Guidelines for Restricted Names
The Utah Legislature in creating the functions and responsibilities of the Department of financial Institutions considered the confidence of the public in the financial services sector in Utah. To maintain the public confidence, the Legislature restricted companies from using certain words in a business name that could confuse the public as a business being regulated by a state or federal agency. To eliminate any possible confusion the Legislature set forth in statute several restricted words that can not be used in a business name without the express written consent of the Department.
1. Guidelines for the use of restricted names as set forth in Section 7-1-701 and Section 7-22-102, Title 7 Financial Institutions Act of the Utah Code.
The following words or derivatives of these words, used alone, in combination, or as part of proposed titles or company names are restricted. They may not be used without written approval from the Department of Financial Institutions.
|industrial loan corporation
|savings and loan association
|building and loan association
The words financial and mortgage are not restricted.
2. Filing of incorporation articles or certificates of authority.
The Department of Financial Institutions needs to review and give prior approval for any articles of incorporation, amendments to articles of incorporation, or certificates of authority filed by any parties using the restricted words listed above in their company names.
3. Approval or denial to use restricted names.
The Department of Financial Institutions will review requests to use restricted words and either grant or deny permission. The Department keeps a record of all approved requests through a written Memorandum of No Objection to the Use of Business Name and also keeps a record of requests that have been denied with a copy of the letter denying the request.