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Utah Code Title 7. Financial Institutions Act § 7-9-46. Out-of-state credit unions--Authorization to do business in state--Supervision--Examination

Current as of January 01, 2025 | Updated by Findlaw Staff

(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 under applicable law, including Sections 7-1-702 and 7-1-708 in the case of a state chartered credit union;

(b) the branch has been authorized by:

(i) the department and the chartering authority of the credit union's home state in the case of a state chartered credit union; or

(ii) the National Credit Union Administration or successor agency in the case of a federally chartered credit union; and

(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.

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Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-9-46. Out-of-state credit unions--Authorization to do business in state--Supervision--Examination - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-9-46/

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