7-1-102. Legislative findings, purpose, and intent.

202 words·~1 min read·/ut/title-7/chapter-1/7-1-102

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The Legislature finds it is in the interest of the citizens of this state, and is the purpose of this title, to:

(a)supervise, regulate, and examine persons, firms, corporations, associations, and other business entities furnishing depository, lending, and associated financial services in this state;

(b)protect the interests of shareholders, members, depositors, and other customers of financial institutions operating in this state;

(c)preserve the competitive equality of state chartered institutions as compared to federally chartered institutions, and of Utah depository institutions as compared to out-of-state and foreign depository institutions;

(d)promote the availability, efficiency, and profitability of financial services in the communities of this state;

(e)preserve the advantages of the dual banking system;

(f)cooperate with federal regulators and regulators from other states in regulating financial institutions, in improving the quality of regulation, and in promoting the interests of this state in interstate matters; and

(g)provide to the Commissioner of Financial Institutions sufficient powers and responsibilities to carry out these purposes.

(2)It is the intent of the Legislature that the provisions of this title be interpreted to promote these purposes.

Repealed and Re-enacted by Chapter 49 , 1995 General Session