United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-8-3

The commissioner may authorize certain persons to operate as industrial banks, but only if they fit the subsection’s organization rules and, for industrial-bank operations, deposit insurance is obtained.

Source excerpt

authorization to conduct businessbanking regulationbusiness organizationcorporate governancedeposit insuranceentity form restrictionsentity formationgoverning lawindustrial bankindustrial bank organizationindustrial banking authorizationindustrial bankslimited liability company

Jurisdiction: United States — Utah
Status: In force
Dates: Source version 1 Oct 2026

On this page

Professional statute overview

Enactment structure, operative effect and source provenance

Official source

Purpose and legislative effect

“The commissioner may authorize certain persons to operate as industrial banks, but only if they fit the subsection’s organization rules and, for industrial-bank operations, deposit insurance is obtained.”

Use this record to locate individual provisions, understand the instrument’s recorded structure, and move from a research summary to the exact source text.

How the instrument operates

01
Start with the recorded version

Source version 1 Oct 2026. The date shown identifies this source expression and should not be treated as proof that no later change exists.
02
Locate the controlling provision

Use the provision map, part headings and full-text filter to move from the broad subject to the exact legal language.
03
Read conditions and exceptions together

Keep subsections, definitions, provisos and cross-references in context before drawing a legal conclusion.
04
Verify currency and official wording

Confirm later legislation, commencement notices and corrections with the official publisher before advice, filing or reliance.

Research entry points

Selected provisions across the instrument. Open any row to continue with the exact stored text.

Organization -- Authorization to conduct business -- Deposit insurance.

Section 7-8-3

Subsection 7-8-3(2)(a)

A person organizing an industrial bank in this state must do so under the Utah Business Corporation Act or under the specified LLC provisions.

Section 7-8-3(2)(a)

Subsection 7-8-3(2)(b)

A person may not operate as an industrial bank in any entity form other than those allowed in Subsection (2)(a).

Section 7-8-3(2)(b)

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

The rights, privileges, powers, duties, and obligations of an industrial bank LLC and its members and managers are governed by Title 16, Chapter 20, except as otherwise provided in this title.

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

Subsection 7-8-3(4)(b)

An industrial bank may not conduct business under this chapter unless it obtains deposit insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity.

Section 7-8-3(4)(b)

Source and current-law status

In force source record

Source record from le.utah.gov · Source version 1 Oct 2026

In force

This source records the instrument as in force. Confirm subsequent amendments, commencement notices, and judicial treatment before relying on it.

For advice, pleadings, or compliance decisions, retain the official source and confirm the current consolidated provision.

Official record

Source-indexed provision map

Sections and provisions

Search by section, heading, part or exact legal wording. Every result remains linked to the stored source record.

Search within this statute

Search all stored provisions in this version.

Showing 13 of 13 provisions

Provision 13

§ 7-8-3Organization -- Authorization to conduct business -- Deposit insurance.Provision

Source excerpt

Organization -- Authorization to conduct business -- Deposit insurance. Subject to Subsection (4) , the commissioner may authorize a person described in Subsection (2) to conduct business as an industrial bank. Each person organized to conduct the business of an industrial bank in this state shall be organized under: Title 16, Chapter 10a, Utah Revised Business Corporation Act ; or in accordance with Section 7-1-810 or Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act. A person may not conduct business as an industrial bank authorized under this chapter to conduct business as an industrial bank in any form of entity other than those provided in Subsection (2)(a) . All rights, privileges, powers, duties, and obligations of a corporation authorized to conduct business as an industrial bank and its officers, directors, and stockholders shall be governed by Title 16, Chapter 10a, Utah Revised Business Corporation Act , except as otherwise provided in this title. All rights, privileges, powers, duties, and obligations of a limited liability company authorized to conduct business as an industrial bank and its members and managers shall be governed by Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act, except as otherwise provided in this title. An industrial bank is authorized to receive and hold deposits. An industrial bank may not conduct business under this chapter as an industrial bank unless the industrial bank obtains insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity for any deposits received or held by the industrial bank.

Section 7-8-3Verify source

§ 7-8-3(1)Subsection 7-8-3(1)Provision

Source excerpt

The commissioner may authorize a person described in Subsection (2) to conduct business as an industrial bank, subject to Subsection (4).

Subject to Subsection (4) , the commissioner may authorize a person described in Subsection (2) to conduct business as an industrial bank.

Section 7-8-3(1)Verify source

§ 7-8-3(2)Subsection 7-8-3(2)Provision

Source excerpt

An industrial bank in this state must be organized under specified business entity laws, and it may not operate in any other entity form.

Each person organized to conduct the business of an industrial bank in this state shall be organized under: Title 16, Chapter 10a, Utah Revised Business Corporation Act ; or in accordance with Section 7-1-810 or Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act. A person may not conduct business as an industrial bank authorized under this chapter to conduct business as an industrial bank in any form of entity other than those provided in Subsection (2)(a) .

Section 7-8-3(2)Verify source

§ 7-8-3(2)(a)Subsection 7-8-3(2)(a)Provision

Source excerpt

A person organizing an industrial bank in this state must do so under the Utah Business Corporation Act or under the specified LLC provisions.

Section 7-8-3(2)(a)Verify source

§ 7-8-3(2)(a)(i)Subsection 7-8-3(2)(a)(i)Provision

Source excerpt

Title 16, Chapter 10a, Utah Revised Business Corporation Act ; or

Section 7-8-3(2)(a)(i)Verify source

§ 7-8-3(2)(a)(ii)Subsection 7-8-3(2)(a)(ii)Provision

Source excerpt

in accordance with Section 7-1-810 or Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act.

Section 7-8-3(2)(a)(ii)Verify source

§ 7-8-3(2)(b)Subsection 7-8-3(2)(b)Provision

Source excerpt

A person may not operate as an industrial bank in any entity form other than those allowed in Subsection (2)(a).

A person may not conduct business as an industrial bank authorized under this chapter to conduct business as an industrial bank in any form of entity other than those provided in Subsection (2)(a) .

Section 7-8-3(2)(b)Verify source

§ 7-8-3(3)Subsection 7-8-3(3)Provision

Source excerpt

The listed rights, privileges, powers, duties, and obligations of industrial bank corporations and industrial bank LLCs are governed by the referenced Utah business entity statutes, except as otherwise provided in this title.

All rights, privileges, powers, duties, and obligations of a corporation authorized to conduct business as an industrial bank and its officers, directors, and stockholders shall be governed by Title 16, Chapter 10a, Utah Revised Business Corporation Act , except as otherwise provided in this title. All rights, privileges, powers, duties, and obligations of a limited liability company authorized to conduct business as an industrial bank and its members and managers shall be governed by Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act, except as otherwise provided in this title.

Section 7-8-3(3)Verify source

§ 7-8-3(3)(a)Subsection 7-8-3(3)(a)Provision

Source excerpt

A corporation authorized to conduct business as an industrial bank, and its officers, directors, and stockholders, are governed by Title 16, Chapter 10a unless this title provides otherwise.

Section 7-8-3(3)(a)Verify source

§ 7-8-3(3)(b)Subsection 7-8-3(3)(b)Provision

Source excerpt

The rights, privileges, powers, duties, and obligations of an industrial bank LLC and its members and managers are governed by Title 16, Chapter 20, except as otherwise provided in this title.

All rights, privileges, powers, duties, and obligations of a limited liability company authorized to conduct business as an industrial bank and its members and managers shall be governed by Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act, except as otherwise provided in this title.

Section 7-8-3(3)(b)Verify source

§ 7-8-3(4)Subsection 7-8-3(4)Provision

Source excerpt

An industrial bank may receive and hold deposits, but it may not do business as an industrial bank under this chapter unless it has deposit insurance from the FDIC or a successor federal deposit insurer.

An industrial bank is authorized to receive and hold deposits. An industrial bank may not conduct business under this chapter as an industrial bank unless the industrial bank obtains insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity for any deposits received or held by the industrial bank.

Section 7-8-3(4)Verify source

§ 7-8-3(4)(a)Subsection 7-8-3(4)(a)Provision

Source excerpt

An industrial bank is authorized to receive and hold deposits.

Section 7-8-3(4)(a)Verify source

§ 7-8-3(4)(b)Subsection 7-8-3(4)(b)Provision

Source excerpt

An industrial bank may not conduct business under this chapter unless it obtains deposit insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity.

An industrial bank may not conduct business under this chapter as an industrial bank unless the industrial bank obtains insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity for any deposits received or held by the industrial bank.

Section 7-8-3(4)(b)Verify source

Legislative relationships

0 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

No structured legislative relationships were detected

The statute remains fully searchable by provision. Consult the source text for amendments and cross-references that have not yet been indexed.

Recorded versions and source checkpoint

3 versions available in this collection

Current-law checkpoint

1 Oct 2026 · currentEnglish · In force
1 Oct 2026English · In forceView version
1 Oct 2026English · In forceView version

This relationship view does not by itself establish whether another instrument remains in force.

Check official source

Source-linked research

Ask AI about this statute

The overview, provisions, and source records above are public. Continue in a separate conversation with this statute’s jurisdiction and source version attached.

Utah Code § 7-8-3

Purpose and legislative effect

How the instrument operates

Start with the recorded version

Locate the controlling provision

Read conditions and exceptions together

Verify currency and official wording

Research entry points

Source and current-law status

In force source record

Sections and provisions

Search within this statute

0 referenced instruments

No structured legislative relationships were detected

Recorded versions and source checkpoint

Ask AI about this statute