Utah Code 7-1-104. Exemptions from application of title
Current as of: 2024 | Check for updates
|
Other versions
(1) This title does not apply to:
Terms Used In Utah Code 7-1-104
- Department: means the Department of Financial Institutions. 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
- Person: means :
(27)(a) an individual;(27)(b) a corporation;(27)(c) a limited liability company;(27)(d) a partnership;(27)(e) a trust;(27)(f) an association;(27)(g) a joint venture;(27)(h) a pool;(27)(i) a syndicate;(27)(j) a sole proprietorship;(27)(k) an unincorporated organization; or(27)(l) any form of business entity. 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- Transaction account: includes :
(36)(b)(i) demand deposits;(36)(b)(ii) NOW accounts;(36)(b)(iii) savings deposits subject to automatic transfers; and(36)(b)(iv) share draft accounts. See Utah Code 7-1-103- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(1)(a) investment companies registered under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq.;(1)(b) securities brokers and dealers registered pursuant to:(1)(b)(i) Title 61, Chapter 1, Utah Uniform Securities Act; or(1)(b)(ii) the federal Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq.;(1)(c) depository or other institutions performing transaction account services, including third party transactions, in connection with:(1)(c)(i) the purchase and redemption of investment company shares; or(1)(c)(ii) access to a margin or cash securities account maintained by a person identified in Subsection (1)(b); or(1)(d) insurance companies selling interests in an investment company or “separate account” and subject to regulation by the Utah Insurance Department.(2)(2)(a) An institution, organization, or person is not exempt from this title if, within this state, it holds itself out to the public as receiving and holding deposits from residents of this state, whether evidenced by a certificate, promissory note, or otherwise.(2)(b) An investment company is not exempt from this title unless the investment company is registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., and is advised by an investment adviser:(2)(b)(i) which is registered with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq.; and(2)(b)(ii) which advises investment companies and other accounts with a combined value of at least $50,000,000. - Person: means :