A foreign depository institution authorized under this chapter to transact business through an agency or branch may not concurrently transact business in this state through an agency or branch authorized under federal law.
Terms Used In Utah Code 7-18a-203
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
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
Foreign depository institution: means a depository institution chartered or authorized to transact business by a foreign government. See Utah Code 7-1-103
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
State: means , unless the context demands otherwise:
A foreign depository institution authorized under federal law to transact business through an agency or branch in this state may not concurrently transact business through an agency or branch authorized under this chapter.
(3)
A foreign depository institution authorized to transact business through an agency may not concurrently transact business through a branch in this state.
(4)
A foreign depository institution authorized to transact business through a branch may not concurrently transact business through an agency in this state.
(5)
Subsections (1) through (4) do not prohibit a foreign depository institution authorized to transact business through an agency or branch in this state from transacting business through a representative office.
