Browse 6,137 source-backed statutes, open stored provisions and move directly into source-grounded legal research.
6,137 statutes · page 293 of 307
United States — Utah legislation
20 statutes shown from 6,137 source-backed records
Limitations on loans to one borrower -- Exceptions -- Rules. Except as provided in this section, the total loans and extensions of credit, including credit exposure to a derivative transaction, by an industrial bank to a person outstanding
Application of chapter to industrial loan companies. As used in this section, "industrial loan company" is a person that on March 17, 2004, is: authorized to conduct business under this chapter; and not authorized to hold or receive
The commissioner may authorize certain persons to operate as industrial banks, but only if they fit the subsection’s organization rules and, for industrial-bank operations, deposit insurance is obtained.
An industrial bank is generally barred from taking or buying its own capital stock as collateral or as a purchase, unless needed to prevent loss on a previously contracted debt made in good faith.
Each industrial bank must file reports of its condition to the commissioner under Section 7-1-318.
This chapter is known as the "Utah Credit Union Act."
The Division of Corporations and Commercial Code must accept for filing an amendment to the articles of incorporation if it finds the amendment conforms to law and has been approved by the commissioner.
A credit union cannot begin receiving certain payments or making loans or other transactions until its bylaws are approved in writing by the commissioner.
Contents of bylaws. The bylaws of a credit union shall specify at least the following: the name of the credit union; the purpose for which the credit union was formed; a field of membership of the credit union that complies with Section
A credit union’s fiscal year ends at the close of business on December 31 each year.
The credit union’s annual meeting must be held at the time and place set by the bylaws, and notice of all meetings must be given as the bylaws prescribe.
Appeals from board, supervisory committee, or credit committee decisions must be made according to the bylaws.
Members -- Eligibility -- Liability -- Grounds for closing account -- Denial of membership. 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;
The board of directors may appoint one or more membership officers, who may approve membership applications under board and bylaws conditions. A membership officer must come from among the credit union’s members, and a president, vice president, or loan officer may not serve in that role. Membership denials may be appe
The board of directors or board-designated representatives may expel a member who has failed to meet obligations to the credit union or has not complied with board policies, this chapter, or the bylaws. If the member is on the board of directors or credit committee, the supervisory committee must call a special members
Except in liquidation or dissolution, a credit union must pay expelled members the amounts they paid on shares or deposited, plus accrued interest, in order of expulsion, after deducting any amounts the members owe the credit union.
A credit union is described as a cooperative, nonprofit association incorporated under this chapter.
Members elect a board of directors at annual meetings; the board manages the credit union and must follow listed governance, reporting, and lending-limit rules.
The board of directors must elect a chairman, one or more vice chairmen, and a secretary at its first meeting held within 30 days after each annual members’ meeting. Those officers are the credit union’s executive officers, may act for the board on delegated matters under the bylaws, and the board-appointed president m
A credit union’s bylaws must provide for a credit committee, credit manager, or both to handle credit functions, and must set their duties and responsibilities. A director may not serve on the credit committee. The credit union president may be appointed as credit manager, but if that happens, the president may not rec
Explore more
