32-3-201. Department of administration. (1) The department of administration shall administer the laws of this state relating to credit unions. The department may appoint or employ special assistants, deputies, examiners, or other employees that are necessary for the purpose of administering or enforcing this chapter. (2) The department may adopt rules for the administration of this chapter […]
32-3-202. Reports. (1) Credit unions organized under this chapter shall report to the department of administration annually on or before February 1 on forms supplied by the department for that purpose. Additional reports may be required. (2) A fine of $5 for each day a report is in arrears must be levied against the offending credit union […]
32-3-203. Examinations. (1) The department of administration shall examine or cause to be examined each credit union on a schedule determined by the department. Each credit union and all of its officers and agents shall give representatives of the department full access to all books, papers, securities, records, and other sources of information under their control. […]
32-3-204. Records. (1) A credit union shall maintain all books, records, accounting systems, and procedures in accordance with rules that the department of administration prescribes. In prescribing rules, the department shall consider the relative size of a credit union and its reasonable capability of compliance. (2) A credit union is not liable for destroying records after the […]
32-3-205. Cease and desist orders — suspension — involuntary liquidation. (1) The department of administration may issue cease and desist orders after having determined, from competent and substantial evidence, that a credit union: (a) is engaged or is about to engage in an unsafe or unsound practice; or (b) is violating or has violated a material provision of […]
32-3-206. Authorized activities of credit unions. Upon written application to the department of administration, a credit union may engage in any activity in which a credit union could engage if it were operating as a federal chartered credit union at the time the authority is granted. The activities include but are not limited to the power […]
32-3-207. Confidentiality — penalties. (1) (a) Any report of examination issued under 32-3-203, any report made by a credit union under 32-3-202, and any other credit union documentation maintained by the department of administration, other than those reports that are required to be published, must be considered confidential information. Except as provided in subsection (1)(b), confidential information […]
32-3-208 through 32-3-210 reserved.
32-3-211. Conservatorship. (1) In conjunction with a suspension order or if the department of administration’s examination has been obstructed or impeded, the department may appoint itself or appoint any other competent person as conservator to immediately take possession and control of the business and assets of a credit union. The conservator, representing the best interest of […]
32-3-212. Involuntary merger. The department of administration may initiate the involuntary merger of a credit union that is insolvent or in danger of insolvency with any other credit union or may authorize a credit union to purchase any of the assets of or assume any of the liabilities of any other credit union that is insolvent […]
32-3-213 and 32-3-214 reserved.
32-3-215. Out-of-state credit unions. (1) A credit union chartered under the laws of another state or territory of the United States may conduct business as a credit union in this state with the approval of the department of administration, provided that credit unions incorporated under this chapter are allowed to do business in the other state […]
32-3-216. Conducting business outside this state. (1) A credit union chartered under this chapter may conduct business outside of this state in other states or territories where it is permitted to conduct business as a credit union, under conditions substantially similar to the provisions of this chapter. (2) If another state or territory’s credit union laws or […]
