7-3-2. Restrictions on conduct of banking business.
(1) The establishment or operation in this state of private or partnership banks is expressly
prohibited.
(2) An institution may establish or maintain a main office or branch in this state at which
to conduct banking business only if:
(a) it is legitimately chartered as a bank by a state, the federal government, or a foreign
government; and
(b) in the case of a bank whose home state is not Utah, it is authorized to have a branch in
Utah under the laws of this state and the laws of its home state.
Amended by Chapter 49, 1995 General Session
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Last revised: Thursday, May 28, 2009