Utah Code 7-8-21. Application of chapter to industrial loan companies

(1)

As used in this section, “industrial loan company” is a person that on March 17, 2004, is:

Terms Used In Utah Code 7-8-21

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
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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

Industrial loan company: means the same as that term is defined in Section 7-8-21. See Utah Code 7-1-103

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
(a)	authorized to conduct business under this chapter; and

(b)	not authorized to hold or receive deposits.

(2)

An industrial loan company may operate as an industrial bank under this chapter except that the industrial loan company:

(a)

may not hold or receive deposits without:

(i)	the prior written approval of the commissioner; and

(ii)	obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity;

(b)	may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsections (2)(a)(i) and (ii); and

(c)	may not use a term listed in Subsection 7-1-701(3) in its name without meeting the conditions described in Subsections (2)(a)(i) and (ii).

(3)	If a person is not authorized to conduct business under this chapter on March 17, 2004, that person may not be considered an industrial loan company under this section.

Enacted by Chapter 92, 2004 General Session

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