DAR File No. 42163
This notice was published in the October 15, 2017, issue (Vol. 2017, No. 20) of the Utah State Bulletin.
Financial Institutions, Administration
Lending Limits for Banks, Industrial Loan Corporations
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 42163
Filed: 09/28/2017 08:36:19 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:
Section 7-1-301 confers rulemaking powers and duties to the Commissioner with respect to institutions, persons, or businesses subject to the jurisdiction of the Department of Financial Institutions. Section 7-3-19 authorizes limitations on loans and extensions of credit. Section 7-8-20 lists limitations on loans to one borrower, the exceptions, and the rules.
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 is intended to prevent one person from borrowing an unduly large amount of a given bank's or industrial loan corporation's funds, thereby exposing the bank's or industrial loan corporation's depositors, creditors, and stockholders to excessive risk. 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
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.