No. 36847 (5-year Review): Rule R331-17. Publication and Disclosure of Acquisition of Control, Merger, or Consolidation Applications to the Department of Financial Institutions
DAR File No.: 36847
Filed: 09/24/2012 08:39:25 AMNOTICE 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
AdministrationRoom 201
324 S STATE ST
SALT LAKE CITY, UT 84111-2393Direct 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 pallred@utah.gov
Authorized by:
Edward Leary, Commissioner
Effective:
09/24/2012
Document Information
- Effective Date:
- 9/24/2012
- Publication Date:
- 10/15/2012
- Filed Date:
- 09/24/2012
- Agencies:
- Financial Institutions,Administration
- Authorized By:
- Edward Leary, Commissioner
- DAR File No.:
- 36847
- Related Chapter/Rule NO.: (1)
- R331-17. Publication and Disclosure of Acquisition of Control, Merger, or Consolidation Applications to the Department of Financial Institutions.