United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-3-3

Defines when a person is treated as a bank, excludes certain chartered institutions, and allows a Utah bank to operate as a credit card bank only if listed operating limits are met.

Source excerpt

authorized activitiesbank classificationbank regulationbanking businessbanking business definitioncredit card banksdeposit insurancedeposit-taking

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

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“Defines when a person is treated as a bank, excludes certain chartered institutions, and allows a Utah bank to operate as a credit card bank only if listed operating limits are met.”

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"Banking business" defined -- Credit card banks -- Insurance of deposit accounts.

Defines when a person is treated as a bank, excludes certain chartered institutions, and allows a Utah bank to operate as a credit card bank only if listed operating limits are met.

Section 7-3-3

Subsection 7-3-3(1)(a)(i)(C)

the United States;

Section 7-3-3(1)(a)(i)(C)

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

A person authorized to operate certain savings, loan, industrial bank, or credit union businesses is not treated as a bank for this title’s bank-specific provisions.

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

Subsection 7-3-3(2)

A bank authorized in this state may operate as a credit card bank if it meets the listed operating limits.

Section 7-3-3(2)

Subsection 7-3-3(3)

All deposit accounts in banks or branches subject to the jurisdiction of the department shall be insured by the Federal Deposit Insurance Corporation or a successor to the Federal Deposit Insurance Corporation.

Section 7-3-3(3)

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

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Showing 25 of 25 provisions

Provision 25

§ 7-3-3"Banking business" defined -- Credit card banks -- Insurance of deposit accounts.Provision

Source excerpt

Defines when a person is treated as a bank, excludes certain chartered institutions, and allows a Utah bank to operate as a credit card bank only if listed operating limits are met.

"Banking business" defined -- Credit card banks -- Insurance of deposit accounts. Except as provided under Subsection (1)(b) , a person is considered to be conducting a banking business and is a bank subject to the provisions of this title that are applicable to banks if the person is authorized: under the laws of this: state; another state; the United States; the District of Columbia; or a territory of the United States; and to accept deposits from the public; and to conduct such other business activities as may be authorized by statute or by the commissioner in accordance with Subsection 7-3-10(3) . A person is not considered to be a bank subject to the provisions of this title that are applicable to banks if the person is authorized to conduct the business of: a federal savings and loan association; a federal savings bank; an industrial bank subject to Chapter 8, Industrial Banks ; a federally chartered credit union; or a credit union subject to Chapter 9, Utah Credit Union Act . A person authorized to operate as a bank in this state may operate as a credit card bank if it: engages only in credit card operations; does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; does not accept a savings or time deposit of less than $100,000; maintains only one office that accepts deposits; and does not engage in the business of making commercial loans. All deposit accounts in banks or branches subject to the jurisdiction of the department shall be insured by the Federal Deposit Insurance Corporation or a successor to the Federal Deposit Insurance Corporation.

Section 7-3-3Verify source

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

Source excerpt

Except as provided under Subsection (1)(b) , a person is considered to be conducting a banking business and is a bank subject to the provisions of this title that are applicable to banks if the person is authorized: under the laws of this: state; another state; the United States; the District of Columbia; or a territory of the United States; and to accept deposits from the public; and to conduct such other business activities as may be authorized by statute or by the commissioner in accordance with Subsection 7-3-10(3) . A person is not considered to be a bank subject to the provisions of this title that are applicable to banks if the person is authorized to conduct the business of: a federal savings and loan association; a federal savings bank; an industrial bank subject to Chapter 8, Industrial Banks ; a federally chartered credit union; or a credit union subject to Chapter 9, Utah Credit Union Act .

Section 7-3-3(1)Verify source

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

Source excerpt

A person is treated as a bank if authorized to accept public deposits and to carry on other authorized banking activities, unless Subsection (1)(b) applies.

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

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

Source excerpt

under the laws of this: state; another state; the United States; the District of Columbia; or a territory of the United States; and

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

§ 7-3-3(1)(a)(i)(A)Subsection 7-3-3(1)(a)(i)(A)Provision

Source excerpt

state;

Section 7-3-3(1)(a)(i)(A)Verify source

§ 7-3-3(1)(a)(i)(B)Subsection 7-3-3(1)(a)(i)(B)Provision

Source excerpt

another state;

Section 7-3-3(1)(a)(i)(B)Verify source

§ 7-3-3(1)(a)(i)(C)Subsection 7-3-3(1)(a)(i)(C)Provision

Source excerpt

the United States;

Section 7-3-3(1)(a)(i)(C)Verify source

§ 7-3-3(1)(a)(i)(D)Subsection 7-3-3(1)(a)(i)(D)Provision

Source excerpt

the District of Columbia; or

Section 7-3-3(1)(a)(i)(D)Verify source

§ 7-3-3(1)(a)(i)(E)Subsection 7-3-3(1)(a)(i)(E)Provision

Source excerpt

a territory of the United States; and

Section 7-3-3(1)(a)(i)(E)Verify source

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

Source excerpt

to accept deposits from the public; and to conduct such other business activities as may be authorized by statute or by the commissioner in accordance with Subsection 7-3-10(3) .

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

§ 7-3-3(1)(a)(ii)(A)Subsection 7-3-3(1)(a)(ii)(A)Provision

Source excerpt

to accept deposits from the public; and

Section 7-3-3(1)(a)(ii)(A)Verify source

§ 7-3-3(1)(a)(ii)(B)Subsection 7-3-3(1)(a)(ii)(B)Provision

Source excerpt

A business may conduct other business activities if authorized by statute or by the commissioner, in accordance with Subsection 7-3-10(3).

to conduct such other business activities as may be authorized by statute or by the commissioner in accordance with Subsection 7-3-10(3) .

Section 7-3-3(1)(a)(ii)(B)Verify source

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

Source excerpt

A person authorized to operate certain savings, loan, industrial bank, or credit union businesses is not treated as a bank for this title’s bank-specific provisions.

A person is not considered to be a bank subject to the provisions of this title that are applicable to banks if the person is authorized to conduct the business of: a federal savings and loan association; a federal savings bank; an industrial bank subject to Chapter 8, Industrial Banks ; a federally chartered credit union; or a credit union subject to Chapter 9, Utah Credit Union Act .

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

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

Source excerpt

Refers to a federal savings and loan association.

a federal savings and loan association;

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

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

Source excerpt

References a federal savings bank.

a federal savings bank;

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

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

Source excerpt

This text identifies an industrial bank as being subject to Chapter 8, Industrial Banks.

an industrial bank subject to Chapter 8, Industrial Banks ;

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

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

Source excerpt

The text identifies a federally chartered credit union.

a federally chartered credit union; or

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

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

Source excerpt

A credit union is described as being subject to Chapter 9 of the Utah Credit Union Act.

a credit union subject to Chapter 9, Utah Credit Union Act .

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

§ 7-3-3(2)Subsection 7-3-3(2)Provision

Source excerpt

A bank authorized in this state may operate as a credit card bank if it meets the listed operating limits.

A person authorized to operate as a bank in this state may operate as a credit card bank if it: engages only in credit card operations; does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; does not accept a savings or time deposit of less than $100,000; maintains only one office that accepts deposits; and does not engage in the business of making commercial loans.

Section 7-3-3(2)Verify source

§ 7-3-3(2)(a)Subsection 7-3-3(2)(a)Provision

Source excerpt

engages only in credit card operations;

Section 7-3-3(2)(a)Verify source

§ 7-3-3(2)(b)Subsection 7-3-3(2)(b)Provision

Source excerpt

does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others;

Section 7-3-3(2)(b)Verify source

§ 7-3-3(2)(c)Subsection 7-3-3(2)(c)Provision

Source excerpt

A savings or time deposit under $100,000 is not accepted.

does not accept a savings or time deposit of less than $100,000;

Section 7-3-3(2)(c)Verify source

§ 7-3-3(2)(d)Subsection 7-3-3(2)(d)Provision

Source excerpt

maintains only one office that accepts deposits; and

Section 7-3-3(2)(d)Verify source

§ 7-3-3(2)(e)Subsection 7-3-3(2)(e)Provision

Source excerpt

It does not engage in the business of making commercial loans.

does not engage in the business of making commercial loans.

Section 7-3-3(2)(e)Verify source

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

Source excerpt

Section 7-3-3(3)Verify source

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Utah Credit Union Act
Section 7-3-3(1)(b)(v)

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Utah Code § 7-3-3

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