Utah § 7-1-502 - Limitations on jurisdiction of department.

Full text of Utah Utah Code § 7-1-502 — Limitations on jurisdiction of department., with citation guidance and answers to common questions.

§ 7-1-502. Limitations on jurisdiction of department.

7-1-502.  Limitations on jurisdiction of department.
(1) The jurisdiction of the department with respect to the persons and institutions described in Section 7-1-501 is limited as follows:
(a) to the portion of the business activities conducted in this state or with residents of this state, whether conducted solely or jointly by combination or contract; and
(b) to business activities that the department is not prohibited from regulating by the United States Constitution or laws of the United States.
(2) The jurisdictional limitations in Subsection (1) do not prohibit the commissioner from requiring an institution described in Section 7-1-501 to make available for inspection and examination books and records applicable to its business activities in this state, conducted with residents of this state, or relevant to the safety or soundness of a branch in this state. These book and records may include any report filed with a federal or state supervisory agency having jurisdiction over the institution.
(3) Section 7-1-501 does not authorize the department to supervise or regulate, by setting interest rates or otherwise, the operation of money market mutual funds or similar investments subject to supervision and regulation by another department or agency of this state or of the United States.


Amended by Chapter 49, 1995 General Session

Source: official Utah text · Last verified 2026-08-27

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Frequently Asked Questions About Utah § 7-1-502

What does Utah Code § 7-1-502 cover?

Section 7-1-502 ("Limitations on jurisdiction of department.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Utah § 7-1-502?

A common citation format is "Utah Code § 7-1-502" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 7-1-502 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Utah.