Utah Code § 7-3-3

(1) (a) Except as provided under Subsection (1)(b), a person is considered to be conducting a banking business and is a bank subject to the provisions of this title that are applicable to banks if the person is authorized: (i) under the laws of this: (A) state; (B) another state; (C) the United States; (D) the District of Columbia; or (E) a territory of the United States; and (ii) (A) to accept deposits from the public; and (B) to conduct such other business activities as may be authorized by statute or by the commissioner in accordance with Subsection 7-3-10(3). (b) A person is not considered to be a bank subject to the provisions of this title that are applicable to banks if the person is authorized to conduct the business of: (i) a federal savings and loan association; (ii) a federal savings bank; (iii) an industrial bank subject to Chapter 8, Industrial Banks; (iv) a federally chartered credit union; or (v) a credit union subject to Chapter 9, Utah Credit Union Act. (2) A person authorized to operate as a bank in this state may operate as a credit card bank if it: (a) engages only in credit card operations; (b) does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; (c) does not accept a savings or time deposit of less than $100,000; (d) maintains only one office that accepts deposits; and (e) does not engage in the business of making commercial loans. (3) All deposit accounts in banks or branches subject to the jurisdiction of the department shall be insured by the Federal Deposit Insurance Corporation or a successor to the Federal Deposit Insurance Corporation.