Utah § 7-8-3 - Organization -- Authorization to conduct business -- Deposit insurance. (Effective 10/1/2026)

Full text of Utah Utah Code § 7-8-3 — Organization -- Authorization to conduct business -- Deposit insurance. (Effective 10/1/2026), with citation guidance and answers to common questions.

§ 7-8-3. Organization -- Authorization to conduct business -- Deposit insurance. (Effective 10/1/2026)

Effective 10/1/2026
7-8-3. Organization -- Authorization to conduct business -- Deposit insurance.

(1)	Subject to Subsection (4), the commissioner may authorize a person described in Subsection (2) to conduct business as an industrial bank.

(2)

(a)

Each person organized to conduct the business of an industrial bank in this state shall be organized under:

(i)	Title 16, Chapter 10a, Utah Revised Business Corporation Act; or

(ii)	in accordance with Section 7-1-810 or Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act.

(b)	A person may not conduct business as an industrial bank authorized under this chapter to conduct business as an industrial bank in any form of entity other than those provided in Subsection (2)(a).

(3)

(a)	All rights, privileges, powers, duties, and obligations of a corporation authorized to conduct business as an industrial bank and its officers, directors, and stockholders shall be governed by Title 16, Chapter 10a, Utah Revised Business Corporation Act, except as otherwise provided in this title.

(b)

All rights, privileges, powers, duties, and obligations of a limited liability company authorized to conduct business as an industrial bank and its members and managers shall be governed by Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act, except as otherwise provided in this title.

(4)

(a)	An industrial bank is authorized to receive and hold deposits.

(b)	An industrial bank may not conduct business under this chapter as an industrial bank unless the industrial bank obtains insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity for any deposits received or held by the industrial bank.

Amended by Chapter 92, 2026 General Session

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

Frequently Asked Questions About Utah § 7-8-3

What does Utah Code § 7-8-3 cover?

Section 7-8-3 ("Organization -- Authorization to conduct business -- Deposit insurance. (Effective 10/1/2026)") 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 § 7-8-3?

A common citation format is "Utah Code § 7-8-3" (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 § 7-8-3 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

Official text of § 7-8-3 at the Utah source

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