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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-8-21, 2004

Application of chapter to industrial loan companies. As used in this section, "industrial loan company" is a person that on March 17, 2004, is: authorized to conduct business under this chapter; a…

Source excerpt

FDIC insurancedeposit takingdepository institutionsindustrial loan companiesname restrictions
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 2004
Dates
Enacted 2004
More statute details
Dates
Enacted 2004
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01

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“Application of chapter to industrial loan companies. As used in this section, "industrial loan company" is a person that on March 17, 2004, is: authorized to conduct business under this chapter; and not authorized to hold or receive”

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Application of chapter to industrial loan companies.

Application of chapter to industrial loan companies. As used in this section, "industrial loan company" is a person that on March 17, 2004, is: authorized to conduct business under this chapter; and not authorized to hold or receive

Section 7-8-21

Subsection 7-8-21(2)(a)

Deposits may not be held or received unless the prior written approval of the commissioner is obtained and insurance is obtained from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity.

Section 7-8-21(2)(a)

Subsection 7-8-21(2)(b)

may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsections (2)(a)(i) and (ii) ; and

Section 7-8-21(2)(b)

Subsection 7-8-21(3)

A person not authorized to conduct business under this chapter on March 17, 2004, may not be treated as an industrial loan company under this section.

Section 7-8-21(3)

04

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In force source record

Source record from le.utah.gov · Enacted 2004

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Showing 11 of 11 provisions

Provision 11
§ 7-8-21Application of chapter to industrial loan companies.Provision

Source excerpt

Application of chapter to industrial loan companies. As used in this section, "industrial loan company" is a person that on March 17, 2004, is: authorized to conduct business under this chapter; and not authorized to hold or receive

Application of chapter to industrial loan companies. As used in this section, "industrial loan company" is a person that on March 17, 2004, is: authorized to conduct business under this chapter; and not authorized to hold or receive deposits. An industrial loan company may operate as an industrial bank under this chapter except that the industrial loan company: may not hold or receive deposits without: the prior written approval of the commissioner; and obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity; may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsections (2)(a)(i) and (ii) ; and may not use a term listed in Subsection 7-1-701(3) in its name without meeting the conditions described in Subsections (2)(a)(i) and (ii) . If a person is not authorized to conduct business under this chapter on March 17, 2004, that person may not be considered an industrial loan company under this section.
Section 7-8-21Verify source
§ 7-8-21(1)Subsection 7-8-21(1)Provision

Source excerpt

This section defines “industrial loan company” as a person that, on March 17, 2004, was authorized to conduct business under this chapter and was not authorized to hold or receive deposits.

As used in this section, "industrial loan company" is a person that on March 17, 2004, is: authorized to conduct business under this chapter; and not authorized to hold or receive deposits.
Section 7-8-21(1)Verify source
§ 7-8-21(1)(a)Subsection 7-8-21(1)(a)Provision

Source excerpt

authorized to conduct business under this chapter; and

authorized to conduct business under this chapter; and
Section 7-8-21(1)(a)Verify source
§ 7-8-21(1)(b)Subsection 7-8-21(1)(b)Provision

Source excerpt

A person is not authorized to hold or receive deposits.

not authorized to hold or receive deposits.
Section 7-8-21(1)(b)Verify source
§ 7-8-21(2)Subsection 7-8-21(2)Provision

Source excerpt

An industrial loan company may operate as an industrial bank under this chapter except that the industrial loan company: may not hold or receive deposits without: the prior written approval of the commissioner; and obtaining insurance from

An industrial loan company may operate as an industrial bank under this chapter except that the industrial loan company: may not hold or receive deposits without: the prior written approval of the commissioner; and obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity; may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsections (2)(a)(i) and (ii) ; and may not use a term listed in Subsection 7-1-701(3) in its name without meeting the conditions described in Subsections (2)(a)(i) and (ii) .
Section 7-8-21(2)Verify source
§ 7-8-21(2)(a)Subsection 7-8-21(2)(a)Provision

Source excerpt

Deposits may not be held or received unless the prior written approval of the commissioner is obtained and insurance is obtained from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity.

may not hold or receive deposits without: the prior written approval of the commissioner; and obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity;
Section 7-8-21(2)(a)Verify source
§ 7-8-21(2)(a)(i)Subsection 7-8-21(2)(a)(i)Provision

Source excerpt

the prior written approval of the commissioner; and

the prior written approval of the commissioner; and
Section 7-8-21(2)(a)(i)Verify source
§ 7-8-21(2)(a)(ii)Subsection 7-8-21(2)(a)(ii)Provision

Source excerpt

obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity;

obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity;
Section 7-8-21(2)(a)(ii)Verify source
§ 7-8-21(2)(b)Subsection 7-8-21(2)(b)Provision

Source excerpt

may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsections (2)(a)(i) and (ii) ; and

may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsections (2)(a)(i) and (ii) ; and
Section 7-8-21(2)(b)Verify source
§ 7-8-21(2)(c)Subsection 7-8-21(2)(c)Provision

Source excerpt

A name may not include a term listed in Subsection 7-1-701(3) unless the conditions in Subsections (2)(a)(i) and (ii) are met.

may not use a term listed in Subsection 7-1-701(3) in its name without meeting the conditions described in Subsections (2)(a)(i) and (ii) .
Section 7-8-21(2)(c)Verify source
§ 7-8-21(3)Subsection 7-8-21(3)Provision

Source excerpt

A person not authorized to conduct business under this chapter on March 17, 2004, may not be treated as an industrial loan company under this section.

If a person is not authorized to conduct business under this chapter on March 17, 2004, that person may not be considered an industrial loan company under this section.
Section 7-8-21(3)Verify source

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