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Utah Administrative Code (Current through November 1, 2019) |
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R331. Financial Institutions, Administration |
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R331-17. Publication and Disclosure of Acquisition of Control, Merger, or Consolidation Applications to the Department of Financial Institutions |
R331-17. Publication and Disclosure of Acquisition of Control, Merger, or Consolidation Applications to the Department of Financial Institutions
| R331-17-1. Authority, Scope, and Purpose |
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(1) This rule is issued pursuant to Sections 7-1-301, 7-1-703, 7-1-704 and 7-1-705. (2) This 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. (3) Public disclosure by newspaper publication of applications to the department for change of control is necessary to increase the amount of timely and useful information available to the public thereby increasing the department's sources of information in connection with these applications and enhancing its ability to prevent dishonest or unqualified persons from acquiring control of state chartered financial institutions. |
| R331-17-2. Definitions |
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(1) "Control" means "control" as defined in 7-1-103. (2) "Commissioner" means the Commissioner of Financial Institutions. (3) "Department" means the Department of Financial Institutions. |
| R331-17-3. Publication of Notice of Application |
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(1) Within ten days after the department has accepted an application for change of control, acquisition of, merger, or consolidation with a financial institution chartered by the state, the applicant shall publish an announcement of such acceptance in three successive issues of a newspaper of general circulation in the county where the principal place of business is established. (2) The newspaper announcement shall contain: (a) The name(s) of the proposed acquirer(s); (b) The name of the financial institution whose stock is sought to be acquired; (c) Date application was accepted by the department; (d) A statement that any person wishing to comment on the proposed changes may submit written comments to the commissioner within 20 days following the required newspaper publication. |
| R331-17-4. Waiver of Publication |
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(1) In circumstances requiring prompt action, the commissioner may, if it is in the public interest: (a) Waive the publication requirement of Rule R331-17-3; (b) Waive or shorten the public comment period; or (c) Act on the proposed change in control prior to the expiration of the public comment period. (2) The commissioner may determine it is in the public interest to grant confidential treatment to an application. (3) The commissioner may waive publication of notice of an application if notice has been or will be published pursuant to a rule of another state or federal agency. |