Utah Code 7-1-617. No concentration limit under state law
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(1) There is no state deposit cap or concentration limit under Utah law. A depository institution or depository institution holding company may control any percentage of the total deposits held within this state by all depository institutions of the same class.
Terms Used In Utah Code 7-1-617
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- control: means the power, directly or indirectly, or through or in concert with one or more persons, to:(5)(a) direct or exercise a controlling influence over:(5)(a)(i) the management or policies of a financial institution; or(5)(a)(ii) the election of a majority of the directors or trustees of an institution; or(5)(b) vote 25% or more of any class of voting securities of a financial institution. 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- Depository institution holding company: means :
(9)(a)(i) a person other than an individual that:(9)(a)(i)(A) has control over a depository institution; or(9)(a)(i)(B) becomes a holding company of a depository institution under Section 7-1-703; or(9)(a)(ii) a person other than an individual that the commissioner finds, after considering the specific circumstances, is exercising or is capable of exercising a controlling influence over a depository institution by means other than those specifically described in this section. 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) To the extent authorized by federal law, the commissioner may, on a case by case basis, waive any applicable federal deposit concentration limit that has the effect of being more limiting than Subsection (1). In making a decision to waive a federal deposit concentration limit, the commissioner shall apply a standard that does not discriminate against out-of-state depository institutions, upon a finding that the waiver promotes:(2)(a) the availability of financial services;(2)(b) the marketability of Utah depository institutions; or(2)(c) another public interest.(3) This section does not affect the applicability, if any, of antitrust law. - Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that: