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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-18a-403, 1996

Foreign depository institutions operating in Utah through an agency or branch must hold specified assets in the state, and the required assets must be at least 108% of the listed liabilities.

Source excerpt

asset holdingasset maintenanceasset-liability ratioasset-liability requirementsbankingbanking regulationcapital adequacyforeign depository institutionforeign depository institutions
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 1996
Dates
Enacted 1996
More statute details
Dates
Enacted 1996
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01

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“Foreign depository institutions operating in Utah through an agency or branch must hold specified assets in the state, and the required assets must be at least 108% of the listed liabilities.”

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    Enacted 1996. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Asset maintenance.

Foreign depository institutions operating in Utah through an agency or branch must hold specified assets in the state, and the required assets must be at least 108% of the listed liabilities.

Section 7-18a-403

Subsection 7-18a-403(1)(b)

Something may be done only with the commissioner’s prior approval, and the funds must be freely convertible into United States funds.

Section 7-18a-403(1)(b)

Subsection 7-18a-403(3)(b)

A foreign depository institution in this state may determine the value of certain non-marketable debt instruments and other assets or obligations it holds or is owed.

Section 7-18a-403(3)(b)

Subsection 7-18a-403(5)

Assets counted for this section’s asset-to-liability ratio must include certain borrowed-money obligations, but only up to 10% of the assets considered.

Section 7-18a-403(5)

04

Source and current-law status

In force source record

Source record from le.utah.gov · Enacted 1996

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Showing 14 of 14 provisions

Provision 14

Part 7-18a-4

part 7-18a-4 Operation

§ 7-18a-403Asset maintenance.Provision

Source excerpt

Foreign depository institutions operating in Utah through an agency or branch must hold specified assets in the state, and the required assets must be at least 108% of the listed liabilities.

Asset maintenance. Each foreign depository institution authorized to transact business in this state through an agency or branch shall hold assets in this state consisting of currency, bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness, including loan participation agreements or certificates, or other obligations that are payable: in the United States in United States funds; or with the prior approval of the commissioner, in funds freely convertible into United States funds. The amount of assets required in Subsection (1) shall be in an amount not less than 108% of the aggregate amount of liabilities of the foreign depository institution appearing in the books, accounts, or records of its agency or branch located in this state, including acceptances, but excluding amounts due and other liabilities to other offices, agencies, or branches of, and wholly owned, except for a nominal number of directors' shares, subsidiaries of, the foreign depository institution, and such other liabilities as the commissioner shall determine. For the purposes of this section, the commissioner: shall value marketable securities at principal amount or market value, whichever is lower; may determine the value of any non-marketable bond, note, debenture, draft, bill of exchange, other evidence of indebtedness or other asset or obligation held by or owed to the foreign depository institution in this state; and in determining the amount of assets for the purpose of computing the above ratio of assets to liabilities in Subsection (2) , may exclude in whole or in part any particular asset. The commissioner may require a foreign depository institution to deposit the assets required to be held in this state pursuant to this section with a Utah depository institution designated by the commissioner if, because of the existence or the potential occurrence of unusual and extraordinary circumstances, the commissioner considers it necessary or desirable: for the maintenance of a sound financial condition; for the protection of depositors, creditors, and the public interest; or to maintain public confidence in the business of an agency or branch. The assets held to satisfy the ratio of assets to liabilities prescribed by this section, shall include obligations of any person for money borrowed from an agency or branch of a foreign depository institution authorized to transact business in this state only to the extent that the total of these obligations of any person are not more than 10% of the assets considered for purposes of this section.
Section 7-18a-403Verify source
§ 7-18a-403(1)Subsection 7-18a-403(1)Provision

Source excerpt

Foreign depository institutions operating in the state through an agency or branch must hold specified assets in the state.

Each foreign depository institution authorized to transact business in this state through an agency or branch shall hold assets in this state consisting of currency, bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness, including loan participation agreements or certificates, or other obligations that are payable: in the United States in United States funds; or with the prior approval of the commissioner, in funds freely convertible into United States funds.
Section 7-18a-403(1)Verify source
§ 7-18a-403(1)(a)Subsection 7-18a-403(1)(a)Provision

Source excerpt

in the United States in United States funds; or

in the United States in United States funds; or
Section 7-18a-403(1)(a)Verify source
§ 7-18a-403(1)(b)Subsection 7-18a-403(1)(b)Provision

Source excerpt

Something may be done only with the commissioner’s prior approval, and the funds must be freely convertible into United States funds.

with the prior approval of the commissioner, in funds freely convertible into United States funds.
Section 7-18a-403(1)(b)Verify source
§ 7-18a-403(2)Subsection 7-18a-403(2)Provision

Source excerpt

The amount of assets required in Subsection (1) shall be in an amount not less than 108% of the aggregate amount of liabilities of the foreign depository institution appearing in the books, accounts, or records of its agency or branch

The amount of assets required in Subsection (1) shall be in an amount not less than 108% of the aggregate amount of liabilities of the foreign depository institution appearing in the books, accounts, or records of its agency or branch located in this state, including acceptances, but excluding amounts due and other liabilities to other offices, agencies, or branches of, and wholly owned, except for a nominal number of directors' shares, subsidiaries of, the foreign depository institution, and such other liabilities as the commissioner shall determine.
Section 7-18a-403(2)Verify source
§ 7-18a-403(3)Subsection 7-18a-403(3)Provision

Source excerpt

The commissioner must value marketable securities at the lower of principal amount or market value, and may value certain non-marketable assets or obligations and exclude particular assets when calculating assets for the assets-to-liabilities ratio.

For the purposes of this section, the commissioner: shall value marketable securities at principal amount or market value, whichever is lower; may determine the value of any non-marketable bond, note, debenture, draft, bill of exchange, other evidence of indebtedness or other asset or obligation held by or owed to the foreign depository institution in this state; and in determining the amount of assets for the purpose of computing the above ratio of assets to liabilities in Subsection (2) , may exclude in whole or in part any particular asset.
Section 7-18a-403(3)Verify source
§ 7-18a-403(3)(a)Subsection 7-18a-403(3)(a)Provision

Source excerpt

Marketable securities must be valued at the lower of principal amount or market value.

shall value marketable securities at principal amount or market value, whichever is lower;
Section 7-18a-403(3)(a)Verify source
§ 7-18a-403(3)(b)Subsection 7-18a-403(3)(b)Provision

Source excerpt

A foreign depository institution in this state may determine the value of certain non-marketable debt instruments and other assets or obligations it holds or is owed.

may determine the value of any non-marketable bond, note, debenture, draft, bill of exchange, other evidence of indebtedness or other asset or obligation held by or owed to the foreign depository institution in this state; and
Section 7-18a-403(3)(b)Verify source
§ 7-18a-403(3)(c)Subsection 7-18a-403(3)(c)Provision

Source excerpt

A person may exclude all or part of a particular asset when calculating the assets-to-liabilities ratio under Subsection (2).

in determining the amount of assets for the purpose of computing the above ratio of assets to liabilities in Subsection (2) , may exclude in whole or in part any particular asset.
Section 7-18a-403(3)(c)Verify source
§ 7-18a-403(4)Subsection 7-18a-403(4)Provision

Source excerpt

The commissioner may require a foreign depository institution to deposit certain assets with a designated Utah depository institution if unusual and extraordinary circumstances make that necessary or desirable.

The commissioner may require a foreign depository institution to deposit the assets required to be held in this state pursuant to this section with a Utah depository institution designated by the commissioner if, because of the existence or the potential occurrence of unusual and extraordinary circumstances, the commissioner considers it necessary or desirable: for the maintenance of a sound financial condition; for the protection of depositors, creditors, and the public interest; or to maintain public confidence in the business of an agency or branch.
Section 7-18a-403(4)Verify source
§ 7-18a-403(4)(a)Subsection 7-18a-403(4)(a)Provision

Source excerpt

for the maintenance of a sound financial condition;

for the maintenance of a sound financial condition;
Section 7-18a-403(4)(a)Verify source
§ 7-18a-403(4)(b)Subsection 7-18a-403(4)(b)Provision

Source excerpt

for the protection of depositors, creditors, and the public interest; or

for the protection of depositors, creditors, and the public interest; or
Section 7-18a-403(4)(b)Verify source
§ 7-18a-403(4)(c)Subsection 7-18a-403(4)(c)Provision

Source excerpt

to maintain public confidence in the business of an agency or branch.

to maintain public confidence in the business of an agency or branch.
Section 7-18a-403(4)(c)Verify source
§ 7-18a-403(5)Subsection 7-18a-403(5)Provision

Source excerpt

Assets counted for this section’s asset-to-liability ratio must include certain borrowed-money obligations, but only up to 10% of the assets considered.

The assets held to satisfy the ratio of assets to liabilities prescribed by this section, shall include obligations of any person for money borrowed from an agency or branch of a foreign depository institution authorized to transact business in this state only to the extent that the total of these obligations of any person are not more than 10% of the assets considered for purposes of this section.
Section 7-18a-403(5)Verify source

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