DAR File No. 42152
This notice was published in the October 15, 2017, issue (Vol. 2017, No. 20) of the Utah State Bulletin.
Financial Institutions, Industrial Loan Corporations
Rule Clarifying Industrial Loan Corporation Investments
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 42152
Filed: 09/22/2017 09:25:26 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(8) authorizes the Commissioner to establish reasonable classes of financial institutions and types of investments for the deposits and other funds. Section 7-8-13 allows industrial loan corporations to purchase, hold, and convey real estate, other than the premises used in the conduct of its business. Section 7-8-14 lists the types of investments in property industrial loan corporations may invest in including real property and any interest in real property, stock, bonds, debentures, etc.
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 defines acceptable investments for the funds of an industrial loan corporation and defines and clarifies investments in real estate. Therefore, this rule should be continued.
The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:Financial Institutions
Industrial Loan CorporationsRoom 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 firstname.lastname@example.org
Edward Leary, Commissioner
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 https://rules.utah.gov/publicat/bull_pdf/2017/b20171015.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 application of this rule, please contact 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@example.com. For questions about the rulemaking process, please contact the Office of Administrative Rules.