Utah Statutes
§ 7-1-103.5 — Control.
Utah·Title 7 Financial Institutions Act·Ch. 7-1 General Provisions·Part 7-1-1 Citation, Purposes, Definitions, and Application
(1)There is a rebuttable presumption that a person has control of a financial institution if the person has the power, directly or indirectly, or through or in concert with one or more persons, to vote more than 10% but less than 25% of any class of voting securities of a financial institution.
(2)Except as provided in rule made under Subsection (3), a person seeking to rebut a presumption of control described in Subsection (1) shall submit an application to the commissioner.
(3)In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make rules that specify:
(3)(a) the procedures and requirements for an application described in Subsection (2); and
(3)(b) the conditions under which a person may obtain a determination that the person is not in co
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Legislative History
Enacted by Chapter 449, 2022 General Session
Nearby Sections
15
§ 7-1-1001
Definitions -- Written consent or court order for disclosure by financial institution -- Exception.§ 7-1-1005
Admissibility of information restricted.§ 7-1-1007
Liability of financial institutions.§ 7-1-101
Title.§ 7-1-103
Definitions.§ 7-1-103.5
Control.