Title 7, Title 7: Financial Institutions Act

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received in the name of a minor, and these shares and deposits may, in the discretion of the board of directors, be withdrawn by the minor or by the minor's parent or guardian.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…

7-14-1. Definitions. As used in this chapter: (1) "Credit reporting agency" includes any co-operative credit reporting agency maintained by an association of financial institutions or one or more associations of merchants. (2) "Depository institution" means any institution author…

7-14-2. Legislative findings. The substantial financial loss to the state and to trade and commerce within this state resulting from the dishonor or other return of checks, drafts, or other orders for the payment of money, including transactions to be consummated by electronic me…

7-14-3. Information an institution may furnish. Any institution doing business in the state may report to any other financial institution, or credit reporting agency the following: (1) that an account maintained to effect third party payment transactions has been closed out by th…

7-14-4. Immunity from liability. No depository institution making any report or communication of information authorized by this chapter shall be liable to any person for disclosing such information to any recipient authorized to receive this information under this chapter, or for…

7-14-5. Reciprocal exchange of information authorized. One or more financial institutions may jointly agree with one or more other financial institutions for the reciprocal exchange of any information authorized to be reported by the provisions of this chapter. Such reciprocal ex…

7-15-1. Definitions -- Civil liability of issuer -- Notice of action -- Collection costs -- Exemptions. (1) As used in this chapter: "Check" means a payment instrument on a depository institution including a: check; draft; order; or other instrument. "Issuer" means a person who m…

7-15-2. Notice -- Form. (1) "Notice" means notice given to the issuer of a check either orally or in writing. Written notice may be given by United States mail that is: first class; and postage prepaid. Notwithstanding Subsection, written notice is conclusively presumed to have b…

7-15-3. Liability of financial institution upon wrongful dishonor. If a person is liable to a holder under Sectionor under a contract with a depository institution as provided in Subsection, and the liability is proximately caused by a financial institution's wrongful dishonor un…

7-16a-101. Title. This chapter is known as the "Automated Teller Machine Act."

7-16a-102. Definitions. As used in this chapter: (1) "Automated teller machine" means an electronic information processing device that: is readily accessible to the general public; and on behalf of an issuer: dispenses currency or coin; or accepts deposits or payments. (2) "Custo…

7-16a-103. Application of chapter. (1) This chapter does not: authorize a depository institution, or any other person, to engage in any transaction not otherwise specifically permitted by applicable law; or apply to the use of any device capable of transmitting electronic impulse…

7-16a-201. Authority to operate an automated teller machine. An automated teller machine located in this state shall be operated only by: (1) a depository institution; (2) a depository institution holding company; or (3) an institution directly or indirectly owned or controlled b…

7-16a-202. Powers of depository institutions operating automated teller machines -- Fees or surcharges. (1) An operator may: make an automated teller machine available for use by customers of one or more issuers; connect the automated teller machine with an electronic consumer fu…

7-16a-203. Contractual waiver of Uniform Commercial Code provisions. (1) Subject to Subsectionsand, if the application of, is inconsistent with the operation of an automated teller machine, a point-of-sale terminal, or both, the requirements of, may be varied by contractual agree…

7-16a-204. Department notification requirements. (1) Except as provided in Subsection, an operator may not operate, relocate, or discontinue operating an automated teller machine unless the operator provides notice to the department in accordance with this section. (3) An operato…

7-17-1. Effect of act. The provisions of this act govern the rights, duties and liabilities of borrowers and lenders with respect to reserve accounts established before and after the effective date of this act.

7-17-10. Applicability of act to accounts and actions thereon. The provisions of this act shall apply: (1) to all reserve accounts; and (2) to all actions filed after January 1, 1979, to recover interest on or other compensation for the use of the funds in any reserve account whe…

7-17-2. Definitions. As used in this chapter: (1) "Real estate loan" means any agreement providing for a loan secured by an interest in real estate in this state containing a residential structure of not more than four housing units, at least one of which is the primary residence…

7-17-3. Lender to pay interest -- Exceptions -- Service charges prohibited. (1) Except as provided in Subsection, each lender requiring the establishment or continuance of a reserve account in connection with an existing or future real estate loan shall, on a yearly basis as of D…

7-17-4. Options in lieu of reserve account -- Notice by lender -- Selection by borrower -- Noninterest-bearing reserve account -- Exemption. (1) A lender not requiring the establishment and maintenance of a reserve account shall offer the borrower the following options: the borro…