7-3-3 - "Banking business" defined -- Credit card banks -- Insurance of deposit accounts.
7-3-3. "Banking business" defined -- Credit card banks -- Insurance of depositaccounts.
(1) (a) Except as provided under Subsection (1)(b), a person is considered to beconducting a banking business and is a bank subject to the provisions of this title that areapplicable to banks if the person is authorized:
(i) under the laws of this:
(A) state;
(B) another state;
(C) the United States;
(D) the District of Columbia; or
(E) any territory of the United States; and
(ii) (A) to accept deposits from the public; and
(B) to conduct such other business activities as may be authorized by statute or by thecommissioner in accordance with Subsection 7-3-10(3).
(b) A person is not considered to be a bank subject to the provisions of this title that areapplicable to banks if the person is authorized to conduct the business of:
(i) a federal savings and loan association;
(ii) a federal savings bank;
(iii) a savings and loan association subject to Chapter 7, Savings and Loan AssociationsAct;
(iv) a savings bank subject to Chapter 7, Savings and Loan Associations Act;
(v) an industrial bank subject to Chapter 8, Industrial Banks;
(vi) a federally chartered credit union; or
(vii) a credit union subject to Chapter 9, Utah Credit Union Act.
(2) A person authorized to operate as a bank in this state may operate as a credit cardbank if it:
(a) engages only in credit card operations;
(b) does not accept demand deposits or deposits that the depositor may withdraw bycheck or similar means for payment to third parties or others;
(c) does not accept any savings or time deposits of less than $100,000;
(d) maintains only one office that accepts deposits; and
(e) does not engage in the business of making commercial loans.
(3) All deposit accounts in banks or branches subject to the jurisdiction of the departmentshall be insured by the Federal Deposit Insurance Corporation or any successor to the FederalDeposit Insurance Corporation.
Amended by Chapter 277, 2007 General Session