Utah Code § 7-1-709
This is the official text of Utah Code § 7-1-709, 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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§ 7-1-709. Branches -- Discontinuance of operation.
Official statutory text
(1) A Utah depository institution or out-of-state depository institution authorized to do business in this state may discontinue operation of a branch upon resolution of its board of directors. (2) Upon adopting the resolution, the institution shall file an application with the commissioner specifying: (a) the location of the branch to be discontinued; (b) the date of the proposed discontinuance; (c) the reasons for closing the branch; and (d) the extent to which the public need and convenience or service to members would still be adequately met. (3) (a) Upon filing its application with the commissioner, the institution shall publish notice of the discontinuance: (i) in a newspaper serving the area once a week for two consecutive weeks; and (ii) as required by Section 45-1-101 for two weeks. (b) The commissioner may approve the application after a reasonable comment period following publication. (4) An out-of-state depository institution with a branch in Utah is not subject to the requirements of this section if the branch to be closed is located outside of Utah.
Status: in_force · Read it on the official government site
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