Utah § 7-8-20 - Limitations on loans to one borrower -- Exceptions -- Rules.
Full text of Utah Utah Code § 7-8-20 — Limitations on loans to one borrower -- Exceptions -- Rules., with citation guidance and answers to common questions.
§ 7-8-20. Limitations on loans to one borrower -- Exceptions -- Rules.
7-8-20.
Limitations on loans to one borrower -- Exceptions -- Rules.
(1)
Except as provided in this section, the total loans and extensions of credit, including credit exposure to a derivative transaction, by an industrial bank to a person outstanding at any one time may not exceed 15% of the industrial bank's total capital.
(2)
Subsection (1) does not apply to an extension of credit that is subject to, or expressly exempted from, a federal statute or federal regulation limiting the amount of total loans and credit that may be extended to any person or group of persons.
exempt from Subsection (1) a class of loans or class of extensions of credit, including credit exposure to a derivative transaction, that are adequately secured or are not otherwise a risk to the safe and sound operation of an industrial bank;
(b)
define terms and phrases necessary to interpret and implement this section;
(c)
adopt standards for aggregating or segregating loans to the same or different persons;
(d)
describe records required to be maintained;
(e)
require specific actions to be taken by an institution's board of directors or executive officers; and
(f)
prescribe other actions necessary to interpret and implement this section.
Section 7-8-20 ("Limitations on loans to one borrower -- Exceptions -- Rules.") 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 § 7-8-20?
A common citation format is "Utah Code § 7-8-20" (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 § 7-8-20 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.
