7-1-709 - Branches -- Discontinuance of operation. - Utah Statutes

7-1-709. Branches -- Discontinuance of operation.
(1) A Utah depository institution or out-of-state depository institution authorized to dobusiness in this state may discontinue operation of a branch upon resolution of its board ofdirectors.
(2) Upon adopting the resolution, the institution shall file an application with thecommissioner specifying:
(a) the location of the branch to be discontinued;
(b) the date of the proposed discontinuance;
(c) the reasons for closing the branch; and
(d) the extent to which the public need and convenience or service to members wouldstill be adequately met.
(3) (a) Upon filing its application with the commissioner, the institution shall publishnotice of the discontinuance:
(i) in a newspaper serving the area once a week for two consecutive weeks; and
(ii) as required by Section 45-1-101 for two weeks.
(b) The commissioner may approve the application after a reasonable comment periodfollowing publication.
(4) An out-of-state depository institution with a branch in Utah is not subject to therequirements of this section if the branch to be closed is located outside of Utah.

Amended by Chapter 388, 2009 General Session