Utah § 7-18a-203 No concurrent maintenance of agencies or branches.

Utah Statutes

§ 7-18a-203 — No concurrent maintenance of agencies or branches.

Utah § 7-18a-203

Title 7Financial Institutions Act

Ch. 7-18aUtah Foreign Depository Institutions Act

Part 7-18a-2Authorization Required to Conduct Business

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Bluebook

Utah Code Ann. § 7-18a-203 (2026).

Text

(1)A foreign depository institution authorized under this chapter to transact business through an agency or branch may not concurrently transact business in this state through an agency or branch authorized under federal law.

(2)A foreign depository institution authorized under federal law to transact business through an agency or branch in this state may not concurrently transact business through an agency or branch authorized under this chapter.

(3)A foreign depository institution authorized to transact business through an agency may not concurrently transact business through a branch in this state.

(4)A foreign depository institution authorized to transact business through a branch may not concurrently transact business through an agency in this state.

(5)Subsections (1) through (4

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(1) A foreign depository institution authorized under this chapter to transact business through an agency or branch may not concurrently transact business in this state through an agency or branch authorized under federal law.
(2) A foreign depository institution authorized under federal law to transact business through an agency or branch in this state may not concurrently transact business through an agency or branch authorized under this chapter.
(3) A foreign depository institution authorized to transact business through an agency may not concurrently transact business through a branch in this state.
(4) A foreign depository institution authorized to transact business through a branch may not concurrently transact business through an agency in this state.
(5) Subsections (1) through (4) do not prohibit a foreign depository institution authorized to transact business through an agency or branch in this state from transacting business through a representative office.