Full text of Utah Utah Code § 7-5-104 — Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company., with citation guidance and answers to common questions.
§ 7-5-104. Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company.
Effective 5/6/2026
7-5-104.
Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company.
| (1) | A person seeking authorization to become a trust company and engage in trust business in this state shall:
| (a) | file an application with the commissioner in the manner provided in Section 7-1-704; and |
| (b) | pay the fee described in Section 7-1-401. |
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| (2) | When deciding whether to approve an application described in Subsection (1), the commissioner shall consider:
| (a) | the character and condition of the applicant's assets; |
| (b) | the adequacy of the applicant's capital; |
| (c) | the applicant's earnings record; |
| (d) | the quality of the applicant's management; |
| (e) | the qualifications of an individual the applicant proposes to be an officer in charge of the trust operations; |
| (f) | the needs of the community for fiduciary services; |
| (g) | the volume of business that the applicant will probably do; and |
| (h) | any other relevant facts and circumstances, including the availability of legal counsel to advise and pass upon matters relating to the trust business. |
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| (3) | The commissioner may not apply criteria that makes the process to obtain approval to engage in trust business in this state more difficult for a state chartered depository institution than for a federally chartered depository institution of the same class. |
| (4) | Notwithstanding Subsection (3), the commissioner may impose criteria the commissioner considers appropriate to protect the public interest when authorizing a person to engage in trust business. |
| (5) | Upon receiving authorization from the commissioner to become a trust company and engage in trust business, the trust company may act as fiduciary in any capacity without bond. |
Renumbered and Amended by Chapter
112, 2026 General Session
Frequently Asked Questions About Utah § 7-5-104
What does Utah Code § 7-5-104 cover?
Section 7-5-104 ("Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company.") 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 § 7-5-104?
A common citation format is "Utah Code § 7-5-104" (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 § 7-5-104 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.
