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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-5-104

A person seeking authorization to become a trust company in this state must file an application with the commissioner and pay the required fee. The commissioner must consider listed factors when d…

Source excerpt

applicationapplication processfeefeeslegal counselregulatory approvaltrust businesstrust business authorizationtrust companytrust company authorization
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“A person seeking authorization to become a trust company in this state must file an application with the commissioner and pay the required fee. The commissioner must consider listed factors when deciding whether to approve the application, may not make approval harder for a state-chartered depository institution than f”

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Subsection 7-5-104(2)

The commissioner must consider listed factors when deciding whether to approve an application under Subsection (1).

Section 7-5-104(2)

Subsection 7-5-104(5)

If the commissioner authorizes it to become a trust company and conduct trust business, the trust company may act as fiduciary in any capacity without bond.

Section 7-5-104(5)

04

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

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Showing 16 of 16 provisions

Provision 16

Part 7-5-1

part 7-5-1 General Provisions

§ 7-5-104Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company.Provision

Source excerpt

A person seeking authorization to become a trust company in this state must file an application with the commissioner and pay the required fee. The commissioner must consider listed factors when deciding whether to approve the application, may not make approval harder for a state-chartered depository institution than for a federally chartered one of the same class, and may impose public-interest criteria. A trust company that is authorized may act as fiduciary in any capacity without bond.

Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company. A person seeking authorization to become a trust company and engage in trust business in this state shall: file an application with the commissioner in the manner provided in Section 7-1-704 ; and pay the fee described in Section 7-1-401 . When deciding whether to approve an application described in Subsection (1) , the commissioner shall consider: the character and condition of the applicant's assets; the adequacy of the applicant's capital; the applicant's earnings record; the quality of the applicant's management; the qualifications of an individual the applicant proposes to be an officer in charge of the trust operations; the needs of the community for fiduciary services; the volume of business that the applicant will probably do; and any other relevant facts and circumstances, including the availability of legal counsel to advise and pass upon matters relating to the trust business. The commissioner may not apply criteria that makes the process to obtain approval to engage in trust business in this state more difficult for a state chartered depository institution than for a federally chartered depository institution of the same class. Notwithstanding Subsection (3) , the commissioner may impose criteria the commissioner considers appropriate to protect the public interest when authorizing a person to engage in trust business. Upon receiving authorization from the commissioner to become a trust company and engage in trust business, the trust company may act as fiduciary in any capacity without bond.
Section 7-5-104Verify source
§ 7-5-104(1)Subsection 7-5-104(1)Provision

Source excerpt

A person seeking authorization to become a trust company and do trust business in the state must file an application with the commissioner and pay the fee described in Section 7-1-401.

A person seeking authorization to become a trust company and engage in trust business in this state shall: file an application with the commissioner in the manner provided in Section 7-1-704 ; and pay the fee described in Section 7-1-401 .
Section 7-5-104(1)Verify source
§ 7-5-104(1)(a)Subsection 7-5-104(1)(a)Provision

Source excerpt

An application must be filed with the commissioner in the manner provided in Section 7-1-704.

file an application with the commissioner in the manner provided in Section 7-1-704 ; and
Section 7-5-104(1)(a)Verify source
§ 7-5-104(1)(b)Subsection 7-5-104(1)(b)Provision

Source excerpt

An unspecified actor must pay the fee described in Section 7-1-401.

pay the fee described in Section 7-1-401 .
Section 7-5-104(1)(b)Verify source
§ 7-5-104(2)Subsection 7-5-104(2)Provision

Source excerpt

The commissioner must consider listed factors when deciding whether to approve an application under Subsection (1).

When deciding whether to approve an application described in Subsection (1) , the commissioner shall consider: the character and condition of the applicant's assets; the adequacy of the applicant's capital; the applicant's earnings record; the quality of the applicant's management; the qualifications of an individual the applicant proposes to be an officer in charge of the trust operations; the needs of the community for fiduciary services; the volume of business that the applicant will probably do; and any other relevant facts and circumstances, including the availability of legal counsel to advise and pass upon matters relating to the trust business.
Section 7-5-104(2)Verify source
§ 7-5-104(2)(a)Subsection 7-5-104(2)(a)Provision

Source excerpt

the character and condition of the applicant's assets;

the character and condition of the applicant's assets;
Section 7-5-104(2)(a)Verify source
§ 7-5-104(2)(b)Subsection 7-5-104(2)(b)Provision

Source excerpt

the adequacy of the applicant's capital;

the adequacy of the applicant's capital;
Section 7-5-104(2)(b)Verify source
§ 7-5-104(2)(c)Subsection 7-5-104(2)(c)Provision

Source excerpt

the applicant's earnings record;

the applicant's earnings record;
Section 7-5-104(2)(c)Verify source
§ 7-5-104(2)(d)Subsection 7-5-104(2)(d)Provision

Source excerpt

the quality of the applicant's management;

the quality of the applicant's management;
Section 7-5-104(2)(d)Verify source
§ 7-5-104(2)(e)Subsection 7-5-104(2)(e)Provision

Source excerpt

the qualifications of an individual the applicant proposes to be an officer in charge of the trust operations;

the qualifications of an individual the applicant proposes to be an officer in charge of the trust operations;
Section 7-5-104(2)(e)Verify source
§ 7-5-104(2)(f)Subsection 7-5-104(2)(f)Provision

Source excerpt

the needs of the community for fiduciary services;

the needs of the community for fiduciary services;
Section 7-5-104(2)(f)Verify source
§ 7-5-104(2)(g)Subsection 7-5-104(2)(g)Provision

Source excerpt

the volume of business that the applicant will probably do; and

the volume of business that the applicant will probably do; and
Section 7-5-104(2)(g)Verify source
§ 7-5-104(2)(h)Subsection 7-5-104(2)(h)Provision

Source excerpt

any other relevant facts and circumstances, including the availability of legal counsel to advise and pass upon matters relating to the trust business.

any other relevant facts and circumstances, including the availability of legal counsel to advise and pass upon matters relating to the trust business.
Section 7-5-104(2)(h)Verify source
§ 7-5-104(3)Subsection 7-5-104(3)Provision

Source excerpt

The commissioner may not use criteria that make approval to engage in trust business in this state harder for a state-chartered depository institution than for a federally chartered depository institution of the same class.

The commissioner may not apply criteria that makes the process to obtain approval to engage in trust business in this state more difficult for a state chartered depository institution than for a federally chartered depository institution of the same class.
Section 7-5-104(3)Verify source
§ 7-5-104(4)Subsection 7-5-104(4)Provision

Source excerpt

The commissioner may impose criteria considered appropriate to protect the public interest when authorizing a person to engage in trust business.

Notwithstanding Subsection (3) , the commissioner may impose criteria the commissioner considers appropriate to protect the public interest when authorizing a person to engage in trust business.
Section 7-5-104(4)Verify source
§ 7-5-104(5)Subsection 7-5-104(5)Provision

Source excerpt

If the commissioner authorizes it to become a trust company and conduct trust business, the trust company may act as fiduciary in any capacity without bond.

Upon receiving authorization from the commissioner to become a trust company and engage in trust business, the trust company may act as fiduciary in any capacity without bond.
Section 7-5-104(5)Verify source

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