No. 30504: R339-11. Discount Securities Brokerage Service by Industrial Loan Corporations

DAR File No.: 30504
Filed: 09/28/2007, 01:50
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 7-1-301(3) authorizes the commissioner with the power, duties, and responsibilities of all institutions subject to the jurisdiction of the Department, and he may authorize the activities state-chartered depository institutions may engage in as if they were chartered under the laws of the United States.

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 allows securities activities limited to "discount brokerage" services by industrial loan corporations, similar to the discount brokerage services allowed state-chartered banks and credit unions, 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
Industrial Loan Corporations
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