7-1-102 - Legislative findings, purpose, and intent. - Utah Statutes

7-1-102. Legislative findings, purpose, and intent.
(1) The Legislature finds it is in the interest of the citizens of this state, and is the purposeof this title, to:
(a) supervise, regulate, and examine persons, firms, corporations, associations, and otherbusiness entities furnishing depository, lending, and associated financial services in this state;
(b) protect the interests of shareholders, members, depositors, and other customers offinancial institutions operating in this state;
(c) preserve the competitive equality of state chartered institutions as compared tofederally chartered institutions, and of Utah depository institutions as compared to out-of-stateand foreign depository institutions;
(d) promote the availability, efficiency, and profitability of financial services in thecommunities of this state;
(e) preserve the advantages of the dual banking system;
(f) cooperate with federal regulators and regulators from other states in regulatingfinancial institutions, in improving the quality of regulation, and in promoting the interests of this state in interstate matters; and
(g) provide to the Commissioner of Financial Institutions sufficient powers andresponsibilities to carry out these purposes.
(2) It is the intent of the Legislature that the provisions of this title be interpreted topromote these purposes.

Repealed and Re-enacted by Chapter 49, 1995 General Session