State Codes and Statutes
Statutes > Utah > Title-07 > Chapter-18a > 7-18a-5017-18a-501. Supervisory actions by commissioner.
A foreign depository institution authorized by this state to transact business in this statethrough an agency, branch, or representative office is subject to supervisory actions by thecommissioner under Chapter 2, Possession of Depository Institution by Commissioner, orChapter 19, Acquisition of Failing Depository Institutions or Holding Companies, if thecommissioner, with or without an administrative hearing, finds:
(1) any of the circumstances set forth in Section 7-2-1;
(2) that the foreign depository institution is transacting business in or outside this state inan unsafe and unsound manner;
(3) that the foreign depository institution or its agency, branch, or representative office isin an unsafe and unsound condition;
(4) that the foreign depository institution has ceased to operate its agency, branch, orrepresentative office without the prior approval of the commissioner as required in Section7-18a-202;
(5) that the foreign depository institution or its agency or branch has suspended paymentof its obligations, has made an assignment for the benefit of its creditors, or has admitted inwriting its inability to pay its debts as they become due;
(6) that the foreign depository institution or its agency or branch has applied for anadjudication of bankruptcy, reorganization, arrangement, or other relief under any foreign ordomestic bankruptcy, reorganization, insolvency, or moratorium law, or that any person hasapplied for any such relief under such law against the foreign depository institution and theforeign depository institution has by any affirmative act approved of or consented to such actionor such relief has been granted;
(7) that a receiver, liquidator, or conservator has been appointed for the foreigndepository institution, or that any proceeding for such an appointment or any similar proceedinghas been initiated in the chartering country;
(8) that the foreign depository institution's existence or authority to transact depositoryinstitution business under the laws of the chartering country has been suspended or terminated; or
(9) that any fact or condition exists that, if it had existed at the time when the foreigndepository institution applied for a certificate of authority to transact business through an agency,branch, or representative office in this state, would have been grounds for denying theapplication.
Enacted by Chapter 63, 1996 General Session
