No. 30483: R331-3. Rule to Govern Persons Soliciting Savings or Share Accounts, Deposit Accounts, or Similar Evidence of Indebtedness or Participation Interests Therein from Residents of this State

DAR File No.: 30483
Filed: 09/24/2007, 03:48
Received by: NL

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Subsection 7-1-501(8) lists the persons and institutions subject to the jurisdiction of the department. Subsection 7-1-401(5) requires persons and institutions under the jurisdiction of the department to pay annual fees and fees for examinations. Section 7-1-505 authorizes the commissioner to issue appropriate rules and regulations governing the regulation, supervision, and examination of persons or institutions under the jurisdiction of the department.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

No supporting or opposing written comments have been received by the agency concerning this rule.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

The rule regulates persons soliciting savings or share accounts, deposit accounts, or similar evidence of indebtedness or participation interests therein from residents of this state and to protect the deposits of the residents of this state; and should be continued.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Financial Institutions
Administration
324 S STATE ST
SALT LAKE CITY UT 84111-2393

Direct questions regarding this rule to:

Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at [e-mail]

Authorized by:

Edward Leary, Commissioner