{"data":{"id":"us-ut/utah-code-7-8-21","jurisdiction":"us-ut","citation":"Utah Code § 7-8-21","heading":"Application of chapter to industrial loan companies.","body":"(1) As used in this section, \"industrial loan company\" is a person that on March 17, 2004, is:\n(a) authorized to conduct business under this chapter; and\n(b) not authorized to hold or receive deposits.\n(2) An industrial loan company may operate as an industrial bank under this chapter except that the industrial loan company:\n(a) may not hold or receive deposits without:\n(i) the prior written approval of the commissioner; and\n(ii) obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity;\n(b) may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsections (2)(a)(i) and (ii); and\n(c) may not use a term listed in Subsection 7-1-701(3) in its name without meeting the conditions described in Subsections (2)(a)(i) and (ii).\n(3) If a person is not authorized to conduct business under this chapter on March 17, 2004, that person may not be considered an industrial loan company under this section.","path":["Title 7 Financial Institutions Act","Chapter 7-8 Industrial Banks"],"source_url":"https://le.utah.gov/xcode/Title7/Chapter8/7-8-S21.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"7abcddde6f8fee35d0c00b0c5fac87c92241fcb630097f69a20e46afda84b414","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-7-8-20","next":"us-ut/utah-code-7-9-1"},"notice":"GroundRules: Original legal text. Not legal advice."}