Utah § 7-1-103.5 - Control.

Full text of Utah Utah Code § 7-1-103.5 — Control., with citation guidance and answers to common questions.

§ 7-1-103.5. Control.

Effective 5/4/2022
7-1-103.5.  Control.
(1) There is a rebuttable presumption that a person has control of a financial institution if the person has the power, directly or indirectly, or through or in concert with one or more persons, to vote more than 10% but less than 25% of any class of voting securities of a financial institution.
(2) Except as provided in rule made under Subsection (3), a person seeking to rebut a presumption of control described in Subsection (1) shall submit an application to the commissioner.
(3) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make rules that specify:
(a) the procedures and requirements for an application described in Subsection (2); and
(b) the conditions under which a person may obtain a determination that the person is not in control of a financial institution without filing an application in accordance with Subsection (2).
(4) The commissioner has sole discretion to determine whether a person rebuts a presumption of control under this section.


Enacted by Chapter 449, 2022 General Session

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Frequently Asked Questions About Utah § 7-1-103.5

What does Utah Code § 7-1-103.5 cover?

Section 7-1-103.5 ("Control.") 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 § 7-1-103.5?

A common citation format is "Utah Code § 7-1-103.5" (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 § 7-1-103.5 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.