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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-709

A qualifying depository institution may discontinue a branch if its board approves it, but it must file an application with the commissioner and publish notice before the discontinuance can proceed.

Source excerpt

application approvalapplication filingbankingbranch discontinuancebranch operationsnotice publication
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“A qualifying depository institution may discontinue a branch if its board approves it, but it must file an application with the commissioner and publish notice before the discontinuance can proceed.”

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Branches -- Discontinuance of operation.

A qualifying depository institution may discontinue a branch if its board approves it, but it must file an application with the commissioner and publish notice before the discontinuance can proceed.

Section 7-1-709

Subsection 7-1-709(2)(d)

the extent to which the public need and convenience or service to members would still be adequately met.

Section 7-1-709(2)(d)

Subsection 7-1-709(4)

An out-of-state depository institution with a Utah branch is exempt from this section’s requirements when the branch being closed is outside Utah.

Section 7-1-709(4)

04

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In force source record

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

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Showing 13 of 13 provisions

Provision 13

Part 7-1-7

part 7-1-7 Authorization Required to Conduct Business

§ 7-1-709Branches -- Discontinuance of operation.Provision

Source excerpt

A qualifying depository institution may discontinue a branch if its board approves it, but it must file an application with the commissioner and publish notice before the discontinuance can proceed.

Branches -- Discontinuance of operation. A Utah depository institution or out-of-state depository institution authorized to do business in this state may discontinue operation of a branch upon resolution of its board of directors. Upon adopting the resolution, the institution shall file an application with the commissioner specifying: the location of the branch to be discontinued; the date of the proposed discontinuance; the reasons for closing the branch; and the extent to which the public need and convenience or service to members would still be adequately met. Upon filing its application with the commissioner, the institution shall publish notice of the discontinuance: in a newspaper serving the area once a week for two consecutive weeks; and as required by Section 45-1-101 for two weeks. The commissioner may approve the application after a reasonable comment period following publication. An out-of-state depository institution with a branch in Utah is not subject to the requirements of this section if the branch to be closed is located outside of Utah.
Section 7-1-709Verify source
§ 7-1-709(1)Subsection 7-1-709(1)Provision

Source excerpt

A covered depository institution may stop operating a branch if its board of directors resolves to do so.

A Utah depository institution or out-of-state depository institution authorized to do business in this state may discontinue operation of a branch upon resolution of its board of directors.
Section 7-1-709(1)Verify source
§ 7-1-709(2)Subsection 7-1-709(2)Provision

Source excerpt

Upon adopting the resolution, the institution shall file an application with the commissioner specifying: the location of the branch to be discontinued; the date of the proposed discontinuance; the reasons for closing the branch; and the

Upon adopting the resolution, the institution shall file an application with the commissioner specifying: the location of the branch to be discontinued; the date of the proposed discontinuance; the reasons for closing the branch; and the extent to which the public need and convenience or service to members would still be adequately met.
Section 7-1-709(2)Verify source
§ 7-1-709(2)(a)Subsection 7-1-709(2)(a)Provision

Source excerpt

the location of the branch to be discontinued;

the location of the branch to be discontinued;
Section 7-1-709(2)(a)Verify source
§ 7-1-709(2)(b)Subsection 7-1-709(2)(b)Provision

Source excerpt

the date of the proposed discontinuance;

the date of the proposed discontinuance;
Section 7-1-709(2)(b)Verify source
§ 7-1-709(2)(c)Subsection 7-1-709(2)(c)Provision

Source excerpt

the reasons for closing the branch; and

the reasons for closing the branch; and
Section 7-1-709(2)(c)Verify source
§ 7-1-709(2)(d)Subsection 7-1-709(2)(d)Provision

Source excerpt

the extent to which the public need and convenience or service to members would still be adequately met.

the extent to which the public need and convenience or service to members would still be adequately met.
Section 7-1-709(2)(d)Verify source
§ 7-1-709(3)Subsection 7-1-709(3)Provision

Source excerpt

The institution must publish notice of the discontinuance after filing its application with the commissioner.

Upon filing its application with the commissioner, the institution shall publish notice of the discontinuance: in a newspaper serving the area once a week for two consecutive weeks; and as required by Section 45-1-101 for two weeks. The commissioner may approve the application after a reasonable comment period following publication.
Section 7-1-709(3)Verify source
§ 7-1-709(3)(a)Subsection 7-1-709(3)(a)Provision

Source excerpt

When the institution files its application with the commissioner, it must publish notice of the discontinuance.

Upon filing its application with the commissioner, the institution shall publish notice of the discontinuance: in a newspaper serving the area once a week for two consecutive weeks; and as required by Section 45-1-101 for two weeks.
Section 7-1-709(3)(a)Verify source
§ 7-1-709(3)(a)(i)Subsection 7-1-709(3)(a)(i)Provision

Source excerpt

in a newspaper serving the area once a week for two consecutive weeks; and

in a newspaper serving the area once a week for two consecutive weeks; and
Section 7-1-709(3)(a)(i)Verify source
§ 7-1-709(3)(a)(ii)Subsection 7-1-709(3)(a)(ii)Provision

Source excerpt

as required by Section 45-1-101 for two weeks.

as required by Section 45-1-101 for two weeks.
Section 7-1-709(3)(a)(ii)Verify source
§ 7-1-709(3)(b)Subsection 7-1-709(3)(b)Provision

Source excerpt

The commissioner may approve the application after a reasonable comment period following publication.

The commissioner may approve the application after a reasonable comment period following publication.
Section 7-1-709(3)(b)Verify source
§ 7-1-709(4)Subsection 7-1-709(4)Provision

Source excerpt

An out-of-state depository institution with a Utah branch is exempt from this section’s requirements when the branch being closed 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 branch to be closed is located outside of Utah.
Section 7-1-709(4)Verify source

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