7-1-103.5. Control.
181 words·~1 min read·
/ut/title-7/chapter-1/7-1-103-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/4/2022
7-1-103.5. Control.
(1)There is a rebuttable presumption that a person has control of a financial institution if the person has the power, directly or indirectly, or through or in concert with one or more persons, to vote more than 10% but less than 25% of any class of voting securities of a financial institution.
(2)Except as provided in rule made under Subsection
(3), a person seeking to rebut a presumption of control described in Subsection
(1)shall submit an application to the commissioner.
(3)In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the commissioner may make rules that specify:
(a)the procedures and requirements for an application described in Subsection
(2); and
(b)the conditions under which a person may obtain a determination that the person is not in control of a financial institution without filing an application in accordance with Subsection
(2).
(4)The commissioner has sole discretion to determine whether a person rebuts a presumption of control under this section.
Enacted by Chapter 449 , 2022 General Session