7-1-311 - Moratoriums on applications for new depository institutions or branches. - Utah Statutes

7-1-311. Moratoriums on applications for new depository institutions or branches.
The commissioner may establish, upon finding that applicable financial and economicconditions require such action, a moratorium on accepting or acting upon applications to conducta business of depository institutions subject to the jurisdiction of the department or to establishnew branches or offices of institutions subject to the jurisdiction of the department. Themoratorium may apply to the entire state or to such community or communities or other marketarea or areas as the commissioner finds appropriate. No such period shall extend for a periodlonger than one year, unless the commissioner finds that the public interest requires renewal of theperiod for an additional period not to exceed one year.

Enacted by Chapter 16, 1981 General Session