Utah Code 7-1-709. Branches — Discontinuance of operation
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(1) A Utah depository institution or out-of-state depository institution authorized to do business in this state may discontinue operation of a branch upon resolution of its board of directors.
Terms Used In Utah Code 7-1-709
- Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
- Commissioner: means the Commissioner 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
- 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- 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(2) Upon adopting the resolution, the institution shall file an application with the commissioner specifying:(2)(a) the location of the branch to be discontinued;(2)(b) the date of the proposed discontinuance;(2)(c) the reasons for closing the branch; and(2)(d) the extent to which the public need and convenience or service to members would still be adequately met.(3)(3)(a) Upon filing its application with the commissioner, the institution shall publish notice of the discontinuance:(3)(a)(i) in a newspaper serving the area once a week for two consecutive weeks; and(3)(a)(ii) as required by Section 45-1-101 for two weeks.(3)(b) The commissioner may approve the application after a reasonable comment period following publication.(4) An out-of-state depository institution with a branch in Utah is not subject to the requirements of this section if the branch to be closed is located outside of Utah. - Institution: means :