Utah § 7-1-713 - Conversion of financial institution -- Approval required -- Procedure -- Federal-state conversion.
Full text of Utah Utah Code § 7-1-713 — Conversion of financial institution -- Approval required -- Procedure -- Federal-state conversion., with citation guidance and answers to common questions.
§ 7-1-713. Conversion of financial institution -- Approval required -- Procedure -- Federal-state conversion.
| (1) | Any financial institution authorized to do business as a particular class of financial institution under any chapter of this title may convert to an institution authorized to do business under another chapter by applying to the department for approval in the manner provided in Section 7-1-706. |
| (2) | If the commissioner approves the conversion, the institution shall immediately surrender its former charter to the commissioner. Under its new charter as a financial institution of a different class, it is entitled to all the benefits and powers conferred under the applicable chapter to other financial institutions of that class and is subject to examination, supervision, and regulation to the same extent as all other financial institutions of that class. |
| (3) | Any depository institution organized under the laws of this state may convert to a depository institution organized under the laws of the United States upon compliance with the laws of the United States and upon surrender of its charter to the commissioner. |
| (4) | Any depository institution organized under the laws of the United States or any other state that is authorized to do business in this state may convert into a depository institution subject to the jurisdiction of the department by applying to the department for approval in the manner provided in Section 7-1-706. |
Amended by Chapter 200, 1994 General Session
Source: official Utah text · Last verified 2026-08-27
Frequently Asked Questions About Utah § 7-1-713
What does Utah Code § 7-1-713 cover?
Section 7-1-713 ("Conversion of financial institution -- Approval required -- Procedure -- Federal-state conversion.") 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 § 7-1-713?
A common citation format is "Utah Code § 7-1-713" (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 § 7-1-713 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.