No. 40139 (5-year Review): Rule R331-26. Ownership of Real Estate Other Than Property Used for Institution Business or Held as an Investment by Depository Institutions Subject to the Jurisdiction of the Department of Financial Institutions
DAR File No.: 40139
Filed: 01/15/2016 08:56:50 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:
Sections 7-3-18, 7-8-13, and 7-9-5 authorizes depositories to hold real estate for purposes other than conducting the depository institution's business. The rule sets forth uniform regulatory standards for the safe and sound management of other real estate and applies to all depository institutions chartered by the State of Utah.
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 purpose of this rule is to protect the safety and soundness of state-chartered depository institutions by prescribing requirements and restrictions for the prudent management of real estate held for purposes other than conducting the depository institution's business. The rule sets forth uniform regulatory standards for the safe and sound management of other real estate by depositories under the jurisdiction of the Department of Financial Institutions. 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
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
Effective:
01/15/2016
Authorized by:
Edward Leary, Commissioner
Document Information
- Effective Date:
- 1/15/2016
- Publication Date:
- 02/01/2016
- Type:
- Five-Year Notices of Review and Statements of Continuation
- Filed Date:
- 01/15/2016
- Agencies:
- Financial Institutions, Administration
- Authorized By:
- Edward Leary, Commissioner
- DAR File No.:
- 40139
- Summary:
No supporting or opposing written comments have been received by the agency concerning this rule.
- CodeNo:
- R331-26
- CodeName:
- {40516|R331-26|R331-26. Ownership of Real Estate Other Than Property Used for Institution Business or Held as an Investment by Depository Institutions Subject to the Jurisdiction of the Department of Financial Institutions}
- Link Address:
- Financial InstitutionsAdministrationRoom 201 324 S STATE STSALT LAKE CITY, UT 84111-2393
- Link Way:
Paul Allred, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at pallred@utah.gov
- AdditionalInfo:
- More information about a Five-Year Notice of Review and Statement of Continuation is available online. The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at http://www.rules.utah.gov/publicat/bull-pdf/2016/b20160201.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version. For questions regarding the content or ...
- Related Chapter/Rule NO.: (1)
- R331-26. Ownership of Real Estate Other Than Property Used for Institution Business or Held as an Investment by Depository Institutions Subject to the Jurisdiction of the Department of Financial Institutions.