7-1-208.1.  Supervisor of holding companies — Qualifications — Responsibilities.

(1)  The commissioner may designate an examiner as supervisor of holding companies who shall be a citizen of the United States and shall have sufficient training and experience with regard to holding companies to demonstrate the examiner’s qualifications and fitness to perform the duties of the supervisor of holding companies.

Terms Used In Utah Code 7-1-208.1

  • 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:
    (a) a state;
    (b) the District of Columbia; or
    (c) the territories of the United States. See Utah Code 7-1-103
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
    • (2)  The supervisor of holding companies is responsible, subject to the direction and control of the commissioner, for the general supervision and examination of all holding companies subject to the jurisdiction of the department under this title. The supervisor of holding companies shall assist and advise the commissioner in the execution of the laws of this state relating to holding companies and shall perform other duties prescribed in this title or assigned to the supervisor of holding companies by the commissioner.

    Amended by Chapter 169, 2017 General Session

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