No. 37941 (5-year Review): Rule R331-24. Accounting for Accrued Uncollected Income by Banks and Industrial Loan Corporations

DAR File No.: 37941
Filed: 08/23/2013 10:23:51 AM

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(14) authorizes the commissioner to require financial institutions to keep books and records of the transactions and accounts of the institutions' true pecuniary condition. These requirements must be consistent with generally accepted accounting principles for financial institutions. The rule establishes some specific accounting requirements for accrued uncollected income.

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 establishes accounting requirements for accrued uncollected income to ensure accurate accounting of the income of banks and industrial loan corporations. Therefore, the 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
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]

Authorized by:

Edward Leary, Commissioner

Effective:

08/23/2013

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