The commissioner shall designate an examiner as supervisor of banks, who shall be sufficiently qualified by training and experience in the banking business or as an employee of a state or federal bank supervisory agency to perform the duties of the office.
Terms Used In Utah Code 7-1-205
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
Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
control: means the power, directly or indirectly, or through or in concert with one or more persons, to:
(a)
direct or exercise a controlling influence over:
(i)
the management or policies of a financial institution; or
(ii)
the election of a majority of the directors or trustees of an institution; or
(b)
vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103
Department: means the Department of Financial Institutions. See Utah Code 7-1-103
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
State: means , unless the context demands otherwise:
The supervisor of banks is responsible, subject to the direction and control of the commissioner, for the general supervision and examination of all banks and bank-related institutions subject to the jurisdiction of the department. The supervisor shall assist and advise the commissioner in the execution of the laws of this state relating to these institutions and shall perform other duties prescribed in this title or assigned by the commissioner.
