(1)  A foreign depository institution may renew a certificate of authority, issued under Section 7-18a-202, to transact business in this state through an agency, branch, or representative office in a form prescribed by the commissioner.

Terms Used In Utah Code 7-18a-207

  • 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
  • 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) a state;
    (b) the District of Columbia; or
    (c) the territories of the United States. See Utah Code 7-1-103
    (2)  The application for renewal shall be submitted to the department no later than 60 days before the expiration of the certificate of authority.

    (3)  The certificate of authority may be renewed by the commissioner upon a determination, with or without examination, that the foreign depository institution:

    (a)  is in a safe and sound condition; and

    (b)  has complied with applicable provisions of the law.

    (4)  An application for renewal of certificate of authority shall be accompanied by the annual fee required by Subsection 7-1-401(5).

    Amended by Chapter 260, 2000 General Session