This chapter does not limit any power otherwise granted to the commissioner or to any depository institution or depository institution holding company by the laws of this state.
Terms Used In Utah Code 7-19-9
Commissioner: means the Commissioner 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
Depository institution holding company: means :
(i)
a person other than an individual that:
(A)
has control over a depository institution; or
(B)
becomes a holding company of a depository institution under Section 7-1-703; or
(ii)
a person other than an individual that the commissioner finds, after considering the specific circumstances, is exercising or is capable of exercising a controlling influence over a depository institution by means other than those specifically described in this section. See Utah Code 7-1-103
Supervisory acquisition: means the acquisition of control, the acquisition of all or a portion of the assets, or the assumption of all or a portion of the liabilities, pursuant to Section 7-2-1, 7-2-12, or 7-2-18, of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, by:
(a)
a Utah depository institution;
(b)
an out-of-state depository institution;
(c)
a Utah depository institution holding company; or
(d)
an out-of-state depository institution holding company. See Utah Code 7-19-1
Supervisory merger: means the merger or consolidation, pursuant to Section 7-2-1, 7-2-12, or 7-2-18 of a failing or failed depository institution or a failing or failed depository institution holding company, whether or not in the possession of the commissioner, with:
(a)
a Utah depository institution;
(b)
an out-of-state depository institution;
(c)
a Utah depository institution holding company; or
(d)
an out-of-state depository institution holding company. See Utah Code 7-19-1
(2)
The commissioner is not subject to any civil liability or penalty nor to any criminal prosecution for any error in judgment or discretion in any action taken or omitted by him in good faith under the provisions of this chapter.
(3)
The commissioner may promulgate such rules and regulations as may be necessary to implement this chapter.
(4)
By January 10 of each year, the commissioner shall report to the governor and the Legislature the nature and general terms and conditions of any supervisory acquisition or supervisory merger effectuated under the provisions of this chapter during the preceding year.
Enacted by Chapter 5, 1984 Special Session 2 Enacted by Chapter 5, 1984 Special Session 2
