(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.