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
Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
Department: means the Department of Financial Institutions. See Utah Code 7-1-103
Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(a)
holds or receives deposits, savings, or share accounts;
(b)
issues certificates of deposit; or
(c)
provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. 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
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.
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:
authorize any member of a class of depository institution that is subject to the jurisdiction of the department to issue:
(i)
a debt cancellation agreement; or
(ii)
a debt suspension agreement; and
(b)
regulate the issuance of a debt cancellation agreement or a debt suspension agreement issued in this state by a member of a class of depository institution.
(3)
(a)
Any rule adopted by the commissioner under this section as applied to a class of depository institution shall be substantially similar to any federal regulation applying to the same class of depository institution.
(b)
Any rule adopted by the commissioner applicable to a class of depository institution described in this Subsection (3)(b) shall be substantially similar to any federal regulation applicable to a bank if no federal regulation authorizes or regulates the issuance of a debt cancellation agreement or debt suspension agreement for that class of depository institution.
(4)
(a)
An out-of-state depository institution may issue a debt cancellation agreement or debt suspension agreement in this state if:
(i)
the home state of the out-of-state depository institution authorizes and regulates the issuance of a debt cancellation agreement or debt suspension agreement by the out-of-state depository institution; and
(ii)
subject to Subsection (4)(b), the out-of-state depository institution complies with regulations from the out-of-state depository institution’s home state that regulate the issuance of a debt cancellation agreement or a debt suspension agreement.
(b)
Notwithstanding Subsection (4)(a), an out-of-state depository institution described in Subsection (4)(a) shall comply with rules adopted by the commissioner under this section that regulate the issuance of a debt cancellation agreement or a debt suspension agreement in this state by the class of depository institution to which the out-of-state depository institution belongs if the regulations of the out-of-state depository institution’s home state do not provide at least the same level of protection with respect to a debt cancellation agreement or debt suspension agreement as the rules adopted by the commissioner under this section with respect to the same class of depository institution:
(i)
for the safety and soundness of the depository institution; and
(ii)
for consumer protections for the borrowers of the depository institution.
