§ 7-1-501. Institutions and persons subject to jurisdiction of department.

(1) As provided in this title and the rules of the department, the persons and institutions described in Subsection (2) are subject to:

(a) the jurisdiction of the department; and

(b) supervision and examination by the department.

(2) Subsection (1) applies to:

(a) all depository institutions chartered under the laws of this state, including any out-of-state branches;

(b) all Utah depository institutions chartered by the federal government, but only to the extent the application of this title is authorized by:

(i) federal law; or

(ii) the appropriate federal regulatory agency;

(c) all Utah branches of out-of-state depository institutions chartered under the laws of another state;

(d) all Utah branches of out-of-state depository institutions chartered by the federal government, but only to the extent the application of this title is authorized by:

(i) federal law; or

(ii) the appropriate federal regulatory agency;

(e) all service corporations and service organizations, including credit union service organizations as defined in Section 7-9-3;

(f) all trust companies;

(g) all escrow companies;

(h) all persons or institutions engaged in this state in the business of:

(i) guaranteeing or insuring deposits, savings accounts, share accounts, or other accounts in depository institutions;

(ii) operating a loan production office for:

(A) a Utah depository institution;

(B) an out-of-state depository institution; or

(C) a foreign depository institution;

(iii) allowing persons to effect third party payments from loan, charge, or other accounts by checks, drafts, or other instruments or by electronic means; or

(iv) a check casher or deferred deposit lender, as defined in Section 7-23-102;

(i) all corporations or other business entities owning or controlling an institution subject to the jurisdiction of the department;

(j) all subsidiaries and affiliates of an institution subject to the jurisdiction of the department; and

(k) any person or institution that, with or without authority to do so, transacts business as, or holds itself out as being, a depository institution, trust company, or any other person or institution described in this section as being subject to the jurisdiction of the department.

Amended by Chapter 96, 2008 General Session