Utah Code § 7-1-403
This is the official text of Utah Code § 7-1-403, part of Utah’s Code — part of the compiled statutory law of Utah, published by the state as "Code." Browse the sections below, each linked to its official government source.
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§ 7-1-403. Funds and balances paid to treasurer -- Separate account -- Use of funds.
Official statutory text
(1) The commissioner shall deposit unexpended balances and money accruing to the department with the state treasurer monthly. The unexpended balances and money accruing to the department constitute a separate account within the General Fund. No part of the account may revert to the General Fund except an amount as required by law to be transferred for general government and administrative costs. (2) With the approval of the director of the Division of Finance, the commissioner may withdraw money from the account to pay costs and expenses of administration incurred in proceedings under Chapter 1, General Provisions, Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, or to use in connection with the rehabilitation, reorganization, or liquidation of an institution under the jurisdiction of the department. (3) The commissioner, after consultation with the Board of Financial Institutions and with the approval of the director of the Division of Finance, may withdraw money from the account to promote, protect, and encourage the dual banking system and state-chartered institutions.
Status: in_force · Read it on the official government site
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