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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-3-19

A bank may not have more than 15% of its total capital in one person’s unsecured loans and credit exposure, and no more than 10% if the loans are fully secured by readily marketable collateral.

Source excerpt

bankingcapital adequacycollateralcredit exposureextensions of creditlendinglending limitsloan limitsloan restrictionsloansnational banksregulatory definitionsrule consistencyrulemaking
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“A bank may not have more than 15% of its total capital in one person’s unsecured loans and credit exposure, and no more than 10% if the loans are fully secured by readily marketable collateral.”

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02

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Limitations on loans and extensions of credit.

A bank may not have more than 15% of its total capital in one person’s unsecured loans and credit exposure, and no more than 10% if the loans are fully secured by readily marketable collateral.

Section 7-3-19

Subsection 7-3-19(2)(b)

The limitation of Subsection (2)(a) is separate from and in addition to the limitation described in Subsection (1) .

Section 7-3-19(2)(b)

Subsection 7-3-19(3)(b)

A rule made under this section must not conflict with laws and regulations that apply to loan restrictions on national banks.

Section 7-3-19(3)(b)

Subsection 7-3-19(4)(b)

Definitions under Subsection (4)(a) may not conflict with those applicable to national banks.

Section 7-3-19(4)(b)

04

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In force source record

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

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Showing 15 of 15 provisions

Provision 12Interpretation 3
§ 7-3-19Limitations on loans and extensions of credit.Interpretation

Source excerpt

A bank may not have more than 15% of its total capital in one person’s unsecured loans and credit exposure, and no more than 10% if the loans are fully secured by readily marketable collateral.

Limitations on loans and extensions of credit. The total loans and extensions of credit, including credit exposure to a derivative transaction, by a bank to a person outstanding at one time and not fully secured, as determined in a manner consistent with Subsection (2) , by collateral having a market value at least equal to the amount of the loan or extension of credit may not exceed 15% of the amount of the bank's total capital. The total loans and extensions of credit, including credit exposure to a derivative transaction, by a bank to a person outstanding at one time and fully secured by readily marketable collateral having a market value, as determined by reliable and continuously available price quotations, at least equal to the amount of the funds outstanding may not exceed 10% of the total capital of the bank. The limitation of Subsection (2)(a) is separate from and in addition to the limitation described in Subsection (1) . The limitations contained in Subsections (1) and (2) are subject to exceptions the commissioner may prescribe by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act . A rule made under this section may not be inconsistent with law and regulations applicable to loan restrictions on national banks. The commissioner may, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , define the following terms as used in this section: "credit exposure to a derivative transaction"; "derivative"; "loans and extensions of credit"; and "person". The definitions described under Subsection (4)(a) may not be inconsistent with those applicable to national banks.
Section 7-3-19Verify source
§ 7-3-19(1)Subsection 7-3-19(1)Provision

Source excerpt

A bank’s total unsecured loans and extensions of credit to one person, including derivative credit exposure, may not exceed 15% of the bank’s total capital.

The total loans and extensions of credit, including credit exposure to a derivative transaction, by a bank to a person outstanding at one time and not fully secured, as determined in a manner consistent with Subsection (2) , by collateral having a market value at least equal to the amount of the loan or extension of credit may not exceed 15% of the amount of the bank's total capital.
Section 7-3-19(1)Verify source
§ 7-3-19(2)Subsection 7-3-19(2)Provision

Source excerpt

A bank’s total loans and extensions of credit to one person, including derivative credit exposure, that are fully secured by readily marketable collateral must not exceed 10% of the bank’s total capital.

The total loans and extensions of credit, including credit exposure to a derivative transaction, by a bank to a person outstanding at one time and fully secured by readily marketable collateral having a market value, as determined by reliable and continuously available price quotations, at least equal to the amount of the funds outstanding may not exceed 10% of the total capital of the bank. The limitation of Subsection (2)(a) is separate from and in addition to the limitation described in Subsection (1) .
Section 7-3-19(2)Verify source
§ 7-3-19(2)(a)Subsection 7-3-19(2)(a)Provision

Source excerpt

A bank’s total loans and extensions of credit to one person, including derivative credit exposure, may not exceed 10% of the bank’s total capital when fully secured by readily marketable collateral valued at least equal to the outstanding funds.

The total loans and extensions of credit, including credit exposure to a derivative transaction, by a bank to a person outstanding at one time and fully secured by readily marketable collateral having a market value, as determined by reliable and continuously available price quotations, at least equal to the amount of the funds outstanding may not exceed 10% of the total capital of the bank.
Section 7-3-19(2)(a)Verify source
§ 7-3-19(2)(b)Subsection 7-3-19(2)(b)Provision

Source excerpt

The limitation of Subsection (2)(a) is separate from and in addition to the limitation described in Subsection (1) .

The limitation of Subsection (2)(a) is separate from and in addition to the limitation described in Subsection (1) .
Section 7-3-19(2)(b)Verify source
§ 7-3-19(3)Subsection 7-3-19(3)Provision

Source excerpt

The commissioner may prescribe exceptions to the limitations in Subsections (1) and (2) by rule, but the rule must follow the Utah Administrative Rulemaking Act and must not conflict with law governing loan restrictions on national banks.

The limitations contained in Subsections (1) and (2) are subject to exceptions the commissioner may prescribe by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act . A rule made under this section may not be inconsistent with law and regulations applicable to loan restrictions on national banks.
Section 7-3-19(3)Verify source
§ 7-3-19(3)(a)Subsection 7-3-19(3)(a)Provision

Source excerpt

The commissioner may prescribe exceptions to the limitations in Subsections (1) and (2) by rule under the Utah Administrative Rulemaking Act.

The limitations contained in Subsections (1) and (2) are subject to exceptions the commissioner may prescribe by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act .
Section 7-3-19(3)(a)Verify source
§ 7-3-19(3)(b)Subsection 7-3-19(3)(b)Provision

Source excerpt

A rule made under this section must not conflict with laws and regulations that apply to loan restrictions on national banks.

A rule made under this section may not be inconsistent with law and regulations applicable to loan restrictions on national banks.
Section 7-3-19(3)(b)Verify source
§ 7-3-19(4)Subsection 7-3-19(4)Interpretation

Source excerpt

The commissioner may adopt rules to define certain terms used in this section.

The commissioner may, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , define the following terms as used in this section: "credit exposure to a derivative transaction"; "derivative"; "loans and extensions of credit"; and "person". The definitions described under Subsection (4)(a) may not be inconsistent with those applicable to national banks.
Section 7-3-19(4)Verify source
§ 7-3-19(4)(a)Subsection 7-3-19(4)(a)Provision

Source excerpt

The commissioner may adopt a rule to define specified terms used in this section.

The commissioner may, by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , define the following terms as used in this section: "credit exposure to a derivative transaction"; "derivative"; "loans and extensions of credit"; and "person".
Section 7-3-19(4)(a)Verify source
§ 7-3-19(4)(a)(i)Subsection 7-3-19(4)(a)(i)Provision

Source excerpt

Defines the phrase “credit exposure to a derivative transaction.”

"credit exposure to a derivative transaction";
Section 7-3-19(4)(a)(i)Verify source
§ 7-3-19(4)(a)(ii)Subsection 7-3-19(4)(a)(ii)Provision

Source excerpt

This subsection contains the term “derivative.”

"derivative";
Section 7-3-19(4)(a)(ii)Verify source
§ 7-3-19(4)(a)(iii)Subsection 7-3-19(4)(a)(iii)Provision

Source excerpt

"loans and extensions of credit"; and

"loans and extensions of credit"; and
Section 7-3-19(4)(a)(iii)Verify source
§ 7-3-19(4)(a)(iv)Subsection 7-3-19(4)(a)(iv)Provision

Source excerpt

Defines the term “person.”

"person".
Section 7-3-19(4)(a)(iv)Verify source
§ 7-3-19(4)(b)Subsection 7-3-19(4)(b)Interpretation

Source excerpt

Definitions under Subsection (4)(a) may not conflict with those applicable to national banks.

The definitions described under Subsection (4)(a) may not be inconsistent with those applicable to national banks.
Section 7-3-19(4)(b)Verify source

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