7-1-102. Legislative findings, purpose, and intent.
(1) The Legislature finds it is in the interest of the citizens of this state, and is the purpose
of this title, to:
(a) supervise, regulate, and examine persons, firms, corporations, associations, and other
business entities furnishing depository, lending, and associated financial services in this state;
(b) protect the interests of shareholders, members, depositors, and other customers of
financial institutions operating in this state;
(c) preserve the competitive equality of state chartered institutions as compared to
federally chartered institutions, and of Utah depository institutions as compared to out-of-state
and foreign depository institutions;
(d) promote the availability, efficiency, and profitability of financial services in the
communities of this state;
(e) preserve the advantages of the dual banking system;
(f) cooperate with federal regulators and regulators from other states in regulating
financial institutions, in improving the quality of regulation, and in promoting the interests of this
state in interstate matters; and
(g) provide to the Commissioner of Financial Institutions sufficient powers and
responsibilities to carry out these purposes.
(2) It is the intent of the Legislature that the provisions of this title be interpreted to
promote these purposes.
Repealed and Re-enacted by Chapter 49, 1995 General Session
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Last revised: Thursday, May 28, 2009