Skip to main content
Find a Lawyer

Utah Code Title 7. Financial Institutions Act § 7-8-20. Limitations on loans to one borrower--Exceptions--Rules

Current as of May 05, 2022 | Updated by FindLaw Staff

(1) Except as provided in this section, the total loans and extensions of credit, including credit exposure to a derivative transaction, by an industrial bank to a person outstanding at any one time may not exceed 15% of the industrial bank's total capital.

(2) Subsection (1) does not apply to an extension of credit that is subject to, or expressly exempted from, a federal statute or federal regulation limiting the amount of total loans and credit that may be extended to any person or group of persons.

(3) The commissioner may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act:

(a) exempt from Subsection (1) a class of loans or class of extensions of credit, including credit exposure to a derivative transaction, that are adequately secured or are not otherwise a risk to the safe and sound operation of an industrial bank;

(b) define terms and phrases necessary to interpret and implement this section;

(c) adopt standards for aggregating or segregating loans to the same or different persons;

(d) describe records required to be maintained;

(e) require specific actions to be taken by an institution's board of directors or executive officers; and

(f) prescribe other actions necessary to interpret and implement this section.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-8-20. Limitations on loans to one borrower--Exceptions--Rules - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-8-20/

Read this complete Utah Code Title 7. Financial Institutions Act § 7-8-20. Limitations on loans to one borrower--Exceptions--Rules on Westlaw. Westlaw subscription required.

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 or via Westlaw before relying on it for your legal needs.

Was this helpful?

Search all Utah Codes

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