No. 29972: R333-11. Ownership by State-Chartered Banks of Real Estate Other Than Property Used for Bank Business or Held as an Investment

DAR File No.: 29972
Filed: 05/25/2007, 01:37
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:

General rulemaking authority is granted at Section 7-1-301. Express rulemaking authority as to bank ownership of real estate granted at Section 7-3-18.

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 since the last notice of continuation.

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

Section 7-3-18 requires that the department promulgate rules prescribing the purposes and manner that banks may hold real estate. Therefore, this rule 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
Banks
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