7-1-507 - Assessing institution's record in meeting credit needs -- Requirements -- Remedial order. - Utah Statutes

7-1-507. Assessing institution's record in meeting credit needs -- Requirements --Remedial order.
(1) With respect to institutions subject to the jurisdiction of the department that areengaged in soliciting deposits or selling or offering for sale evidences of indebtedness or similarinvestments, the commissioner shall periodically assess the institution's record of meeting thecredit needs of residents of this state in relation to the deposits received from or investments soldto residents of this state.
(2) The commissioner may not impose requirements more restrictive than thoseapplicable to federally chartered or federally insured depository institutions doing business in thisstate.
(3) The commissioner may order an institution to take remedial action consistent with thesafe and sound operation of the institution that will promote the availability of credit to Utahresidents.

Amended by Chapter 161, 1987 General Session