{"data":{"id":"us-ut/utah-code-7-1-806","jurisdiction":"us-ut","citation":"Utah Code § 7-1-806","heading":"Money market funds arranging with bank to honor two-party instruments -- Discouraging payment of interest to two persons on funds in transit -- Pyramiding and similar schemes as misdemeanors.","body":"Nothing in this act shall be construed to prevent money market funds from making arrangements with banks to honor two party checks, drafts, or other instruments.\nThe commissioner shall exert his influence to discourage banks, money market funds and other programs in Utah and throughout the United States from paying interest to two persons at the same time on funds in the process of transfer.\nThe process or the practice referred to as pyramiding or any similar process or practice as defined by the commissioner, and such definition is approved by the governor, shall be prohibited within this state and persons found guilty of these schemes shall be found guilty of a class C misdemeanor. This does not preclude more serious punishment under federal law.\nMoney market funds, similar funds and bank regulated institutions shall cooperate with the commissioner to stop these practices.","path":["Title 7 Financial Institutions Act","Chapter 7-1 General Provisions","Part 7-1-8 Miscellaneous"],"source_url":"https://le.utah.gov/xcode/Title7/Chapter1/7-1-S806.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"8ad023c37c3cc5ab5026c5a090f84326fa64c7b6ca86a35753469e80b629d4a2","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-7-1-803","next":"us-ut/utah-code-7-1-807"},"notice":"GroundRules: Original legal text. Not legal advice."}