7-3-2 - Restrictions on conduct of banking business.
7-3-2. Restrictions on conduct of banking business.
(1) The establishment or operation in this state of private or partnership banks is expresslyprohibited.
(2) An institution may establish or maintain a main office or branch in this state at whichto conduct banking business only if:
(a) it is legitimately chartered as a bank by a state, the federal government, or a foreigngovernment; and
(b) in the case of a bank whose home state is not Utah, it is authorized to have a branch inUtah under the laws of this state and the laws of its home state.
Amended by Chapter 49, 1995 General Session