Utah § 7-3-10 - Organization -- Powers, rights, and privileges of banking corporation -- Other business activities. (Effective 10/1/2026)

Full text of Utah Utah Code § 7-3-10 — Organization -- Powers, rights, and privileges of banking corporation -- Other business activities. (Effective 10/1/2026), with citation guidance and answers to common questions.

§ 7-3-10. Organization -- Powers, rights, and privileges of banking corporation -- Other business activities. (Effective 10/1/2026)

Effective 10/1/2026
7-3-10.  Organization -- Powers, rights, and privileges of banking corporation -- Other business activities.
(1)A bank chartered under this chapter shall be:
(a)a domestic corporation under Title 16, Chapter 10a, Utah Revised Business Corporation Act; or
(b)subject to Section 7-1-810, including the requirement that the bank be an S Corporation immediately before becoming a limited liability company, a limited liability company created under Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act.
(2)A bank has all the rights, privileges, and powers necessary or incidental to carrying on the business of banking in addition to the powers granted:
(a)if the bank is a corporation, under Title 16, Chapter 10a, Utah Revised Business Corporation Act; or
(b)subject to Section 7-1-810, if the bank is a limited liability company, under Title 16, Chapter 20, Utah Revised Uniform Limited Liability Company Act.
(3)The commissioner may, by rule or order, determine that necessary or incidental rights, privileges, and powers include:
(a)the rights, privileges, and powers held by national banks; or
(b)other business activities so long as the commissioner's determination is not inconsistent with the rules, regulations, or other actions of the board of governors of the Federal Reserve System under Section 4(c)(8) of the Bank Holding Company Act of 1956, 12 U.S.C. Sec. 1843(c)(8).
(4)The commissioner shall implement this section in a manner consistent with the purposes set forth in Section 7-1-102.


Amended by Chapter 92, 2026 General Session

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

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Frequently Asked Questions About Utah § 7-3-10

What does Utah Code § 7-3-10 cover?

Section 7-3-10 ("Organization -- Powers, rights, and privileges of banking corporation -- Other business activities. (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 § 7-3-10?

A common citation format is "Utah Code § 7-3-10" (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 § 7-3-10 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.

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