No. 35153 (Repeal): Rule 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

(Repeal)

DAR File No.: 35153
Filed: 08/11/2011 03:13:46 PM

RULE ANALYSIS

Purpose of the rule or reason for the change:

After an internal review, Rule R331-3 is being repealed because it conflicts with Utah Code Ann. Section 7-1-618 and 12 U.S.C. 1835a and contains outdated references to the Utah Code.

Summary of the rule or change:

This rule is repealed in its entirety.

State statutory or constitutional authorization for this rule:

• Subsection 7-1-401(8)
• Section 7-1-505
• Subsection 7-1-501(8)(d)

Anticipated cost or savings to:

the state budget:

The repeal of Rule R331-3 will not require additional appropriations.

local governments:

Local governments are not involved in the regulation of deposit production offices and are therefore not subject to this rule.

small businesses:

Depository institutions, under the jurisdiction of the Department, are currently required to comply with Section 7-1-618 and 12 U.S.C. 1835a.

persons other than small businesses, businesses, or local governmental entities:

Depository institutions, under the jurisdiction of the Department, are currently required to comply with Section 7-1-618 and 12 U.S.C. 1835a.

Compliance costs for affected persons:

Depository institutions, under the jurisdiction of the Department, are currently required to comply with Section 7-1-618 and 12 U.S.C. 1835a.

Comments by the department head on the fiscal impact the rule may have on businesses:

Depository institutions, under the jurisdiction of the Department, are currently required to comply with Section 7-1-618 and 12 U.S.C. 1835a.

Edward Leary, Commissioner

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

Financial Institutions
AdministrationRoom 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]

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

10/03/2011

This rule may become effective on:

10/10/2011

Authorized by:

Edward Leary, Commissioner

RULE TEXT

R331. Financial Institutions, Administration.

[ 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.

R331-3-1. Authority, Scope and Purpose.

(1) This rule is issued pursuant to Subsections 7-1-401(5), 7-1-501(8) and Section 7-1-505.

(2) The purpose of this rule is to regulate persons soliciting savings or share accounts, deposit accounts or similar evidence of indebtedness or participation interests therein from residents of this state.

(3) The purpose of this rule is to protect the deposits of the residents of this state.

 

R331-3-2. Definitions.

(1) "Commissioner" means the Commissioner of Financial Institutions.

(2) "Department" means the Department of Financial Institutions.

(3) "Person" means any individual, partnership, corporation, association or other entity.

 

R331-3-3. Registration.

Any person "soliciting savings or share accounts, deposit accounts or similar evidence of indebtedness or participation interest therein from residents of this state" as defined in Section 7-1-501(8) shall register with the department on forms designated by the commissioner.

 

R331-3-4. Fees.

(1) Each person registering with the department shall pay an annual registration fee of $100.00.

(2) Each person registering with the department shall be subject to examination by the department at such times as the commissioner designates.

 

KEY: financial institutions

Date of Enactment or Last Substantive Amendment: 1995

Notice of Continuation: September 24, 2007

Authorizing, and Implemented or Interpreted Law: 7-1-401(8); 7-1-501(8)(d); 7-1-505 ]

 

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