7-3-3.3 - Tying of other bank services prohibited. - Utah Statutes

7-3-3.3. Tying of other bank services prohibited.
(1) In conducting the business of banking as permitted under Sections 7-3-3, 7-3-3.2, and7-3-10, a bank or bank subsidiary may not extend credit, lease or sell property of any kind,furnish any service, or fix or vary the consideration for any of the foregoing, on the condition orrequirement:
(a) that the customer obtain some additional credit, property, or service from the bank orany of its subsidiaries or affiliates, other than a loan, discount, deposit, or trust service from thebank;
(b) that the customer provide some additional credit, property or service to the bank or toany of its subsidiaries or affiliates, other than those related to and usually provided to the bank inconnection with a loan, discount, deposit, or trust service; or
(c) that the customer not obtain some other credit, property, or service from a competitorof the bank or any of its subsidiaries or affiliates, other than a condition or requirement that thebank may reasonably impose in a credit transaction to assure the soundness of the credit.
(2) Any violation of this section may be enforced by the aggrieved party in any court ofcompetent jurisdiction in this state. The court may award reasonable attorneys' fees and courtcosts to the prevailing party in addition to damages.
(3) The commissioner may make rules concerning any of the activities authorized bySections 7-3-3, 7-3-3.2, and 7-3-10 to:
(a) protect the bank, its subsidiaries, and affiliates against any risk involved in engaging inany of those activities; or
(b) prohibit unfair or improper trade practices by the bank, its subsidiaries, or affiliates.

Enacted by Chapter 267, 1989 General Session