United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-708

Certain Utah depository institutions may establish or relocate branches or offices only with the commissioner’s prior approval.

Source excerpt

approval procedurebranch establishmentbranch relocationcommissioner approvalcredit unionsloan production officesoffice relocation

Jurisdiction: United States — Utah
Status: In force
Dates: Legal dates not recorded

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“Certain Utah depository institutions may establish or relocate branches or offices only with the commissioner’s prior approval.”

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Establishing branches and relocating offices -- Application and procedure for approval -- Nonexempt credit unions.

Certain Utah depository institutions may establish or relocate branches or offices only with the commissioner’s prior approval.

Section 7-1-708

Subsection 7-1-708(3)(b)

If the commissioner does not approve or disapprove an application within the time stated in Subsection (3)(a) , the application is considered approved.

Section 7-1-708(3)(b)

Subsection 7-1-708(7)(a)

Approval is treated as revoked unless the office is opened and operating within one year of the commissioner-approved commencement date.

Section 7-1-708(7)(a)

Subsection 7-1-708(9)(a)(i)

notwithstanding Section 7-1-103 , a loan production office; or

Section 7-1-708(9)(a)(i)

Subsection 7-1-708(9)(b)

This provision says it does not authorize a loan production office to do anything it is otherwise not allowed to do under Section 7-1-715.

Section 7-1-708(9)(b)

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Showing 31 of 31 provisions

Provision 28Commencement 3

Part 7-1-7

part 7-1-7 Authorization Required to Conduct Business

§ 7-1-708Establishing branches and relocating offices -- Application and procedure for approval -- Nonexempt credit unions.Commencement

Source excerpt

Certain Utah depository institutions may establish or relocate branches or offices only with the commissioner’s prior approval.

Establishing branches and relocating offices -- Application and procedure for approval -- Nonexempt credit unions. A Utah depository institution or an out-of-state depository institution with a Utah branch or seeking to acquire a branch in this state may establish one or more branches, or relocate a branch office or its main office in this state, subject to the prior approval of the commissioner. The approval of the commissioner required by Subsection (1) may be obtained by: filing an application with the department in a form the commissioner prescribes; and supplementing the application with information the commissioner considers material to determining whether to approve the application. The commissioner shall approve or disapprove an application within 30 days after accepting the application as complete. If the commissioner does not approve or disapprove an application within the time stated in Subsection (3)(a) , the application is considered approved. The commissioner shall cause a supervisor to make an investigation of the facts relevant or material to an application. The supervisor that conducts the investigation required by Subsection (4)(a) shall submit written findings and recommendations to the commissioner. An application, any supplemental information furnished by the applicant, and the findings and recommendations of the supervisor may be inspected by any person at the department's office, except those portions of the application the commissioner declares to be confidential to prevent a clearly unwarranted invasion of privacy, pursuant to the applicant's request. To protect the safety and soundness of the applicant, the commissioner may: approve an application subject to the terms and conditions the commissioner considers necessary; or disapprove an application. The commissioner's approval of any application under this section is considered revoked, unless the office is opened and operating within one year of the date approved by the commissioner for commencement of operations. The commissioner may extend the date for activation for up to two additional periods of not more than six months each: upon written application made before the expiration of a period; and for good cause shown. An out-of-state depository institution with a branch in Utah is not subject to the requirements of this section if the office or branch to be established or relocated is located outside of Utah. For purposes of determining whether a nonexempt credit union may establish a branch, a nonexempt credit union is considered to be establishing a branch if the nonexempt credit union establishes: notwithstanding Section 7-1-103 , a loan production office; or any other office or facility that: is owned or operated by: the nonexempt credit union; or a credit union service organization in which the nonexempt credit union holds an ownership interest; is open to the public; and provides any product or service of the nonexempt credit union to a member of the nonexempt credit union. This section may not be interpreted as authorizing a loan production office to engage in any activity that a loan production office is not authorized to engage in under Section 7-1-715 .

Section 7-1-708Verify source

§ 7-1-708(1)Subsection 7-1-708(1)Provision

Source excerpt

Certain depository institutions may establish or relocate branches in Utah only with prior approval from the commissioner.

A Utah depository institution or an out-of-state depository institution with a Utah branch or seeking to acquire a branch in this state may establish one or more branches, or relocate a branch office or its main office in this state, subject to the prior approval of the commissioner.

Section 7-1-708(1)Verify source

§ 7-1-708(2)Subsection 7-1-708(2)Provision

Source excerpt

Approval required under Subsection (1) may be obtained by filing an application with the department in the prescribed form and adding information the commissioner considers material.

The approval of the commissioner required by Subsection (1) may be obtained by: filing an application with the department in a form the commissioner prescribes; and supplementing the application with information the commissioner considers material to determining whether to approve the application.

Section 7-1-708(2)Verify source

§ 7-1-708(2)(a)Subsection 7-1-708(2)(a)Provision

Source excerpt

An applicant must file an application with the department in the form prescribed by the commissioner.

filing an application with the department in a form the commissioner prescribes; and

Section 7-1-708(2)(a)Verify source

§ 7-1-708(2)(b)Subsection 7-1-708(2)(b)Provision

Source excerpt

supplementing the application with information the commissioner considers material to determining whether to approve the application.

Section 7-1-708(2)(b)Verify source

§ 7-1-708(3)Subsection 7-1-708(3)Provision

Source excerpt

The commissioner shall approve or disapprove an application within 30 days after accepting the application as complete. If the commissioner does not approve or disapprove an application within the time stated in Subsection (3)(a) , the

Section 7-1-708(3)Verify source

§ 7-1-708(3)(a)Subsection 7-1-708(3)(a)Provision

Source excerpt

The commissioner must approve or disapprove an application within 30 days after accepting it as complete.

The commissioner shall approve or disapprove an application within 30 days after accepting the application as complete.

Section 7-1-708(3)(a)Verify source

§ 7-1-708(3)(b)Subsection 7-1-708(3)(b)Provision

Source excerpt

If the commissioner does not approve or disapprove an application within the time stated in Subsection (3)(a) , the application is considered approved.

Section 7-1-708(3)(b)Verify source

§ 7-1-708(4)Subsection 7-1-708(4)Provision

Source excerpt

The commissioner shall cause a supervisor to make an investigation of the facts relevant or material to an application. The supervisor that conducts the investigation required by Subsection (4)(a) shall submit written findings and

Section 7-1-708(4)Verify source

§ 7-1-708(4)(a)Subsection 7-1-708(4)(a)Provision

Source excerpt

The commissioner shall cause a supervisor to make an investigation of the facts relevant or material to an application.

Section 7-1-708(4)(a)Verify source

§ 7-1-708(4)(b)Subsection 7-1-708(4)(b)Provision

Source excerpt

The supervisor who conducts the investigation must submit written findings and recommendations to the commissioner.

The supervisor that conducts the investigation required by Subsection (4)(a) shall submit written findings and recommendations to the commissioner.

Section 7-1-708(4)(b)Verify source

§ 7-1-708(5)Subsection 7-1-708(5)Provision

Source excerpt

Anyone may inspect an application, related supplemental information, and the supervisor’s findings and recommendations at the department’s office, except confidential parts of the application.

An application, any supplemental information furnished by the applicant, and the findings and recommendations of the supervisor may be inspected by any person at the department's office, except those portions of the application the commissioner declares to be confidential to prevent a clearly unwarranted invasion of privacy, pursuant to the applicant's request.

Section 7-1-708(5)Verify source

§ 7-1-708(6)Subsection 7-1-708(6)Provision

Source excerpt

The commissioner may approve an application with conditions or disapprove it.

To protect the safety and soundness of the applicant, the commissioner may: approve an application subject to the terms and conditions the commissioner considers necessary; or disapprove an application.

Section 7-1-708(6)Verify source

§ 7-1-708(6)(a)Subsection 7-1-708(6)(a)Provision

Section 7-1-708(6)(a)Verify source

§ 7-1-708(6)(b)Subsection 7-1-708(6)(b)Provision

Source excerpt

disapprove an application.

Section 7-1-708(6)(b)Verify source

§ 7-1-708(7)Subsection 7-1-708(7)Commencement

Source excerpt

The commissioner may extend the activation date for an application under this section, up to two extra periods of no more than six months each, if there is a written application before a period expires and good cause is shown.

The commissioner's approval of any application under this section is considered revoked, unless the office is opened and operating within one year of the date approved by the commissioner for commencement of operations. The commissioner may extend the date for activation for up to two additional periods of not more than six months each: upon written application made before the expiration of a period; and for good cause shown.

Section 7-1-708(7)Verify source

§ 7-1-708(7)(a)Subsection 7-1-708(7)(a)Commencement

Source excerpt

Approval is treated as revoked unless the office is opened and operating within one year of the commissioner-approved commencement date.

Section 7-1-708(7)(a)Verify source

§ 7-1-708(7)(b)Subsection 7-1-708(7)(b)Provision

Source excerpt

The commissioner may extend the activation date by up to two extra periods of no more than six months each if there is a written application made before a period expires and good cause is shown.

The commissioner may extend the date for activation for up to two additional periods of not more than six months each: upon written application made before the expiration of a period; and for good cause shown.

Section 7-1-708(7)(b)Verify source

§ 7-1-708(7)(b)(i)Subsection 7-1-708(7)(b)(i)Provision

Source excerpt

A written application must be made before a period expires.

upon written application made before the expiration of a period; and

Section 7-1-708(7)(b)(i)Verify source

§ 7-1-708(7)(b)(ii)Subsection 7-1-708(7)(b)(ii)Provision

Source excerpt

for good cause shown.

Section 7-1-708(7)(b)(ii)Verify source

§ 7-1-708(8)Subsection 7-1-708(8)Provision

Source excerpt

An out-of-state depository institution with a Utah branch is not subject to this section if the office or branch to be established or relocated is outside Utah.

An out-of-state depository institution with a branch in Utah is not subject to the requirements of this section if the office or branch to be established or relocated is located outside of Utah.

Section 7-1-708(8)Verify source

§ 7-1-708(9)Subsection 7-1-708(9)Provision

Source excerpt

A nonexempt credit union is treated as establishing a branch if it opens a loan production office or certain public-facing offices or facilities serving members.

For purposes of determining whether a nonexempt credit union may establish a branch, a nonexempt credit union is considered to be establishing a branch if the nonexempt credit union establishes: notwithstanding Section 7-1-103 , a loan production office; or any other office or facility that: is owned or operated by: the nonexempt credit union; or a credit union service organization in which the nonexempt credit union holds an ownership interest; is open to the public; and provides any product or service of the nonexempt credit union to a member of the nonexempt credit union. This section may not be interpreted as authorizing a loan production office to engage in any activity that a loan production office is not authorized to engage in under Section 7-1-715 .

Section 7-1-708(9)Verify source

§ 7-1-708(9)(a)Subsection 7-1-708(9)(a)Provision

Source excerpt

For branch-determination purposes, a nonexempt credit union is treated as establishing a branch if it opens a loan production office or certain other public offices/facilities that provide its products or services to members.

Section 7-1-708(9)(a)Verify source

§ 7-1-708(9)(a)(i)Subsection 7-1-708(9)(a)(i)Provision

Source excerpt

notwithstanding Section 7-1-103 , a loan production office; or

Section 7-1-708(9)(a)(i)Verify source

§ 7-1-708(9)(a)(ii)Subsection 7-1-708(9)(a)(ii)Provision

Source excerpt

any other office or facility that: is owned or operated by: the nonexempt credit union; or a credit union service organization in which the nonexempt credit union holds an ownership interest; is open to the public; and provides any product

Section 7-1-708(9)(a)(ii)Verify source

§ 7-1-708(9)(a)(ii)(A)Subsection 7-1-708(9)(a)(ii)(A)Provision

Source excerpt

is owned or operated by: the nonexempt credit union; or a credit union service organization in which the nonexempt credit union holds an ownership interest;

Section 7-1-708(9)(a)(ii)(A)Verify source

§ 7-1-708(9)(a)(ii)(A)(I)Subsection 7-1-708(9)(a)(ii)(A)(I)Provision

Source excerpt

the nonexempt credit union; or

Section 7-1-708(9)(a)(ii)(A)(I)Verify source

§ 7-1-708(9)(a)(ii)(A)(II)Subsection 7-1-708(9)(a)(ii)(A)(II)Provision

Source excerpt

a credit union service organization in which the nonexempt credit union holds an ownership interest;

Section 7-1-708(9)(a)(ii)(A)(II)Verify source

§ 7-1-708(9)(a)(ii)(B)Subsection 7-1-708(9)(a)(ii)(B)Provision

Source excerpt

is open to the public; and

Section 7-1-708(9)(a)(ii)(B)Verify source

§ 7-1-708(9)(a)(ii)(C)Subsection 7-1-708(9)(a)(ii)(C)Provision

Source excerpt

provides any product or service of the nonexempt credit union to a member of the nonexempt credit union.

Section 7-1-708(9)(a)(ii)(C)Verify source

§ 7-1-708(9)(b)Subsection 7-1-708(9)(b)Provision

Source excerpt

This provision says it does not authorize a loan production office to do anything it is otherwise not allowed to do under Section 7-1-715.

This section may not be interpreted as authorizing a loan production office to engage in any activity that a loan production office is not authorized to engage in under Section 7-1-715 .

Section 7-1-708(9)(b)Verify source

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Utah Code § 7-1-708

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