State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-08 > 7-8-16

7-8-16. Registration of industrial bank holding company -- Filing and contents ofstatement -- Exemptions -- Rules.
(1) Each industrial bank holding company shall register with the department by filing aregistration statement in a form prescribed by the commissioner. The statement shall include:
(a) the name, address, and principal occupation of each officer and director of theregistrant;
(b) a statement of financial condition as of a date not more than six months prior to thedate 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 ina form prescribed by the commissioner by rule.
(3) The commissioner may exempt an industrial bank holding company in whole or inpart from registration if it is:
(a) a bank holding company or savings and loan holding company subject to federalregulation;
(b) a person that is a holding company only because the person owns or controls votingshares of an industrial bank or holding company acquired in connection with the underwriting ofsecurities if the person holds these shares no longer than 120 days, unless the commissionerapproves 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 companiesas 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