(1)  Each industrial bank holding company shall register with the department by filing a registration statement in a form prescribed by the commissioner. The statement shall include:

Terms Used In Utah Code 7-8-16

  • Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
  • 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
  • Industrial bank: means a corporation or limited liability company conducting the business of an industrial bank under Chapter 8, Industrial Banks. 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.
  • Person: means :
(a) an individual;
(b) a corporation;
(c) a limited liability company;
(d) a partnership;
(e) a trust;
(f) an association;
(g) a joint venture;
(h) a pool;
(i) a syndicate;
(j) a sole proprietorship;
(k) an unincorporated organization; or
(l) any form of business entity. See Utah Code 7-1-103
  • 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
  • Writing: includes :Utah Code 68-3-12.5
    • (a)  the name, address, and principal occupation of each officer and director of the registrant;

    (b)  a statement of financial condition as of a date not more than six months prior to the date of registration;

    (c)  a certificate of good standing in the state in which the registrant is incorporated; and

    (d)  evidence that the company is authorized to transact business in this state.

    • (2) 

    (a)  A person may not form an industrial bank holding company, unless it:

    (i)  is authorized to do so by the commissioner; and

    (ii)  is registered with the department as provided in Subsection (1).

    (b)  An applicant for authorization to form a holding company shall file an application in a form prescribed by the commissioner by rule.

    (3)  The commissioner may exempt an industrial bank holding company in whole or in part from registration if it is:

    (a)  a bank holding company or savings and loan holding company subject to federal regulation;

    (b)  a person that is a holding company only because the person owns or controls voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities if the person holds these shares no longer than 120 days, unless the commissioner approves a longer period to permit their sale on a reasonable basis;

    (c)  a person exempt from the jurisdiction of the department under Section 7-1-502; or

    (d)  a person exempted in writing by the commissioner or by rule.

    (4)  The commissioner may adopt rules with respect to industrial bank holding companies as are necessary to protect:

    (a)  depositors;

    (b)  other creditors;

    (c)  the public; and

    (d)  the financial system of the state.

    Amended by Chapter 92, 2004 General Session

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