The Legislature finds it is in the interest of the citizens of this state, and is the purpose of this title, to:
Terms Used In Utah Code 7-1-102
Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. See Utah Code 7-1-103
State: means , unless the context demands otherwise:
supervise, regulate, and examine persons, firms, corporations, associations, and other business entities furnishing depository, lending, and associated financial services in this state;
(b)
protect the interests of shareholders, members, depositors, and other customers of financial institutions operating in this state;
(c)
preserve the competitive equality of state chartered institutions as compared to federally chartered institutions, and of Utah depository institutions as compared to out-of-state and foreign depository institutions;
(d)
promote the availability, efficiency, and profitability of financial services in the communities of this state;
(e)
preserve the advantages of the dual banking system;
(f)
cooperate with federal regulators and regulators from other states in regulating financial institutions, in improving the quality of regulation, and in promoting the interests of this state in interstate matters; and
(g)
provide to the Commissioner of Financial Institutions sufficient powers and responsibilities to carry out these purposes.
(2)
It is the intent of the Legislature that the provisions of this title be interpreted to promote these purposes.
Repealed and Re-enacted by Chapter 49, 1995 General Session
