7-1-201. Creation of department -- Organization.

194 words·~1 min read·/ut/title-7/chapter-1/7-1-201

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

Effective 5/9/2017

(1)There is created the Department of Financial Institutions that is responsible for the execution of the laws of this state relating to a financial institution or other person subject to this title, and relating to the businesses that the financial institution or other person conducts.

(2)The department organization includes:

(a)the commissioner of financial institutions, who shall be the chief executive officer of the department;

(b)the Board of Financial Institutions;

(c)the chief examiner;

(d)the deputy commissioner;

(e)the supervisor of banks;

(f)the supervisor of industrial banks;

(g)the supervisor of credit unions;

(h)the supervisor of money services businesses;

(i)the supervisor of holding companies; and

(j)other supervisors, examiners, and personnel as may be required to carry out the duties, powers, and responsibilities of the department.

(3)A power or duty of the commissioner under this title may be exercised by the deputy commissioner or a supervisor described in Subsection

(2)if the commissioner delegates in writing the authority to exercise the power or duty to the deputy commissioner or supervisor.

Amended by Chapter 169 , 2017 General Session