Utah Code 7-1-510. Examination of institutions — Adoption of rules — Requiring actions by institutions
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If the commissioner finds that it is in the public interest and necessary to protect the depositors and other customers of a financial institution, he may:
(1) examine the books and records of any financial institution holding company and require the company to furnish whatever reports that he considers appropriate to properly supervise the company’s financial institution subsidiaries;
Terms Used In Utah Code 7-1-510
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103
- Financial institution holding company: means a person, other than an individual that has control over a financial institution or a person that becomes a financial institution holding company under this chapter, including an out-of-state or foreign depository institution holding company. See Utah Code 7-1-103
- Institution: means :(19)(a) a corporation;(19)(b) a limited liability company;(19)(c) a partnership;(19)(d) a trust;(19)(e) an association;(19)(f) a joint venture;(19)(g) a pool;(19)(h) a syndicate;(19)(i) an unincorporated organization; or(19)(j) any form of business entity. See Utah Code 7-1-103
- Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
(2) adopt and issue rules consistent with the purposes and provisions of this title as they pertain to financial institution holding companies; and(3) require a financial institution holding company to take any action he finds reasonable and necessary to protect the interests of depositors, other customers, and creditors of any subsidiary financial institution, to maintain its solvency or to prevent its failure.