7-1-501 - Institutions and persons subject to jurisdiction of department. - Utah Statutes

7-1-501. Institutions and persons subject to jurisdiction of department.
(1) As provided in this title and the rules of the department, the persons and institutionsdescribed in Subsection (2) are subject to:
(a) the jurisdiction of the department; and
(b) supervision and examination by the department.
(2) Subsection (1) applies to:
(a) all depository institutions chartered under the laws of this state, including anyout-of-state branches;
(b) all Utah depository institutions chartered by the federal government, but only to theextent the application of this title is authorized by:
(i) federal law; or
(ii) the appropriate federal regulatory agency;
(c) all Utah branches of out-of-state depository institutions chartered under the laws ofanother state;
(d) all Utah branches of out-of-state depository institutions chartered by the federalgovernment, but only to the extent the application of this title is authorized by:
(i) federal law; or
(ii) the appropriate federal regulatory agency;
(e) all service corporations and service organizations, including credit union serviceorganizations as defined in Section 7-9-3;
(f) all trust companies;
(g) all escrow companies;
(h) all persons or institutions engaged in this state in the business of:
(i) guaranteeing or insuring deposits, savings accounts, share accounts, or other accountsin depository institutions;
(ii) operating a loan production office for:
(A) a Utah depository institution;
(B) an out-of-state depository institution; or
(C) a foreign depository institution;
(iii) allowing persons to effect third party payments from loan, charge, or other accountsby checks, drafts, or other instruments or by electronic means; or
(iv) a check casher or deferred deposit lender, as defined in Section 7-23-102;
(i) all corporations or other business entities owning or controlling an institution subjectto the jurisdiction of the department;
(j) all subsidiaries and affiliates of an institution subject to the jurisdiction of thedepartment; and
(k) any person or institution that, with or without authority to do so, transacts businessas, or holds itself out as being, a depository institution, trust company, or any other person orinstitution described in this section as being subject to the jurisdiction of the department.

Amended by Chapter 96, 2008 General Session