Utah Code 7-18a-202. Application and fee to establish, relocate, or discontinue a foreign depository institution agency, branch, or representative office — Certificate of authority
To obtain a certificate of authority to transact business through an agency, branch, or representative office in this state, a foreign depository institution shall:
Terms Used In Utah Code 7-18a-202
Agency: means a place of business of a foreign depository institution located in this state that is authorized to exercise the powers permitted in Section 7-18a-301. See Utah Code 7-18a-102
Branch: when used in reference to a foreign depository institution, means a place of business of a foreign depository institution located in this state that is authorized to exercise the powers permitted in Section 7-18a-301. See Utah Code 7-18a-102
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
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Foreign depository institution: means a depository institution chartered or authorized to transact business by a foreign government. See Utah Code 7-1-103
Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
Representative office: means a place of business of a foreign depository institution located in this state that is authorized to exercise powers permitted in Section 7-18a-301. See Utah Code 7-18a-102
Service of process: The service of writs or summonses to the appropriate party.
State: means , unless the context demands otherwise:
provide a copy and an accurate English translation of the foreign depository institution‘s articles of incorporation, or equivalent, that evidences authority to transact business as a depository institution;
(c)
provide satisfactory evidence that the foreign depository institution has complied with the laws of the chartering country authorizing the foreign depository institution to engage in the business of a depository institution;
(d)
irrevocably designate the commissioner as the foreign depository institution’s agent for service of process;
(e)
provide a written certificate of designation that specifies the name and address of the person to whom the commissioner shall forward any process that has been served; and
(f)
pay to the department a filing fee as required by Subsection 7-1-401(6).
(2)
The written certificate of designation, required in Subsection (1)(e) may be changed from time to time by filing a new certificate of designation.
(3)
To obtain authorization to relocate an authorized agency, branch, or representative office in this state, a foreign depository institution shall comply with Section 7-1-708.
(4)
(a)
To obtain authorization to discontinue an agency, branch, or representative office in this state, a foreign depository institution shall comply with Section 7-1-709.
(b)
Upon notice of authorization to discontinue an agency, branch, or representative office and the satisfaction of all conditions precedent to discontinuance, the foreign depository institution may close the agency, branch, or representative office and promptly surrender to the commissioner the certificate of authority.
(5)
If the commissioner authorizes a foreign depository institution to transact business through an agency, branch, or representative office in this state, the commissioner shall issue a certificate of authority that states:
(a)
fully the name of the foreign depository institution to which the certificate of authority is issued;
(b)
the address at which the agency, branch, or representative office of the foreign depository institution is to be located;
(c)
the authority granted to the foreign depository institution;
(d)
the effective and expiration dates of the certificate of authority; and
(e)
any other information required by the commissioner.
(6)
Each foreign depository institution agency, branch, or representative office shall display the certificate of authority issued by the commissioner in a conspicuous place at the place of business specified in the certificate.
(7)
A certificate of authority is neither transferable nor assignable.
