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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
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Professional statute overview

Enactment structure, operative effect and source provenance

Official source

01

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.”

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02

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  1. 01

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

  2. 02

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  3. 03

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  4. 04

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03

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

An industrial bank in this state must be organized under one of the listed business entity laws.

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

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

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

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

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

This provision says the LLC Act governs an industrial bank LLC and its members and managers, unless this title provides otherwise.

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

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

An industrial bank may not operate under this chapter unless it obtains deposit insurance from the FDIC or a successor federal deposit insurance entity for deposits it receives or holds.

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

04

Source and current-law status

In force source record

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

In force

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Official record

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Showing 13 of 13 provisions

Provision 13
§ 7-8-3Organization -- Authorization to conduct business -- Deposit insurance.Provision

Source excerpt

The commissioner may authorize certain persons to operate as an industrial bank, but the bank must use the specified entity forms and have deposit insurance.

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

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

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

A person organizing an industrial bank in this state must use one of the listed entity forms, and may not operate it in any other 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

An industrial bank in this state must be organized under one of the listed business entity laws.

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.
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

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.

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 conduct business as an industrial bank in any entity form other than those allowed by 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 rights, powers, duties, and obligations of industrial-bank corporations and industrial-bank LLCs are governed by the referenced Utah business entity acts, 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

An industrial bank and its officers, directors, and stockholders are governed by Title 16, Chapter 10a, except where this title provides otherwise.

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.
Section 7-8-3(3)(a)Verify source
§ 7-8-3(3)(b)Subsection 7-8-3(3)(b)Provision

Source excerpt

This provision says the LLC Act governs an industrial bank LLC and its members and managers, unless this title provides otherwise.

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 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 may receive and hold deposits.

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 operate under this chapter unless it obtains deposit insurance from the FDIC or a successor federal deposit insurance entity for deposits it receives or holds.

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

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

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