7-1-313 - Requiring remedial action by institution in or about to be in unsound condition -- Assistance by insurers. - Utah Statutes

7-1-313. Requiring remedial action by institution in or about to be in unsoundcondition -- Assistance by insurers.
(1) The commissioner may require any financial institution subject to the jurisdiction ofthe department that he finds to be or about to be in an unsafe or unsound condition to takecorrective or remedial action as he considers appropriate to protect the interests of depositors,members, other creditors, and shareholders of the institution, and the general public.
(2) An insurer of the accounts of a financial institution may make loans to, purchase theassets of, establish accounts in, or provide other assistance to a financial institution in order tocorrect or remedy an unsafe or unsound condition or to protect the interests of depositors,members, other creditors, and shareholders of the institution. This assistance is subject toapproval by the commissioner.

Amended by Chapter 267, 1989 General Session