7-18a-201 - Authorization required to transact business as a foreign depository institution agency, branch, or representative office. - Utah Statutes

7-18a-201. Authorization required to transact business as a foreign depositoryinstitution agency, branch, or representative office.
(1) It is unlawful for a foreign depository institution to transact business in this stateunless it transacts business through an agency, branch, or representative office authorized by thedepartment or an agency of the federal government.
(2) Notwithstanding Subsection (1), a foreign depository institution that is not authorizedto transact business through an agency, branch, or representative office in this state may make orenforce loans made in this state secured by liens on real or personal property located in this state.
(3) A foreign depository institution authorized to transact business through an agency,branch, or representative office in this state may transact business as an agent for an affiliateddepository institution in accordance with Section 7-1-716.
(4) For purposes of Subsection (1), a foreign depository institution is not considered to betransacting business in this state solely because a subsidiary or affiliate transacts business in thisstate, including business that any depository institution subsidiary or affiliate may lawfullyconduct in this state as an agent for the foreign depository institution in accordance with the lawsof this state.

Enacted by Chapter 63, 1996 General Session