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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-8-20

Limitations on loans to one borrower -- Exceptions -- Rules. Except as provided in this section, the total loans and extensions of credit, including credit exposure to a derivative transaction, by an industrial bank to a…

Source excerpt

capital adequacycorporate governancecredit exposureextension of creditlending limitsloan classificationloan limitsrecordkeepingregulatory exemptionsrulemaking
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

Purpose and legislative effect

“Limitations on loans to one borrower -- Exceptions -- Rules. Except as provided in this section, the total loans and extensions of credit, including credit exposure to a derivative transaction, by an industrial bank to a person outstanding”

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Limitations on loans to one borrower -- Exceptions -- Rules.

Limitations on loans to one borrower -- Exceptions -- Rules. Except as provided in this section, the total loans and extensions of credit, including credit exposure to a derivative transaction, by an industrial bank to a person outstanding

Section 7-8-20

Subsection 7-8-20(2)

Subsection (1) does not apply to certain extensions of credit covered by, or expressly exempted from, federal loan-limit rules.

Section 7-8-20(2)

Subsection 7-8-20(3)(b)

This provision directs that terms and phrases needed to interpret and implement the section be defined.

Section 7-8-20(3)(b)

Subsection 7-8-20(3)(f)

An unspecified authority may prescribe other actions needed to interpret and implement this section.

Section 7-8-20(3)(f)

04

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In force source record

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

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Showing 10 of 10 provisions

Provision 10
§ 7-8-20Limitations on loans to one borrower -- Exceptions -- Rules.Provision

Source excerpt

Limitations on loans to one borrower -- Exceptions -- Rules. Except as provided in this section, the total loans and extensions of credit, including credit exposure to a derivative transaction, by an industrial bank to a person outstanding

Limitations on loans to one borrower -- Exceptions -- Rules. Except as provided in this section, the total loans and extensions of credit, including credit exposure to a derivative transaction, by an industrial bank to a person outstanding at any one time may not exceed 15% of the industrial bank's total capital. Subsection (1) does not apply to an extension of credit that is subject to, or expressly exempted from, a federal statute or federal regulation limiting the amount of total loans and credit that may be extended to any person or group of persons. The commissioner may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act : exempt from Subsection (1) a class of loans or class of extensions of credit, including credit exposure to a derivative transaction, that are adequately secured or are not otherwise a risk to the safe and sound operation of an industrial bank; define terms and phrases necessary to interpret and implement this section; adopt standards for aggregating or segregating loans to the same or different persons; describe records required to be maintained; require specific actions to be taken by an institution's board of directors or executive officers; and prescribe other actions necessary to interpret and implement this section.
Section 7-8-20Verify source
§ 7-8-20(1)Subsection 7-8-20(1)Provision

Source excerpt

An industrial bank may not have total loans and extensions of credit, including derivative credit exposure, outstanding to one person that exceed 15% of the bank’s total capital, except as otherwise provided in this section.

Except as provided in this section, the total loans and extensions of credit, including credit exposure to a derivative transaction, by an industrial bank to a person outstanding at any one time may not exceed 15% of the industrial bank's total capital.
Section 7-8-20(1)Verify source
§ 7-8-20(2)Subsection 7-8-20(2)Provision

Source excerpt

Subsection (1) does not apply to certain extensions of credit covered by, or expressly exempted from, federal loan-limit rules.

Subsection (1) does not apply to an extension of credit that is subject to, or expressly exempted from, a federal statute or federal regulation limiting the amount of total loans and credit that may be extended to any person or group of persons.
Section 7-8-20(2)Verify source
§ 7-8-20(3)Subsection 7-8-20(3)Provision

Source excerpt

The commissioner may make rules to exempt certain loans or extensions of credit, define needed terms, set aggregation or segregation standards, specify required records, require actions by a board or executive officers, and prescribe other actions needed to interpret and implement this section.

The commissioner may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act : exempt from Subsection (1) a class of loans or class of extensions of credit, including credit exposure to a derivative transaction, that are adequately secured or are not otherwise a risk to the safe and sound operation of an industrial bank; define terms and phrases necessary to interpret and implement this section; adopt standards for aggregating or segregating loans to the same or different persons; describe records required to be maintained; require specific actions to be taken by an institution's board of directors or executive officers; and prescribe other actions necessary to interpret and implement this section.
Section 7-8-20(3)Verify source
§ 7-8-20(3)(a)Subsection 7-8-20(3)(a)Provision

Source excerpt

A class of loans or extensions of credit, including derivative credit exposure, may be exempted from Subsection (1) if they are adequately secured or otherwise not a risk to an industrial bank’s safe and sound operation.

exempt from Subsection (1) a class of loans or class of extensions of credit, including credit exposure to a derivative transaction, that are adequately secured or are not otherwise a risk to the safe and sound operation of an industrial bank;
Section 7-8-20(3)(a)Verify source
§ 7-8-20(3)(b)Subsection 7-8-20(3)(b)Provision

Source excerpt

This provision directs that terms and phrases needed to interpret and implement the section be defined.

define terms and phrases necessary to interpret and implement this section;
Section 7-8-20(3)(b)Verify source
§ 7-8-20(3)(c)Subsection 7-8-20(3)(c)Provision

Source excerpt

An authority must adopt standards for grouping or separating loans made to the same or different persons.

adopt standards for aggregating or segregating loans to the same or different persons;
Section 7-8-20(3)(c)Verify source
§ 7-8-20(3)(d)Subsection 7-8-20(3)(d)Provision

Source excerpt

describe records required to be maintained;

describe records required to be maintained;
Section 7-8-20(3)(d)Verify source
§ 7-8-20(3)(e)Subsection 7-8-20(3)(e)Provision

Source excerpt

The provision refers to requiring specific actions by an institution’s board of directors or executive officers.

require specific actions to be taken by an institution's board of directors or executive officers; and
Section 7-8-20(3)(e)Verify source
§ 7-8-20(3)(f)Subsection 7-8-20(3)(f)Provision

Source excerpt

An unspecified authority may prescribe other actions needed to interpret and implement this section.

prescribe other actions necessary to interpret and implement this section.
Section 7-8-20(3)(f)Verify source

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