This filing was published in the 09/15/2008, issue, Vol. 2008, No. 18, of the Utah State Bulletin.
Financial Institutions, Administration
Accounting for Accrued Uncollected Income by Banks and Industrial Loan Corporations
FIVE-YEAR NOTICE OF REVIEW AND STATEMENT OF CONTINUATION
DAR File No.: 31893
Filed: 08/25/2008, 01:23
Received by: NL
NOTICE OF REVIEW AND STATEMENT OF CONTINUATION
Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:
Subsection 7-1-301(14) authorizes the commissioner to require financial institutions to keep books and records of the transactions and accounts of the institutions' true pecuniary condition. These requirements must be consistent with generally accepted accounting principles for financial institutions. The rule establishes some specific accounting requirements for accrued uncollected income.
Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:
No supporting or opposing written comments have been received by the agency concerning this rule.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
The rule establishes accounting requirements for accrued uncollected income to ensure accurate accounting of the income of banks and industrial loan corporations. Therefore, the rule should be continued.
The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:Financial Institutions
324 S STATE ST
SALT LAKE CITY UT 84111-2393
Direct questions regarding this rule to:
Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at PALLRED@utah.gov
Edward Leary, Commissioner
For questions regarding the content or application of this rule, please contact Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at PALLRED@utah.gov For questions about the rulemaking process, please contact the Division of Administrative Rules (801-538-3764).
Last modified: 09/11/2008 1:36 PM