Utah § 18a-301 - Powers of an agency, branch, or representative office of a foreign depository institution.
Full text of Utah Utah Code § 18a-301 — Powers of an agency, branch, or representative office of a foreign depository institution., with citation guidance and answers to common questions.
§ 18a-301. Powers of an agency, branch, or representative office of a foreign depository institution.
7-18a-301.
Powers of an agency, branch, or representative office of a foreign depository institution.
(1)
Subject to the limitations set forth in Subsections (2) and (3), and notwithstanding any other law of this state, a foreign depository institution authorized by this state to transact business through an agency or branch shall transact business with the same rights, privileges, and powers as a Utah depository institution and shall be subject to all the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply under the laws of this state to a Utah depository institution.
(2)
The general rights, powers, and privileges of a foreign depository institution authorized by this state to transact business through an agency or branch set forth in Subsection (1) are limited to the following:
(a)
An agency may not accept any deposits from citizens or residents of the United States, other than credit balances that are incidental to or arise out of its exercise of other lawful powers, but it may accept deposits from persons who are neither citizens nor residents of the United States.
(b)
An agency may pay checks or loan money.
(c)
A branch operating in this state may not accept from citizens or residents of the United States deposits, other than credit balances that are incidental to or arise out of its exercise of other lawful powers, of less than $100,000.
(d)
An agency or branch is not required to maintain federal deposit insurance.
(e)
After considering the applicable limitations on the retail deposit-taking powers and privileges of an agency or branch of a foreign depository institution, the commissioner may, by rule or order, modify the applicability to an agency or branch, of any law of this state that is generally applicable to insured depository institutions doing business in this state.
(f)
The commissioner may adopt such additional standards, conditions, or requirements, or modify the applicability of any existing standards, conditions, or requirements, by rule or order, as the commissioner may consider necessary to ensure the safety and soundness and the protection of creditors of the operations of an agency or branch of a foreign depository institution in this state.
(3)
A foreign depository institution authorized by this state to transact business through a representative office may only:
(a)
engage in loan production office activities authorized by Section 7-1-715;
(b)
solicit new business;
(c)
conduct research; or
(d)
perform administrative functions expressly permitted by rule or order.
Section 18a-301 ("Powers of an agency, branch, or representative office of a foreign depository institution.") 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 § 18a-301?
A common citation format is "Utah Code § 18a-301" (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 § 18a-301 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.
