Utah Code 7-9-46. Out-of-state credit unions — Authorization to do business in state — Supervision — Examination
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(1) As used in this section “out-of-state credit union” means any credit union whose home state is not Utah.
Terms Used In Utah Code 7-9-46
- Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- Credit union: means a cooperative, nonprofit association incorporated under:(6)(a) Chapter 9, Utah Credit Union Act; or(6)(b) Utah Code 7-1-103
- Department: means the Department of Financial Institutions. See Utah Code 7-1-103
- Home state: means :
(14)(a) for a state chartered depository institution, the state that charters the institution;(14)(b) for a federally chartered depository institution, the state where the institution's main office is located; and(14)(c) for a depository institution holding company, the state in which the total deposits of all depository institution subsidiaries are the largest. See Utah Code 7-1-103- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. See Utah Code 7-1-103
- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103(2) An out-of-state credit union may maintain a branch in this state only if:(2)(a) maintaining the Utah branch is permissible under applicable law, including Sections 7-1-702 and 7-1-708 in the case of a state chartered credit union;(2)(b) the branch has been authorized by:(2)(b)(i) the department and the chartering authority of the credit union’s home state in the case of a state chartered credit union; or(2)(b)(ii) the National Credit Union Administration or successor agency in the case of a federally chartered credit union; and(2)(c) the branch will not serve a member of the out-of-state credit union who is a member of the credit union based solely on the member residing in a geographic area located in whole or in part in Utah.(3) The commissioner may examine and supervise all out-of-state credit unions with a branch in the state, except federal credit unions, in the same manner as the commissioner examines and supervises credit unions in this state.