Utah Code 7-8-21. Application of chapter to industrial loan companies
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(1) As used in this section, “industrial loan company” is a person that on March 17, 2004, is:
Terms Used In Utah Code 7-8-21
- 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.
- 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
- Industrial loan company: means the same as that term is defined in Section 7-8-21. 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(1)(a) authorized to conduct business under this chapter; and(1)(b) not authorized to hold or receive deposits.(2) An industrial loan company may operate as an industrial bank under this chapter except that the industrial loan company:(2)(a) may not hold or receive deposits without:(2)(a)(i) the prior written approval of the commissioner; and(2)(a)(ii) obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity;(2)(b) may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsections (2)(a)(i) and (ii); and(2)(c) may not use a term listed in Subsection 7-1-701(3) in its name without meeting the conditions described in Subsections (2)(a)(i) and (ii).(3) If a person is not authorized to conduct business under this chapter on March 17, 2004, that person may not be considered an industrial loan company under this section.