State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-01 > 7-1-323

7-1-323. Regulation of interstate operations -- Coordination of efforts.
(1) The commissioner may:
(a) examine, supervise, and regulate a branch operated in this state by a depositoryinstitution chartered by another state and take any action or issue any order with regard to thatbranch;
(b) examine, supervise, and regulate a branch operated in another state by a depositoryinstitution chartered by this state and take any action or issue any order with regard to thatbranch; and
(c) coordinate these activities with any other state or federal agency that sharesjurisdiction over the institution.
(2) The commissioner may coordinate the examination, supervision, and regulation ofany depository institution chartered by this state with the examination, supervision, andregulation of an affiliated depository institution operating in another state.
(3) The commissioner may take any reasonable and lawful action in furtherance ofcoordinating the regulation of interstate operations, including:
(a) negotiating and entering into cooperative agreements with an agency of another stateor of the federal government;
(b) sharing information and reports in accordance with Section 7-1-802 with an agencythat shares jurisdiction over the institution;
(c) accepting as sufficient, if appropriate, examination reports and other informationcompiled or generated by or for an agency that shares jurisdiction over the institution;
(d) contracting with an agency that shares jurisdiction over the institution to engage theservices of its examiners at a reasonable rate of compensation;
(e) offering the services of the department's examiners at a reasonable rate ofcompensation to an agency that shares jurisdiction over the institution;
(f) collecting fees on behalf of, or receiving payment of fees through, an agency thatshares jurisdiction over the institution; and
(g) cooperating in any other way with other supervisory agencies and professionalassociations to promote the efficient, safe, and sound operation and regulation of interstatedepository institution activities, including the formulation of interstate examination policies andprocedures and the drafting of model laws, rules, and agreements.
(4) A contract between the department and an agency that shares jurisdiction over adepository institution to provide examiners to aid in interstate examination and regulation isconsidered a sole source contract under Section 63G-6-410.

Amended by Chapter 382, 2008 General Session