Section 107 – Examinations.
7-22-107. Examinations. The department may examine an escrow agent at any time. The scope and frequency of examinations shall be determined solely in the discretion of the department. In addition to annual registration fees, each escrow agent shall pay per diem assessments incident to an examination in accordance with Section 7-1-401. Enacted by Chapter 133, […]
Section 108 – Segregation of accounts — Duties specified by agreement — Duties generally.
7-22-108. Segregation of accounts — Duties specified by agreement — Duties generally. (1) Each escrow agent shall place all funds received in escrow into separate federally insured depository accounts specifically denominated as trust accounts and shall allow no other funds to be placed into a trust account for any purpose. Funds may be paid from […]
Section 109 – Priority of claims in case of insolvency.
7-22-109. Priority of claims in case of insolvency. If the commissioner takes possession of the business and property of the escrow agent in accordance with Title 7, Chapter 2, Possession of Depository Institution by Commissioner, or if the escrow agent files or is involuntarily placed into bankruptcy, or if a receiver, conservator, or liquidator is […]
Section 103.1 – Exemptions.
7-23-103.1. Exemptions. The following are not subject to the requirements of this chapter: (1) a depository institution; (2) a depository institution holding company; (3) an institution directly or indirectly owned or controlled by one or more: (a) depository institutions; or (b) depository institution holding companies; or (4) a person that cashes a check in a […]
Section 103 – Registration — Fees — Qualifications — Rulemaking.
Effective 5/12/2015 7-22-103. Registration — Fees — Qualifications — Rulemaking. (1) (a) An escrow agent shall register with the department annually on or before December 31 of each year and pay a registration fee of $100. (b) Registration of an escrow agent in accordance with this section includes all directors, officers, employees, and representatives of […]
Section 502 – Distribution of balance of assets.
7-18a-502. Distribution of balance of assets. (1) This section supersedes Subsection 7-2-15(3). (2) When the commissioner has paid claims of each depositor and creditor of the foreign depository institution’s agency or branch in this state whose claims have been proved and allowed the full amount of the claim, the commissioner shall transfer any remaining assets […]
Section 2 – Supervisory acquisition or merger authorized or required by commissioner.
7-19-2. Supervisory acquisition or merger authorized or required by commissioner. Notwithstanding any provision of law to the contrary, the commissioner, or any receiver or liquidator appointed by the commissioner, may solicit offers from and authorize, require, or give effect to, a supervisory acquisition of, or a supervisory merger with respect to a failing or failed […]
Section 3 – Waiver of procedures.
7-19-3. Waiver of procedures. The commissioner may waive any of the procedures of Section 7-1-705 or any regulation of the department if he considers it necessary to protect the interest of depositors, creditors, and other customers of a failing or failed depository institution or failing or failed depository institution holding company in a supervisory merger […]
Section 4 – Rights and powers of acquired or resulting institution or holding company.
7-19-4. Rights and powers of acquired or resulting institution or holding company. Any depository institution or depository institution holding company acquired, or the resulting institution in a merger under the provisions of this chapter, has all the rights, powers, and privileges of any other depository institution of the same class under the laws of this […]
Section 5 – Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner.
7-19-5. Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner. The commissioner may not authorize or require any transaction pursuant to Section 7-19-2 unless he determines that: (1) the acquiring or resulting depository institution or depository institution holding company has demonstrated an acceptable record of meeting the credit needs of the communities […]