7-1-709. Branches -- Discontinuance of operation.

186 words·~1 min read·/ut/title-7/chapter-1/7-1-709

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

(1)A Utah depository institution or out-of-state depository institution authorized to do business in this state may discontinue operation of a branch upon resolution of its board of directors.

(2)Upon adopting the resolution, the institution shall file an application with the commissioner specifying:

(a)the location of the branch to be discontinued;

(b)the date of the proposed discontinuance;

(c)the reasons for closing the branch; and

(d)the extent to which the public need and convenience or service to members would still be adequately met.

(a)Upon filing its application with the commissioner, the institution shall publish notice of the discontinuance:

(i)in a newspaper serving the area once a week for two consecutive weeks; and

(ii)as required by Section 45-1-101 for two weeks.

(b)The commissioner may approve the application after a reasonable comment period following publication.

(4)An out-of-state depository institution with a branch in Utah is not subject to the requirements of this section if the branch to be closed is located outside of Utah.

Amended by Chapter 388 , 2009 General Session