United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-1-806, 1981

Money market funds may arrange with banks to honor two-party instruments. The commissioner must discourage payment of interest to two persons on transfer funds, and pyramiding or similar practices are prohibited in the…

Source excerpt

bank arrangementsinterest paymentsmisdemeanorsmoney market funds

Jurisdiction: United States — Utah
Status: In force
Official identity: Year 1981
Dates: Enacted 1981

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Dates: Enacted 1981

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“Money market funds may arrange with banks to honor two-party instruments. The commissioner must discourage payment of interest to two persons on transfer funds, and pyramiding or similar practices are prohibited in the state and may be punished as a class C misdemeanor.”

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Money market funds arranging with bank to honor two-party instruments -- Discouraging payment of interest to two persons on funds in transit -- Pyramiding and similar schemes as misdemeanors.

Section 7-1-806

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Source record from le.utah.gov · Enacted 1981

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Part 7-1-8

part 7-1-8 Miscellaneous

§ 7-1-806Money market funds arranging with bank to honor two-party instruments -- Discouraging payment of interest to two persons on funds in transit -- Pyramiding and similar schemes as misdemeanors.Interpretation

Source excerpt

Money market funds arranging with bank to honor two-party instruments -- Discouraging payment of interest to two persons on funds in transit -- Pyramiding and similar schemes as misdemeanors. Nothing in this act shall be construed to prevent money market funds from making arrangements with banks to honor two party checks, drafts, or other instruments. The commissioner shall exert his influence to discourage banks, money market funds and other programs in Utah and throughout the United States from paying interest to two persons at the same time on funds in the process of transfer. The process or the practice referred to as pyramiding or any similar process or practice as defined by the commissioner, and such definition is approved by the governor, shall be prohibited within this state and persons found guilty of these schemes shall be found guilty of a class C misdemeanor. This does not preclude more serious punishment under federal law. Money market funds, similar funds and bank regulated institutions shall cooperate with the commissioner to stop these practices.

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