Utah § 7-1-507 - Assessing institution's record in meeting credit needs -- Requirements -- Remedial order.
Full text of Utah Utah Code § 7-1-507 — Assessing institution's record in meeting credit needs -- Requirements -- Remedial order., with citation guidance and answers to common questions.
§ 7-1-507. Assessing institution's record in meeting credit needs -- Requirements -- Remedial order.
| (1) | With respect to institutions subject to the jurisdiction of the department that are engaged in soliciting deposits or selling or offering for sale evidences of indebtedness or similar investments, the commissioner shall periodically assess the institution's record of meeting the credit needs of residents of this state in relation to the deposits received from or investments sold to residents of this state. |
| (2) | The commissioner may not impose requirements more restrictive than those applicable to federally chartered or federally insured depository institutions doing business in this state. |
| (3) | The commissioner may order an institution to take remedial action consistent with the safe and sound operation of the institution that will promote the availability of credit to Utah residents. |
Amended by Chapter 161, 1987 General Session
Source: official Utah text · Last verified 2026-08-27
Frequently Asked Questions About Utah § 7-1-507
What does Utah Code § 7-1-507 cover?
Section 7-1-507 ("Assessing institution's record in meeting credit needs -- Requirements -- Remedial order.") 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 § 7-1-507?
A common citation format is "Utah Code § 7-1-507" (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 § 7-1-507 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.