Corrections to Five-Year Review Notices from Financial Institutions in the October 15, 2007, Bulletin

The five-year review for Rule R331-17 was filed on 09/24/2007, and was assigned DAR No. 30484. Due to a software error in the eRules filing system, the five-year review information for Rule R331-17 was replaced by the five-year review information for Rule R335-1. The five-year information for Rule R335-1 should have been published under DAR No. 30480 but was not. Instead, due to the same software error, the five-year review information for Rule R335-2 was published twice, under DAR Nos. 30480 and 30486. The five-year review information for Rule R335-2 should only have been published under DAR No. 30486.

 

A table that shows the correct association of DAR numbers and rule numbers and the five-year review information for R331-17 that should have been published is reproduced below.

CORRECTION TABLE:

     Rule Number                Was Published as              Should Have Been 

     R335-1                         30484                         30480 
     R335-2 (duplicate)             30480                         30486 
     R335-2                         30486                        Correct 
     R331-17                  (was not published)                 30484

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Financial Institutions, Administration

R331-17

Publication and Disclosure of Acquisition of Control, Merger, or Consolidation Applications to the Department of Financial Institutions

 

FIVE YEAR NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

DAR File No.: 30484
Filed: 09/24/2007, 15:49

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(5) authorizes the commissioner to grant applications of approval for new institutions, branches, relocations, mergers, consolidations, changes of control, and other applications. Section 7-1-703 places restrictions on acquisition of institutions and holding companies. Section 7-1-704 states that an institution subject to the jurisdiction of the department may maintain an office in this state or engage in activities of a financial institution in this state only if it is authorized to do so by the department. Section 7-1-705 lists the criteria necessary to file an application with the department as well as what is required for approval and grounds for disapproval.

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 applies to all applicants to the department for change of control, acquisition of, merger, or consolidation with any financial institution chartered by the 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
Credit Unions
Room 201
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

Effective:

09/24/2007

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If you have any questions regarding this correction, please contact Nancy Lancaster, Publications Editor, Division of Administrative Rules, PO Box 141007, Salt Lake City, UT 84114-1007, phone: [phone], FAX: [phone], or Internet E-mail: [e-mail].