Utah § 7-8-21 - Application of chapter to industrial loan companies.

Full text of Utah Utah Code § 7-8-21 — Application of chapter to industrial loan companies., with citation guidance and answers to common questions.

§ 7-8-21. Application of chapter to industrial loan companies.

7-8-21.  Application of chapter to industrial loan companies.
(1) As used in this section, "industrial loan company" is a person that on March 17, 2004, is:
(a) authorized to conduct business under this chapter; and
(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:
(a) may not hold or receive deposits without:
(i) the prior written approval of the commissioner; and
(ii) obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity;
(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
(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.


Enacted by Chapter 92, 2004 General Session

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

Related Utah Legal Topics

Frequently Asked Questions About Utah § 7-8-21

What does Utah Code § 7-8-21 cover?

Section 7-8-21 ("Application of chapter to industrial loan companies.") 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 § 7-8-21?

A common citation format is "Utah Code § 7-8-21" (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 § 7-8-21 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.