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2025 Utah Code
Title 7 - Financial Institutions Act
Chapter 2 - Possession of Depository Institution by Commissioner
Section 4 - Consent required for institution to resume business.
Universal Citation:
UT Code § 7-2-4 (2025)
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Effective 5/7/2025
7-2-4. Consent required for institution to resume business.
The institution or other person may resume business only with the consent of and upon conditions approved by the commissioner. The commissioner may give the commissioner's consent to resumption of business if arrangements have been made by the institution or its stockholders, by reorganization or otherwise, to the satisfaction of the commissioner, to pay all creditors of the institution, aside from the stockholders, and to remedy the default or condition for which possession was taken and to pay the expenses of the proceeding.
Amended by Chapter 302, 2025 General Session
7-2-4. Consent required for institution to resume business.
The institution or other person may resume business only with the consent of and upon conditions approved by the commissioner. The commissioner may give the commissioner's consent to resumption of business if arrangements have been made by the institution or its stockholders, by reorganization or otherwise, to the satisfaction of the commissioner, to pay all creditors of the institution, aside from the stockholders, and to remedy the default or condition for which possession was taken and to pay the expenses of the proceeding.
Amended by Chapter 302, 2025 General Session
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