Utah Code 7-3-19. Limitations on loans and extensions of credit
Current as of: 2023 | Check for updates
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(1) | The total loans and extensions of credit, including credit exposure to a derivative transaction, by a bank to a person outstanding at one time and not fully secured, as determined in a manner consistent with Subsection (2), by collateral having a market value at least equal to the amount of the loan or extension of credit may not exceed 15% of the amount of the bank’s total capital. |
(a) | an individual; |
(b) | a corporation; |
(c) | a limited liability company; |
(d) | a partnership; |
(e) | a trust; |
(f) | an association; |
(g) | a joint venture; |
(h) | a pool; |
(i) | a syndicate; |
(j) | a sole proprietorship; |
(k) | an unincorporated organization; or |
(l) | any form of business entity. See Utah Code 7-1-103 | ||||
(2) |
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(3) |
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(4) |
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Amended by Chapter 194, 2012 General Session