The establishment or operation in this state of private or partnership banks is expressly prohibited.
Terms Used In Utah Code 7-3-2
Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
Banking business: means the offering of deposit accounts to the public and the conduct of such other business activities as may be authorized by this title. See Utah Code 7-1-103
Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
Home state: means :
(a)
for a state chartered depository institution, the state that charters the institution;
(b)
for a federally chartered depository institution, the state where the institution's main office is located; and
(c)
for a depository institution holding company, the state in which the total deposits of all depository institution subsidiaries are the largest. See Utah Code 7-1-103
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
State: means , unless the context demands otherwise:
An institution may establish or maintain a main office or branch in this state at which to conduct banking business only if:
(a)
it is legitimately chartered as a bank by a state, the federal government, or a foreign government; and
(b)
in the case of a bank whose home state is not Utah, it is authorized to have a branch in Utah under the laws of this state and the laws of its home state.
