7-3-2. Restrictions on conduct of banking business.
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/ut/title-7/chapter-3/7-3-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7-3-2. Restrictions on conduct of banking business.
(1)The establishment or operation in this state of private or partnership banks is expressly prohibited.
(2)An institution may establish or maintain a main office or branch in this state at which to conduct banking business only if:
(a)it is legitimately chartered as a bank by a state, the federal government, or a foreign government; and
(b)in the case of a bank whose home state is not Utah, it is authorized to have a branch in Utah under the laws of this state and the laws of its home state.
Amended by Chapter 49 , 1995 General Session