7-1-501. Institutions and persons subject to jurisdiction of department.
(1)
As provided in this title and the rules of the department, the persons and institutions described in Subsection (2) are subject to:
Terms Used In Utah Code 7-1-501
Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Credit union: means a cooperative, nonprofit association incorporated under:
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
Escrow: Money given to a third party to be held for payment until certain conditions are met.
Foreign depository institution: means a depository institution chartered or authorized to transact business by a foreign government. See Utah Code 7-1-103
Institution subject to the jurisdiction of the department: means an institution or other person described in Section 7-1-501. 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
service organization: means a corporation or other business entity owned or controlled by one or more financial institutions that is engaged or proposes to engage in business activities related to the business of financial institutions. See Utah Code 7-1-103
State: means , unless the context demands otherwise:
Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
Technology service provider: means a person that provides a data processing service or activity that supports the financial services or Internet related services of a depository institution subject to the jurisdiction of the department, including supporting:
(a)
lending;
(b)
money transfers;
(c)
fiduciary activities;
(d)
trading activities;
(e)
deposit taking;
(f)
web services and electronic bill payments;
(g)
mobile applications;
(h)
system and software development and maintenance; and
Utah depository institution: means a depository institution whose home state is Utah. See Utah Code 7-1-103
(a)
the jurisdiction of the department; and
(b)
supervision and examination by the department.
(2)
Subsection (1) applies to:
(a)
a depository institution chartered under the laws of this state, including any out-of-statebranch of the depository institution;
(b)
a Utah depository institution chartered by the federal government, but only to the extent the application of this title is authorized by:
(i)
federal law; or
(ii)
the appropriate federal regulatory agency;
(c)
a Utah branch of an out-of-state depository institution chartered under the laws of another state;
(d)
a Utah branch of an out-of-state depository institution chartered by the federal government, but only to the extent the application of this title is authorized by:
(i)
federal law; or
(ii)
the appropriate federal regulatory agency;
(e)
a service corporation or service organization, including a credit union service organization as defined in Section 7-9-3;
(f)
a trust company;
(g)
an escrow company;
(h)
a person or institution engaged in this state in the business of:
(i)
guaranteeing or insuring deposits, savings accounts, share accounts, or other accounts in depository institutions;
(ii)
operating a loan production office for:
(A)
a Utah depository institution;
(B)
an out-of-state depository institution; or
(C)
a foreign depository institution;
(iii)
a check casher or deferred deposit lender, as defined in Section 7-23-102;
(iv)
a title lender, as defined in Section 7-24-102; or
(v)
money transmission, as defined in Section 7-25-102;
(i)
a corporation or other business entity owning or controlling an institution subject to the jurisdiction of the department;
(j)
subject to Subsection (3), a technology service provider that provides services to a depository institution subject to the jurisdiction of the department;
(k)
a subsidiary or affiliate of an institution subject to the jurisdiction of the department; and
(l)
any person or institution that, with or without authority to do so, transacts business as, or holds itself out as being, a depository institution, trust company, or any other person or institution described in this section as being subject to the jurisdiction of the department.
(3)
A technology service provider is subject to regulation and examination by the commissioner to the same extent as if the service or activity of the technology service provider were being performed by the depository institution itself.
