7-9-28. Loan to credit union official. The board of directors shall review and either approve or deny a loan application on which a member of the board of directors, credit committee, supervisory committee, president, or credit manager is a direct obligor, or endorser, cosigner, or guarantor. Amended by Chapter 182, 1996 General Session
7-9-29. Allowance account for loan losses. As of January 1, 1984, a credit union shall establish an allowance account for loan losses subject to regulation as the commissioner may prescribe. Enacted by Chapter 8, 1983 General Session
7-9-3. Definitions. As used in this chapter: (1) (a) “Association” means a group of persons that: (i) constitute the members of a formal association organized for: (A) an identifiable interest; (B) an identifiable purpose; (C) a specific profession; or (D) a specific occupation; or (ii) are employed by a common employer. (b) “Association” does not […]
7-9-30. Reserve requirements — “Risk assets” defined. (1) As used in this section, the words “risk assets” means all assets except the following: (a) cash on hand; (b) deposits and shares in federal or state banks, savings and loan associations, and credit unions; (c) assets which are insured by any agency of the federal government, […]
7-9-31. Shares held in trust. (1) Shares may be issued to and deposits received in the name of a minor, and these shares and deposits may, in the discretion of the board of directors, be withdrawn by the minor or by his parent or guardian. (2) A credit union share account, share certificate, deposit, or […]
7-9-32. Joint accounts — Accounts providing for payment to designated person on death of owner or owners. (1) If a deposit or share account is opened in any credit union in the name of two or more persons, whether minor or adult, in such form that the money in the account is payable to the […]
7-9-33. Lien and right of set off of credit union. (1) A credit union shall have a lien and right of set off on a member’s individual, joint, multiple party, or transaction accounts, including any accumulated dividend or interest, for any sum due the credit union from the member. (2) All funds in the account […]
7-9-34. Tax exemption of credit unions. (1) Except as otherwise provided in this section, credit unions organized under this chapter or prior law are exempt from taxation. (2) Any real property or any tangible personal property owned by the credit union shall be subject to taxation to the same extent as other similar property is […]
Effective 5/13/2014 7-9-36. Dissolution. (1) A credit union may be dissolved upon a majority vote of the entire membership. (2) A copy of a notice of a special meeting to consider the matter shall be mailed to the members of the credit union at least 10 days before the date of the meeting. (3) Any […]
7-9-37. Transfer of members of dissolved, merged, consolidated, transferred, or acquired credit union. Members of a dissolved, merged, consolidated, transferred, or acquired credit union may become members of another existing credit union with a related field of membership as approved by the commissioner. Amended by Chapter 327, 2003 General Session
Effective 5/13/2014 7-9-39. Voluntary merger. (1) A credit union may merge with another credit union under the existing charter of the other credit union when all of the following have occurred: (a) the majority of the directors of each merging credit union votes in favor of the merger plan; (b) the commissioner approves the merger […]
Effective 5/13/2014 7-9-39.5. Supervisory merger. If a credit union is merged with another credit union as a result of a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, the commissioner may permit the surviving credit union to have a field of […]
Effective 5/13/2014 7-9-42. Record requirements. (1) A credit union shall maintain all books, records, accounting systems, and procedures in accordance with rules the commissioner may prescribe or in accordance with Chapter 1, General Provisions. (2) In prescribing these rules, the commissioner shall consider the size of a credit union and its ability to comply. (3) […]
Affected by 63I-1-207 on 7/1/2023 Effective 5/13/2014 7-9-43. Board of Credit Union Advisors. (1) (a) There is created a Board of Credit Union Advisors of five members to be appointed by the governor. (b) Members of the advisory board shall be individuals who are familiar with and associated in the field of credit unions. (c) […]
Effective 5/13/2014 7-9-44. Corporate central credit union. (1) A credit union in which all credit unions, a bona fide trade association of authorized credit unions recognized by the commissioner, and its affiliates are eligible for membership may be established in this state and shall be known as a corporate central credit union. (2) The corporate […]
Effective 5/13/2014 7-9-45. Insurance of shares and deposits — Security on shares and deposits. (1) Except as provided in Subsection (2), a credit union subject to the jurisdiction of the department shall obtain and maintain insurance on shares and deposits from the National Credit Union Administration or successor federal deposit insurance agency. (2) Notwithstanding Subsection […]
7-9-46. Out-of-state credit unions — Authorization to do business in state — Supervision — Examination. (1) As used in this section “out-of-state credit union” means any credit union whose home state is not Utah. (2) An out-of-state credit union may maintain a branch in this state only if: (a) maintaining the Utah branch is permissible […]
7-9-48. Disclosure of share and deposit insurance — Disclosure if secured through securities. (1) A credit union shall comply with all share and deposit insurance disclosure requirements of the National Credit Union Administration or its successor agency. (2) In addition to the disclosure requirements described in Subsection (1), a credit union that in accordance with […]
7-9-49. Limitation of personal liability of directors and committee members. (1) Without limiting the generality of Section 7-9-50, the articles of incorporation may include a provision eliminating or limiting the personal liability of a director, supervisory committee member, or credit committee member to the credit union, its members, or its depositors for monetary damages for […]
7-9-5. Powers of credit unions. In addition to the powers specified elsewhere in this chapter and subject to any limitations specified elsewhere in this chapter, a credit union may: (1) make contracts; (2) sue and be sued; (3) acquire, lease, or hold fixed assets, including real property, furniture, fixtures, and equipment as the directors consider […]
