§ 11-110-103. Definitions
As used in this article 110, unless the context otherwise requires: “Banking board” or “board” means the banking board created in section 11-102-103. “Commissioner” means the state bank commissioner appointed and serving pursuant to section 11-102-101 (2). “Control” means: Ownership of, or the power to vote, directly or indirectly, twenty-five percent or more of a […]
§ 11-110-104. Applicability of Powers of Banking Board and Bank Commissioner to Money Orders
The powers, duties, and functions of the banking board and the commissioner contained in article 102 of this title 11 and the declaration of policy contained in section 11-101-102 shall apply to the provisions of this article 110. For the purposes of this section and section 11-102-104, the banking board shall have the same powers, […]
§ 11-109-702. Involuntary Liquidation
Except as otherwise provided in this article, only the banking board may take possession of a trust company if, after a hearing before the banking board, it finds: The trust company’s capital is inadequate; the trust company’s business is being conducted in an unlawful or unsound manner; the trust company is unable to continue normal […]
§ 11-110-105. License Required – Investigations
A person shall not engage in the business of money transmission without first procuring a license from the board; except that an agent, subagent, or representative of a licensee or an employee of an agent, subagent, or representative who acts on behalf of a licensee in the transmission of money by the licensee is not […]
§ 11-109-703. Emergency Grant of New Charter
In addition to powers regarding liquidation, the banking board may, in the interest of protecting the public and the depositors of a closed trust company with its principal office in this state, issue a new trust company charter to qualified individuals for the same location as the closed trust company, contingent upon the new trust […]
§ 11-110-106. Exemptions
Nothing in this article 110 shall apply to: Departments or agencies of the United States of America, or to any state or municipal government, or to corporations organized under the general banking, savings and loan, or credit union laws of this state or of the United States, or to the receipt of money by an […]
§ 11-109-704. Liquidation by Commissioner – Procedure
In liquidating a trust company, the commissioner may exercise any power of the trust company and shall have the duty to collect all assets, debts, and claims belonging to the trust company. Unless the commissioner obtains the approval of the court in which notice of possession has been filed by petition setting forth the material […]
§ 11-110-107. Application for License
Application for a license shall be made in writing, under oath, to the banking board on such form as it may prescribe. The application shall: State the name of the applicant and the address of his or her principal office; Contain evidence that the applicant possesses qualifications and experience as required by the banking board […]
§ 11-109-801. Appeals Procedure
Any trust company aggrieved and directly affected by an order or rule of the banking board, issued under this article, may seek a review in the district court of this state in and for the county in which the trust company is located, within thirty days after receipt of written notice of the issuance of […]
§ 11-110-107.5. Name-Based Criminal History Record Check
When the results of a fingerprint-based criminal history record check of an applicant performed pursuant to section 11-110-107 (1)(e) reveal a record of arrest without a disposition, the banking board shall require that applicant to submit to a name-based criminal history record check, as defined in section 22-2-119.3 (6)(d). The applicant shall pay the actual […]