Utah Code Title 7. Financial Institutions Act § 7-1-616. Authority to accept transaction accounts--Payment of instruments

(1) A financial institution may accept or advertise that it accepts transaction accounts only if authorized to do so under federal or state law. An institution may submit a written request for this authority to the commissioner, except that an institution authorized to accept transaction accounts as of June 1, 1994, does not, in the first instance, need to request or be granted any additional authority. The commissioner shall grant the authority if the commissioner finds that:

(2) The commissioner may revoke, limit, or condition an institution's authority to accept and handle transaction accounts upon a finding that:

(3) One or more depository institutions may, by written agreement, vary the terms of Title 70A, Chapter 3, Uniform Commercial Code--Negotiable Instruments, and Chapter 4, Uniform Commercial Code--Bank Deposits and Collections, for the purposes of facilitating the transfer, exchange, and prompt payment of instruments drawn on transaction accounts.