Utah Code 7-1-324. Debt cancellation agreements and debt suspension agreements
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(1) As used in this section:
Terms Used In Utah Code 7-1-324
- Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- Department: means the Department of Financial Institutions. See Utah Code 7-1-103
- Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:(8)(a) holds or receives deposits, savings, or share accounts;(8)(b) issues certificates of deposit; or(8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
- Home state: means :
(14)(a) for a state chartered depository institution, the state that charters the institution;(14)(b) for a federally chartered depository institution, the state where the institution's main office is located; and(14)(c) for a depository institution holding company, the state in which the total deposits of all depository institution subsidiaries are the largest. See Utah Code 7-1-103- Institution: means :
(19)(a) a corporation;(19)(b) a limited liability company;(19)(c) a partnership;(19)(d) a trust;(19)(e) an association;(19)(f) a joint venture;(19)(g) a pool;(19)(h) a syndicate;(19)(i) an unincorporated organization; or(19)(j) any form of business entity. See Utah Code 7-1-103- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. See Utah Code 7-1-103
- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103(1)(a) “Class of depository institution” means a class consisting of:(1)(a)(i) banks;(1)(a)(ii) credit unions;(1)(a)(iii) industrial banks; or(1)(a)(iv) wholly owned subsidiaries of a depository institution listed in this Subsection (1)(a).(1)(b) “Debt cancellation agreement” is as defined in Section 31A-21-109.(1)(c) “Debt suspension agreement” is as defined in Section 31A-21-109.(2) Subject to the other provisions of this section, the commissioner may by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act:(2)(a) authorize any member of a class of depository institution that is subject to the jurisdiction of the department to issue:(2)(a)(i) a debt cancellation agreement; or(2)(a)(ii) a debt suspension agreement; and(2)(b) regulate the issuance of a debt cancellation agreement or a debt suspension agreement issued in this state by a member of a class of depository institution.(3)(3)(a) Any rule adopted by the commissioner under this section as applied to a class of depository institution shall be substantially similar to any federal regulation applying to the same class of depository institution.(3)(b) Any rule adopted by the commissioner applicable to a class of depository institution described in this Subsection (3)(b) shall be substantially similar to any federal regulation applicable to a bank if no federal regulation authorizes or regulates the issuance of a debt cancellation agreement or debt suspension agreement for that class of depository institution.(4)(4)(a) An out-of-state depository institution may issue a debt cancellation agreement or debt suspension agreement in this state if:(4)(a)(i) the home state of the out-of-state depository institution authorizes and regulates the issuance of a debt cancellation agreement or debt suspension agreement by the out-of-state depository institution; and(4)(a)(ii) subject to Subsection (4)(b), the out-of-state depository institution complies with regulations from the out-of-state depository institution’s home state that regulate the issuance of a debt cancellation agreement or a debt suspension agreement.(4)(b) Notwithstanding Subsection (4)(a), an out-of-state depository institution described in Subsection (4)(a) shall comply with rules adopted by the commissioner under this section that regulate the issuance of a debt cancellation agreement or a debt suspension agreement in this state by the class of depository institution to which the out-of-state depository institution belongs if the regulations of the out-of-state depository institution’s home state do not provide at least the same level of protection with respect to a debt cancellation agreement or debt suspension agreement as the rules adopted by the commissioner under this section with respect to the same class of depository institution:(4)(b)(i) for the safety and soundness of the depository institution; and(4)(b)(ii) for consumer protections for the borrowers of the depository institution. - Home state: means :