Skip to main content
Find a Lawyer

Utah Code Title 7. Financial Institutions Act § 7-3-3. “Banking business” defined--Credit card banks--Insurance of deposit accounts

Current as of January 01, 2025 | Updated by Findlaw Staff

(1)(a) Except as provided under Subsection (1)(b), a person is considered to be conducting a banking business and is a bank subject to the provisions of this title that are applicable to banks if the person is authorized:

(i) under the laws of this:

(A) state;

(B) another state;

(C) the United States;

(D) the District of Columbia; or

(E) a territory of the United States; and

(ii)(A) to accept deposits from the public; and

(B) to conduct such other business activities as may be authorized by statute or by the commissioner in accordance with Subsection 7-3-10(3).

(b) A person is not considered to be a bank subject to the provisions of this title that are applicable to banks if the person is authorized to conduct the business of:

(i) a federal savings and loan association;

(ii) a federal savings bank;

(iii) an industrial bank subject to Chapter 8, Industrial Banks;

(iv) a federally chartered credit union; or

(v) a credit union subject to Chapter 9, Utah Credit Union Act.

(2) A person authorized to operate as a bank in this state may operate as a credit card bank if it:

(a) engages only in credit card operations;

(b) does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others;

(c) does not accept a savings or time deposit of less than $100,000;

(d) maintains only one office that accepts deposits; and

(e) does not engage in the business of making commercial loans.

(3) All deposit accounts in banks or branches subject to the jurisdiction of the department shall be insured by the Federal Deposit Insurance Corporation or a successor to the Federal Deposit Insurance Corporation.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-3-3. “Banking business” defined--Credit card banks--Insurance of deposit accounts - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-3-3/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard