7-1-502 - Limitations on jurisdiction of department. - Utah Statutes

7-1-502. Limitations on jurisdiction of department.
(1) The jurisdiction of the department with respect to the persons and institutionsdescribed in Section 7-1-501 is limited as follows:
(a) to the portion of the business activities conducted in this state or with residents of thisstate, whether conducted solely or jointly by combination or contract; and
(b) to business activities that the department is not prohibited from regulating by theUnited States Constitution or laws of the United States.
(2) The jurisdictional limitations in Subsection (1) do not prohibit the commissioner fromrequiring an institution described in Section 7-1-501 to make available for inspection andexamination books and records applicable to its business activities in this state, conducted withresidents of this state, or relevant to the safety or soundness of a branch in this state. These bookand records may include any report filed with a federal or state supervisory agency havingjurisdiction over the institution.
(3) Section 7-1-501 does not authorize the department to supervise or regulate, by settinginterest rates or otherwise, the operation of money market mutual funds or similar investmentssubject to supervision and regulation by another department or agency of this state or of theUnited States.

Amended by Chapter 49, 1995 General Session