Title 7, Title 7: Financial Institutions Act

7-9-13. Fiscal year. The fiscal year of the credit union shall end at the close of business on December 31 of each year.

7-9-14. Meetings. (1) The annual meeting of the credit union shall be held at such time and place as the bylaws prescribe. (2) Special meetings may be held as the bylaws prescribe. (3) Notice of all meetings of the credit union shall be given as the bylaws prescribe. (4) In the a…

7-9-15. Appeals from board of directors or committees. Appeals from decisions of the board of directors, supervisory committee, or credit committee shall be made as the bylaws prescribe.

7-9-16. Members -- Eligibility -- Liability -- Grounds for closing account -- Denial of membership. (1) A person within the field of membership of a credit union may be admitted to membership, upon: payment of any required entrance or membership fee; payment for one or more share…

7-9-17. Membership officer -- Appointment -- Eligibility -- Function -- Appeals from. (1) One or more membership officers may be appointed by the board of directors. (2) A membership officer may approve applications for membership under conditions prescribed by the board of direc…

7-9-18. Expulsion of member. (1) The board of directors or board-designated representatives may expel from the credit union any member who has not carried out the member's engagements with the credit union, or neglected or refused to comply with the credit union board policies, p…

7-9-19. Payments to expelled members -- Liability of member not relieved by expulsion. (1) Except in the case of liquidation or dissolution, the amount paid in on shares or deposited by members who have been expelled shall be paid to them with all accrued interest, in the order o…

7-9-2. Description of credit unions. A credit union is a cooperative, nonprofit association, incorporated under this chapter to encourage thrift among its members, to create sources of credit at fair and reasonable rates of interest, and to provide an opportunity for its members …

7-9-20. Board of directors -- Powers and duties -- Loan limitations. (1) At annual meetings the members shall elect from their number a board of directors consisting of an odd number of not less than five members. (2) The bylaws may provide balloting by: mail; ballot box; or both…

7-9-21. Executive officers -- Election -- Power -- Terms. (1) At their first meeting held within 30 days following each annual meeting of the members, the board of directors shall elect from their own number a board chairman, one or more vice chairmen, and a secretary. These offi…

7-9-22. Credit committee -- Credit manager. (1) A credit union's bylaws shall provide for a credit committee, credit manager, or combination of both to be responsible for credit functions of the credit union. The bylaws shall prescribe the duties and responsibilities of the credi…

7-9-23. Supervisory committee -- Duties -- Suspension or removal of officer, director, or credit committee member. (1) Appointees to the supervisory committee shall hold office until the next annual meeting of the members and until successors are appointed. One member of the boar…

7-9-24. Compensation of directors, committee members, and president -- Expense reimbursement. (1) A member of the board of directors, credit committee, or supervisory committee may not receive any compensation for services as such, except that the reimbursement of reasonable expe…

7-9-25. Shares -- Number unlimited -- Subscription and payment -- Par value -- Ownership required for membership -- Dormant accounts. (1) The capital of the credit union shall be unlimited in amount. (2) Shares of the credit union may be subscribed and paid for in cash or its equ…

7-9-26. Loans to members -- Investment officers -- Investments. (1) Subject to Subsectionsandand Section, capital and surplus of the credit union shall be loaned to the members for the purposes and upon the endorsements or security and the terms as the bylaws provide. 7-9-20(7) (…

7-9-27. Dividends -- Interest refunds. (1) After allocations to required reserves, a credit union may declare and pay a dividend from current earnings and undivided earnings at the discretion of the board of directors and as provided in its bylaws. (2) Dividends may be paid at di…

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, …

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.

7-9-3. Definitions. As used in this chapter: (1) "Association" means a group of persons that: constitute the members of a formal association organized for: an identifiable interest; an identifiable purpose; a specific profession; or a specific occupation; or are employed by a com…

7-9-30. Reserve requirements -- "Risk assets" defined. (1) As used in this section, the words "risk assets" means all assets except the following: cash on hand; deposits and shares in federal or state banks, savings and loan associations, and credit unions; assets which are insur…

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 the minor's parent or guardian. (2) A credit union share account…

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 pay…

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.…

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 taxati…

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 m…

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 app…

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: the majority of the directors of each merging credit union votes in favor of the merger plan; the commiss…

7-9-39.5. Supervisory merger. If a credit union is merged with another credit union as a result of a supervisory action under, or, the commissioner may permit the surviving credit union to have a field of membership that is larger than a field of membership permitted under Sectio…

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 shal…

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…

7-9-45. Insurance of shares and deposits -- Security on shares and deposits. (1) Except as provided in Subsection, 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…

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 s…

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 …

7-9-49. Limitation of personal liability of directors and committee members. (1) Without limiting the generality of Section, the articles of incorporation may include a provision eliminating or limiting the personal liability of a director, supervisory committee member, or credit…

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 …

7-9-50. General limitation on liability. A director, supervisory committee member, credit committee member, or officer is not liable to the credit union, its members, its depositors, any conservator or receiver, or any assignee or successor-in-interest thereof, for any action tak…

7-9-51. Field of membership. (1) Except as provided in Subsectionor, the field of membership of a credit union may include only the following: (3) (5) the immediate family of a member of the credit union; the employees of the credit union; residents of a single county; one or mor…

7-9-52. Expansion of a field of membership. (1) The commissioner shall comply with Subsectionif the commissioner receives a request to approve an amendment to the bylaws of a credit union that expands the credit union's field of membership to include: (2) residents of a county; a…

7-9-53. Grandfathering. (1) As used in this section: "Association that resides in a domicile-county" means an association that: operates a place of business or other physical location in the domicile-county; or has at least 100 members that are residents of the domicile-county. "…

7-9-55. Nonexempt credit unions. (1) A credit union organized under this chapter is a nonexempt credit union under this section on the day on which: on or after May 5, 2003, the credit union has a field of membership as evidenced by the bylaws of the credit union that includes al…

7-9-58. Limitations on credit extended by nonexempt credit unions. (1) Notwithstanding the other provisions of this chapter, beginning on May 5, 2003, a nonexempt credit union may not: extend a member-business loan; renew a member-business loan that is extended before May 5, 2003…

7-9-59. Credit union service organizations -- Limitations on providing services through other entities. (1) This section applies to a credit union service organization in which a credit union organized under this chapter has an ownership interest. (2) A credit union service organ…

7-9-6. Formation of corporation to conduct credit union -- Approval of commissioner. (1) Ten or more incorporators belonging to the same group of 200 persons or more having a field of membership may, with the approval of the commissioner, form a corporation to conduct a credit un…

7-9-7. Forms furnished by commissioner. The commissioner shall furnish all forms and blanks necessary for the formation of the credit union.

7-9-9. Amendment of articles of incorporation. (1) The articles of incorporation may be amended at meetings of the shareholders called for that purpose. (2) A notice of a meeting called for that purpose shall be given by mailing a copy thereof to each member at least 10 days prio…