7-18a-203. No concurrent maintenance of agencies or branches.
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/ut/title-7/chapter-18a/7-18a-203A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7-18a-203. No concurrent maintenance of agencies or branches.
(1)A foreign depository institution authorized under this chapter to transact business through an agency or branch may not concurrently transact business in this state through an agency or branch authorized under federal law.
(2)A foreign depository institution authorized under federal law to transact business through an agency or branch in this state may not concurrently transact business through an agency or branch authorized under this chapter.
(3)A foreign depository institution authorized to transact business through an agency may not concurrently transact business through a branch in this state.
(4)A foreign depository institution authorized to transact business through a branch may not concurrently transact business through an agency in this state.
(5)Subsections
(1)through
(4)do not prohibit a foreign depository institution authorized to transact business through an agency or branch in this state from transacting business through a representative office.
Enacted by Chapter 63 , 1996 General Session