Financial Institutions, Administration

Rule R331-7

Rule Governing Leasing Transactions by Depository Institutions Subject to the Jurisdiction of the Department of Financial Institutions

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 36532
Filed: 07/20/2012 02:19:34 PM

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:

Section 7-1-501 lists the persons and institutions subject to the jurisdiction of the department, and those under the jurisdiction of the department who must comply with supervision and examination including, as the rule states, "acceptable employment of deposits and other funds involved in leasing or leasing transactions."

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 clearly defines acceptable leases and leasing transactions, residual dependence restrictions, salvage powers, sales-type capital lease restrictions, sale-leaseback restrictions, leveraged lease restrictions, and account requirements 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:

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 [email protected]

Authorized by:

Edward Leary, Commissioner

Effective:

07/20/2012