(1) As used in this section, "industrial loan company" is a person that on March 17, 2004, is: (a) authorized to conduct business under this chapter; and (b) not authorized to hold or receive deposits. (2) An industrial loan company may operate as an industrial bank under this chapter except that the industrial loan company: (a) may not hold or receive deposits without: (i) the prior written approval of the commissioner; and (ii) obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity; (b) may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsections (2)(a)(i) and (ii); and (c) may not use a term listed in Subsection 7-1-701(3) in its name without meeting the conditions described in Subsections (2)(a)(i) and (ii). (3) If a person is not authorized to conduct business under this chapter on March 17, 2004, that person may not be considered an industrial loan company under this section.
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