Utah Code 7-3-3. “Banking business” defined — Credit card banks — Insurance of deposit accounts
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Terms Used In Utah Code 7-3-3
- 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit union: means a cooperative, nonprofit association incorporated under:(6)(a) Chapter 9, Utah Credit Union Act; or(6)(b) Utah Code 7-1-103
- Department: means the Department of Financial Institutions. See Utah Code 7-1-103
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Industrial bank: means a corporation or limited liability company conducting the business of an industrial bank under Chapter 8, Industrial Banks. 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.
- 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- Savings and loan association: means :
(31)(a) a federal savings and loan association; and(31)(b) an out-of-state savings and loan association. 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- Statute: A law passed by a legislature.
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(1)(a) Except as provided under Subsection (1)(b), a person is considered to be conducting a banking business and is a bank subject to the provisions of this title that are applicable to banks if the person is authorized:(1)(a)(i) under the laws of this:(1)(a)(i)(A) state;(1)(a)(i)(B) another state;(1)(a)(i)(C) the United States;(1)(a)(i)(D) the District of Columbia; or(1)(a)(i)(E) a territory of the United States; and(1)(a)(ii)(1)(a)(ii)(A) to accept deposits from the public; and(1)(a)(ii)(B) to conduct such other business activities as may be authorized by statute or by the commissioner in accordance with Subsection 7-3-10(3).(1)(b) A person is not considered to be a bank subject to the provisions of this title that are applicable to banks if the person is authorized to conduct the business of:(1)(b)(i) a federal savings and loan association;(1)(b)(ii) a federal savings bank;(1)(b)(iii) an industrial bank subject to Chapter 8, Industrial Banks;(1)(b)(iv) a federally chartered credit union; or(1)(b)(v) a credit union subject to Chapter 9, Utah Credit Union Act.(2) A person authorized to operate as a bank in this state may operate as a credit card bank if it:(2)(a) engages only in credit card operations;(2)(b) does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others;(2)(c) does not accept a savings or time deposit of less than $100,000;(2)(d) maintains only one office that accepts deposits; and(2)(e) does not engage in the business of making commercial loans.(3) All deposit accounts in banks or branches subject to the jurisdiction of the department shall be insured by the Federal Deposit Insurance Corporation or a successor to the Federal Deposit Insurance Corporation.