Utah Administrative Code

The Utah Administrative Code is the body of all effective administrative rules as compiled and organized by the Division of Administrative Rules (see Subsection 63G-3-102(5); see also Sections 63G-3-701 and 702).

NOTE: For a list of rules that have been made effective since October 1, 2019, please see the codification segue page.

NOTE TO RULEFILING AGENCIES: Use the RTF version for submitting rule changes.


R331. Financial Institutions, Administration.

Rule R331-22. Rule Governing Reimbursement of Costs of Financial Institutions for Production of Records.

As in effect on October 1, 2019

Table of Contents

R331-22-1. Authority, Scope, and Purpose.

(1) This rule is issued pursuant to Sections 7-1-301(6) and 7-1-1004.

(2) This rule applies to both federal and state chartered financial institutions.

(3) The purpose of this rule is to set consistent and reasonable rates of reimbursement for costs to financial institutions for their production of records.

R331-22-2. Definitions.

(1) "Financial institutions" means "financial institutions" as defined in Section 7-1-103(10).

(2) "Financial record" means an original of, a copy of, or information known to have been derived from, any record held by a financial institution pertaining to a customer's relationship with the financial institution.

(3) "Party" shall mean an individual, corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any form of business entity. Party also includes any authorized representative of that party who utilized or is utilizing any service of a financial institution, or for whom a financial institution is acting or has acted as a fiduciary, in relation to an account maintained in the party's name.

(4) "Direct incurred costs" means costs incurred solely and necessarily as a consequence of searching for, reproducing or transporting books, papers, records, or other data in order to comply with legal process or a formal written request or a party's authorization to produce a party's financial records. The term does not include any allocation of fixed costs including overhead, equipment, and depreciation. If a financial institution has financial records that are stored in an independent storage facility that charges a fee to search for, reproduce, or transport particular records requested, these costs are considered to be directly incurred by the financial institution.

R331-22-3. Costs Reimbursement.

As hereinafter provided, a party requiring or requesting access to financial records pertaining to a party shall pay to the financial institution that assembles or provides the financial records a fee for reimbursement of reasonably necessary costs which have been directly incurred according to the following schedule:

(1) Search and processing costs.

(a) Manual Search and Processing Cost. Reimbursement of search and processing costs shall be the total amount of direct personnel time spent in locating and retrieving, reproducing, packaging and preparing financial records for shipment. The rate for search and processing costs is $11.00 per hour per clerical/technical person and $17.00 per hour per manager/supervisory person, computed per quarter hour and is limited to the total amount of actual time spent in locating and retrieving documents or information or reproducing or packaging and preparing documents for shipment which were required or requested by a party. If less than a quarter hour is spent, the minimum charge shall be for a quarter hour.

(b) Data Processing Search and Processing Cost. Search and processing costs reflecting the actual costs of extracting information stored by computer in the format in which it is normally produced, based on computer time and necessary supplies will be charged. Personnel time for computer search shall be paid for only at the rates specified in this section.

(2) Reproduction costs. Reimbursement for reproduction costs shall be the costs incurred in making the copies of documents required or requested. The rate for reproduction costs for making copies of required or requested documents is 25 cents for each page, including copies produced by reader/printer reproduction process, photographs and films. Duplicate microfiche is 50 cents per microfiche and computer diskette is $5.00 per diskette. Other materials are reimbursed at actual costs.

(3) Transportation costs. Reimbursement for transportation costs shall be for reasonably necessary costs directly incurred to transport personnel to locate and retrieve the information required or requested and necessary costs directly incurred solely by the need to convey the required or requested material to the place of examination.

R331-22-4. Conditions for Payment.

(1) Limitations. Payment for reasonably necessary, directly incurred costs to financial institutions shall be limited to material required or requested.

(2) Separate consideration for component costs. Payment shall be made only for costs that are both directly incurred and reasonably necessary. In determining whether costs are reasonably necessary, search and processing, reproduction and transportation costs shall be considered separately.

(3) Compliance with legal process, requests, or authorization. No payment shall be made until the financial institution satisfactorily complies with the legal process or formal written request, or party authorization, except that in the case where the legal process or formal written request is withdrawn, or the party authorization is revoked, the financial institution shall be reimbursed for reasonably necessary costs directly incurred in the assembling of financial records required or requested to be produced prior to the time that the financial institution is notified that the legal process or request is withdrawn or defeated or that the party has revoked his or her authorization.

(4) Itemized bill or invoice. No payment shall be made unless the financial institution submits an itemized bill or invoice showing specific details concerning the search and processing, reproduction and transportation costs.

KEY

financial institutions, costs

Date of Enactment or Last Substantive Amendment

November 17, 1998

Notice of Continuation

July 20, 2017

Authorizing, Implemented, or Interpreted Law

7-1-301(6); 7-1-1004


Additional Information

Contact

For questions regarding the content or application of rules under Title R331, please contact the promulgating agency (Financial Institutions, Administration). A list of agencies with links to their homepages is available at http://www.utah.gov/government/agencylist.html or from http://www.rules.utah.gov/contact/agencycontacts.htm.