the same class whose home state is that state.
Any of the following may do anything described in Subsection (6)(b) : a Utah depository institution or holding company that acquires an out-of-state depository institution; a Utah depository institution that is the resulting depository
Any of the following may do anything described in Subsection (6)(b) : a Utah depository institution or holding company that acquires an out-of-state depository institution; a Utah depository institution that is the resulting depository institution after merging with an out-of-state depository institution; or a Utah depository institution that otherwise establishes or acquires a branch in a host state.
Certain depository institutions or holding companies may continue or expand branch operations and related activities, subject to applicable state and federal law.
A depository institution or holding company described in Subsection (6)(a) may do any of the following in accordance with applicable state and federal law, including the law of the host state: continue to operate the out-of-state depository institution or branch; convert any existing main office or branch in the host state into a branch of the Utah depository institution; establish or acquire additional branches of the Utah depository institution in any state where the out-of-state depository institution could have done so if the out-of-state depository institution had not been acquired or merged; and exercise any power and engage in any activity in a host state to the same extent as a depository institution of the same class whose home state is that state.
establish or acquire additional branches of the Utah depository institution in any state where the out-of-state depository institution could have done so if the out-of-state depository institution had not been acquired or merged; and
establish or acquire additional branches of the Utah depository institution in any state where the out-of-state depository institution could have done so if the out-of-state depository institution had not been acquired or merged; and
A person may exercise any power and engage in any activity in a host state to the same extent as a depository institution of the same class whose home state is that state.
exercise any power and engage in any activity in a host state to the same extent as a depository institution of the same class whose home state is that state.
Certain out-of-state depository institutions or holding companies may carry out specified post-acquisition, post-merger, or branch-establishment activities in Utah.
Any of the following may do anything described in Subsection (7)(b) : an out-of-state depository institution or holding company that acquires a Utah depository institution; an out-of-state depository institution that is the resulting depository institution after merging with a Utah depository institution; or an out-of-state depository institution that otherwise establishes or acquires a branch in Utah. A depository institution or holding company described in Subsection (7)(a) may do any of the following in accordance with applicable state and federal law, including the law of this state: continue to operate the Utah depository institution or branch; convert any existing main office or branch in Utah into a branch of the out-of-state depository institution; establish or acquire additional branches of the out-of-state depository institution in any state where the Utah depository institution could have done so if the Utah depository institution had not been acquired or merged; and exercise any power and engage in any activity in this state to the same extent as a depository institution of the same class whose home state is Utah.
Certain out-of-state depository institutions and a holding company may do the actions described in Subsection (7)(b) if they acquire or merge with a Utah depository institution, or if they establish or acquire a branch in Utah.
Any of the following may do anything described in Subsection (7)(b) : an out-of-state depository institution or holding company that acquires a Utah depository institution; an out-of-state depository institution that is the resulting depository institution after merging with a Utah depository institution; or an out-of-state depository institution that otherwise establishes or acquires a branch in Utah.
A covered depository institution or holding company may continue operating, convert Utah offices into branches, open or acquire additional branches in certain states, and exercise the same powers and activities in Utah as a Utah-home-state institution, if it complies with applicable state and federal law.
A depository institution or holding company described in Subsection (7)(a) may do any of the following in accordance with applicable state and federal law, including the law of this state: continue to operate the Utah depository institution or branch; convert any existing main office or branch in Utah into a branch of the out-of-state depository institution; establish or acquire additional branches of the out-of-state depository institution in any state where the Utah depository institution could have done so if the Utah depository institution had not been acquired or merged; and exercise any power and engage in any activity in this state to the same extent as a depository institution of the same class whose home state is Utah.
establish or acquire additional branches of the out-of-state depository institution in any state where the Utah depository institution could have done so if the Utah depository institution had not been acquired or merged; and
establish or acquire additional branches of the out-of-state depository institution in any state where the Utah depository institution could have done so if the Utah depository institution had not been acquired or merged; and
A Utah branch of an out-of-state depository institution shall comply with: the law of the institution's home state; or the federal law in the case of a federally chartered institution. If the laws of this state as a host state conflict
A Utah branch of an out-of-state depository institution shall comply with: the law of the institution's home state; or the federal law in the case of a federally chartered institution. If the laws of this state as a host state conflict with the laws of another state as a home state, the laws of the home state prevail except as provided in this section. The commissioner may order that Utah law prevails over home state law if the application of Utah law is necessary to: preserve the safe and sound operation of the Utah branch; prevent significant competitive disadvantage to Utah depository institutions in local financial markets; or otherwise protect the citizens of this state. The laws of this state regarding community reinvestment, consumer protection, fair lending, and intrastate branching apply to a Utah branch of an out-of-state depository institution to the same extent as those laws apply to a Utah branch of a depository institution chartered by this state. An out-of-state depository institution authorized to operate a branch in Utah may underwrite or sell insurance, engage in the direct marketing of securities, or engage in the brokerage of real estate only to the extent permissible for a Utah depository institution of the same class.
A Utah branch of an out-of-state depository institution must comply with the law of its home state, or federal law if the institution is federally chartered.
A Utah branch of an out-of-state depository institution shall comply with: the law of the institution's home state; or the federal law in the case of a federally chartered institution.
If this state’s host-state laws conflict with another state’s home-state laws, the home-state laws prevail, except as provided in this section.
If the laws of this state as a host state conflict with the laws of another state as a home state, the laws of the home state prevail except as provided in this section.
The commissioner may order Utah law to prevail over home state law when needed for branch safety, market fairness, or protection of state citizens.
The commissioner may order that Utah law prevails over home state law if the application of Utah law is necessary to: preserve the safe and sound operation of the Utah branch; prevent significant competitive disadvantage to Utah depository institutions in local financial markets; or otherwise protect the citizens of this state.
State laws on community reinvestment, consumer protection, fair lending, and intrastate branching apply to a Utah branch of an out-of-state depository institution the same way they apply to a Utah-chartered depository institution branch.
The laws of this state regarding community reinvestment, consumer protection, fair lending, and intrastate branching apply to a Utah branch of an out-of-state depository institution to the same extent as those laws apply to a Utah branch of a depository institution chartered by this state.
An out-of-state depository institution with a Utah branch may underwrite or sell insurance, market securities directly, or broker real estate, but only to the extent allowed for a Utah depository institution of the same class.
An out-of-state depository institution authorized to operate a branch in Utah may underwrite or sell insurance, engage in the direct marketing of securities, or engage in the brokerage of real estate only to the extent permissible for a Utah depository institution of the same class.
The commissioner’s authority is preserved to examine, supervise, and regulate certain out-of-state depository institutions and to take action or issue orders concerning a covered branch.
Subsection (8) does not affect the jurisdiction or authority of the commissioner to: examine, supervise, and regulate an out-of-state depository institution operating or seeking to operate a branch in this state; or take any action or issue any order with regard to a branch described in Subsection (9)(a) .
A charter acquisition entitles the acquiring institution to do the same activities the acquired institution could have done, if it does not change the acquired institution into a different class.
The acquisition of a charter entitles the acquiring institution to engage in any activity the acquired institution could have engaged in if the acquired institution had not been acquired, so long as the acquiring institution does not convert the acquired institution into, or operate it as, an institution of a different class.
An institution must file required applications and obtain the appropriate approvals before engaging in activities authorized by this section.
The activities authorized in this section are subject to: the limitations for mergers and acquisitions set forth in Sections 7-1-703 and 7-1-705 ; and the limitations for branching set forth in Section 7-1-708 . An institution shall file all required applications and receive all appropriate approvals before engaging in any of the activities authorized in this section.
Activities authorized in this section are subject to limitations on mergers and acquisitions and on branching.
The activities authorized in this section are subject to: the limitations for mergers and acquisitions set forth in Sections 7-1-703 and 7-1-705 ; and the limitations for branching set forth in Section 7-1-708 .
An institution must file required applications and obtain appropriate approvals before engaging in the activities covered by this section.
An institution shall file all required applications and receive all appropriate approvals before engaging in any of the activities authorized in this section.
An out-of-state depository institution that operates a branch in this state shall: maintain a certificate of authority to transact business in this state; comply with all applicable corporate filing requirements under Title 16, Chapter
An out-of-state depository institution that operates a branch in this state shall: maintain a certificate of authority to transact business in this state; comply with all applicable corporate filing requirements under Title 16, Chapter 10a, Utah Revised Business Corporation Act , to the same extent as any nondepository corporation transacting business in this state; and provide written notification to the department of the out-of-state depository certificate of authority to transact business in this state.
The entity must comply with all applicable corporate filing requirements under Title 16, Chapter 10a, and do so to the same extent as any nondepository corporation transacting business in Utah.
comply with all applicable corporate filing requirements under Title 16, Chapter 10a, Utah Revised Business Corporation Act , to the same extent as any nondepository corporation transacting business in this state; and
A person must give written notification to the department about the out-of-state depository certificate of authority to transact business in this state.
provide written notification to the department of the out-of-state depository certificate of authority to transact business in this state.
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