United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-20

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.

Source excerpt

ballotingboard authorityboard dutiesbusiness entitybylawscapital and surpluscivil penaltycommittee appointmentsconsumer price indexconsumer price index adjustmentconsumer price index calculationcredit extensioncredit extension limitscredit limitscredit union capital and surpluscredit union governancecredit union lendingcredit union membershipcredit union penaltiescredit union service organizationcredit union service organizationscredit unionsdividendsdollar amount increaseextension of creditfee settingindexationlending limitslending termsloan limitationsloan limitsloan participation arrangementsmember creditmember-business loanmember-business loansmembership decisionsmonetary amountreserve requirementssecured excess financingsecured lendingshare insurancevacancies

Jurisdiction: United States — Utah
Status: In force
Dates: Legal dates not recorded

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“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.”

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Board of directors -- Powers and duties -- Loan limitations.

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.

Section 7-9-20

Subsection 7-9-20(7)(a)(ii)(A)

set a lower limit than the limit in Subsection (7)(b)(i) or (7)(b)(ii)(A)(II) ; or

Section 7-9-20(7)(a)(ii)(A)

Subsection 7-9-20(7)(c)(i)(A)

the actual undivided earnings; and

Section 7-9-20(7)(c)(i)(A)

Subsection 7-9-20(8)(b)(i)(B)(I)

the federal government;

Section 7-9-20(8)(b)(i)(B)(I)

Subsection 7-9-20(11)

The president and secretary may not be the same person.

Section 7-9-20(11)

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Showing 103 of 103 provisions

Provision 103

§ 7-9-20Board of directors -- Powers and duties -- Loan limitations.Provision

Source excerpt

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.

Board of directors -- Powers and duties -- Loan limitations. 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. The bylaws may provide balloting by: mail; ballot box; or both mail and ballot box. Voting may not be by proxy. A member of the board of directors shall hold office for the term prescribed in the bylaws. The board of directors shall meet at least monthly. The board of directors shall have the general management of the affairs, funds, and records of the credit union. In particular, the board of directors shall: act upon an application for membership; act upon expulsion of a member; fix the amount of surety bond required of each officer or employee having custody of funds; determine the rate of interest or dividend allowed on shares and deposits; determine the terms and conditions of credit granted to members; lend money, borrow money, and pledge security for any borrowing; fill a vacancy in the board of directors or in the credit committee, if applicable, or in the supervisory committee until the election and qualification of a person to fill the vacancy; appoint up to two alternate directors as provided in the bylaws; fix the amount of the entrance fee; declare dividends and their amount; make recommendations to meetings of the members relative to amendments to the articles of incorporation, and transact any other business of the credit union; and fix the maximum amount of credit, secured and unsecured, that may be extended to any one member, up to the limitations described in Subsections (7) and (8) . The credit that may be outstanding or available by a credit union at any one time is subject to the limitations described in this Subsection (7) : except as provided in Subsection (8) ; and except that the board of directors may: set a lower limit than the limit in Subsection (7)(b)(i) or (7)(b)(ii)(A)(II) ; or require that a person described in Subsection (7)(b)(ii)(A)(I) be a member of the credit union for more than six months before the date a member-business loan is extended. A credit union may not extend credit that is not a member-business loan to a member if as a result of that extension of credit the total credit that is not a member-business loan that the credit union has issued to that member exceeds at any one time: for a credit union with less than $2,000,000 in capital and surplus, the greater of: $1,000; or 15% of capital and surplus up to a total of $25,000; or for a credit union with $2,000,000 or more in capital and surplus, the greater of: $25,000; 4% of capital and surplus; or 25% of the regular reserve. Beginning March 24, 1999, a credit union may not extend a member-business loan to a person: if the credit union is a successor to or was a credit union described in Subsection 7-9-53(2)(c) as of May 3, 1999: if the person is a business entity, unless at least one individual having a controlling interest in that business entity has been a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or if the person is an individual, unless the individual is a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or if as a result of the extension of the member-business loan, the total amount outstanding for all member-business loans that the credit union has extended to that person at any one time exceeds the lesser of: 10% of the credit union's capital and surplus; or $250,000 adjusted as provided in Subsection (7)(b)(ii)(B) . The adjustment described in Subsection (7)(b)(ii)(A)(II)(Bb) shall be calculated by the commissioner as follows: beginning May 5, 2008 with the adjustment for calendar year 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase the dollar amount in Subsection (7)(b)(ii)(A)(II)(Bb) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2006; after the commissioner increases the dollar amount listed in Subsection (7)(b)(ii)(B)(I) , the commissioner shall round the dollar amount to the nearest whole dollar; if the percentage difference under Subsection (7)(b)(ii)(B)(I) is zero or a negative percentage, the consumer price index increase for the year is zero; and for purposes of this Subsection (7)(b)(ii)(B) , the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code. Beginning March 24, 1999, a credit union may not extend a member-business loan if as a result of that member-business loan the credit union's aggregate member-business loan amount calculated under Subsection (7)(c)(ii) at any one time exceeds 1.25 times the sum of: the actual undivided earnings; and the actual reserves other than the regular reserves. For purposes of Subsection (7)(c)(i) , the aggregate member-business loan amount of a credit union equals: the sum of the total amount financed under all member-business loans outstanding at the credit union; minus the amount of the member-business loans described in Subsection (7)(c)(ii)(A) : that is secured by share or deposit savings in the credit union; or for which the repayment is insured or guaranteed by, or there is an advance commitment to purchase by an agency of the federal government, a state, or a political subdivision of the state. A credit union service organization may extend credit to a member of a credit union holding an ownership interest in the credit union service organization only if the credit union in which the person is a member is not prohibited from extending that credit to that member under: this Subsection (7) and Subsection (8) ; or Section 7-9-58 . For purposes of determining whether under this Subsection (7) and Subsection (8) a credit union may extend credit, the total amount outstanding of credit extended by a credit union service organization to a person shall be treated as if the credit was extended by the credit union in which the person is a member. If a person seeking an extension of credit from a credit union service organization is a member of more than one credit union holding an ownership interest in the credit union service organization, the person shall specify the credit union to which the extension of credit is attributed under Subsection (7)(d)(ii) . This Subsection (7)(d) effects only an extension of credit: that is extended on or after May 5, 2003; and by: a credit union service organization; or a credit union organized under this chapter. Notwithstanding the other provisions of this section, a nonexempt credit union may not extend credit that the nonexempt credit union is prohibited from extending under Section 7-9-58 . A credit union may extend credit that is not a member-business loan in an amount that exceeds the limits described in Subsection (7)(b)(i) only if the excess portion is fully secured by share or deposit savings in the credit union. Except as provided in Subsection (8)(b)(ii) , a credit union may extend a member-business loan in an amount that exceeds the limits described in Subsection (7)(b)(ii)(A)(II) only if: that portion that is in excess of the limits described in Subsection (7)(b)(ii)(A)(II) is secured by share or deposit savings in the credit union; or the repayment of that portion that is in excess of the limits described in Subsection (7)(b)(ii)(A)(II) is insured or guaranteed by, or there is an advance commitment to purchase that excess portion by, an agency of: the federal government; a state; or a political subdivision of the state. Notwithstanding Subsection (8)(b)(i) , a credit union may not extend a member-business loan if the total amount financed by the credit union exceeds $1,000,000. For a member-business loan that is extended through a loan participation arrangement in accordance with Subsection 7-9-5(12) : in applying the limitation of Subsection (8)(b) , each credit union participating in the member-business loan may extend up to $1,000,000 of the amount financed; and the requirement of Subsection (7)(b)(ii)(A)(I) applies to membership in a credit union that: participates in the loan participation arrangement for the member-business loan; is organized under this chapter; and is a successor to or was a credit union described in Subsection 7-9-53(2)(c) as of May 3, 1999. As provided in this chapter or in the credit union bylaws, the board of directors: within 30 days following the annual meeting of the members, shall appoint a supervisory committee consisting of not less than three members; within 30 days after the annual meeting of the members, shall appoint: a credit committee consisting of not less than three members; or a credit manager in lieu of a credit committee; shall appoint a president to serve as general manager; shall have an executive committee; may appoint an investment officer; shall elect a secretary; may appoint other officers and committees that it considers necessary; shall establish written credit policies, loan security requirements, loan investment, personnel, and collection policies; and on or before January 31 of each year, shall provide for: share insurance for the shares and deposits of the credit union from the National Credit Union Administration or successor federal agency; or security expressly pledged for the payment of the shares and deposits in accordance with Section 7-9-45 . A person may not be a member of more than one committee except as otherwise provided in this chapter or in the credit union bylaws. The president and secretary may not be the same person.

Section 7-9-20Verify source

§ 7-9-20(1)Subsection 7-9-20(1)Provision

Source excerpt

At annual meetings, the members must elect a board of directors from among themselves.

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.

Section 7-9-20(1)Verify source

§ 7-9-20(2)Subsection 7-9-20(2)Provision

Source excerpt

The bylaws may allow balloting by mail, by ballot box, or by both methods.

The bylaws may provide balloting by: mail; ballot box; or both mail and ballot box.

Section 7-9-20(2)Verify source

§ 7-9-20(2)(a)Subsection 7-9-20(2)(a)Provision

Source excerpt

mail;

Section 7-9-20(2)(a)Verify source

§ 7-9-20(2)(b)Subsection 7-9-20(2)(b)Provision

Source excerpt

ballot box; or

Section 7-9-20(2)(b)Verify source

§ 7-9-20(2)(c)Subsection 7-9-20(2)(c)Provision

Source excerpt

both mail and ballot box.

Section 7-9-20(2)(c)Verify source

§ 7-9-20(3)Subsection 7-9-20(3)Provision

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Voting may not be by proxy.

Section 7-9-20(3)Verify source

§ 7-9-20(4)Subsection 7-9-20(4)Provision

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A board member must hold office for the term set in the bylaws.

A member of the board of directors shall hold office for the term prescribed in the bylaws.

Section 7-9-20(4)Verify source

§ 7-9-20(5)Subsection 7-9-20(5)Provision

Source excerpt

The board of directors must meet at least monthly.

The board of directors shall meet at least monthly.

Section 7-9-20(5)Verify source

§ 7-9-20(6)Subsection 7-9-20(6)Provision

Source excerpt

The board of directors manages the credit union’s affairs, funds, and records, and must take specified governance actions.

The board of directors shall have the general management of the affairs, funds, and records of the credit union. In particular, the board of directors shall: act upon an application for membership; act upon expulsion of a member; fix the amount of surety bond required of each officer or employee having custody of funds; determine the rate of interest or dividend allowed on shares and deposits; determine the terms and conditions of credit granted to members; lend money, borrow money, and pledge security for any borrowing; fill a vacancy in the board of directors or in the credit committee, if applicable, or in the supervisory committee until the election and qualification of a person to fill the vacancy; appoint up to two alternate directors as provided in the bylaws; fix the amount of the entrance fee; declare dividends and their amount; make recommendations to meetings of the members relative to amendments to the articles of incorporation, and transact any other business of the credit union; and fix the maximum amount of credit, secured and unsecured, that may be extended to any one member, up to the limitations described in Subsections (7) and (8) .

Section 7-9-20(6)Verify source

§ 7-9-20(6)(a)Subsection 7-9-20(6)(a)Provision

Source excerpt

act upon an application for membership;

Section 7-9-20(6)(a)Verify source

§ 7-9-20(6)(b)Subsection 7-9-20(6)(b)Provision

Source excerpt

act upon expulsion of a member;

Section 7-9-20(6)(b)Verify source

§ 7-9-20(6)(c)Subsection 7-9-20(6)(c)Provision

Source excerpt

An officer or employee who has custody of funds must have the surety bond amount fixed.

fix the amount of surety bond required of each officer or employee having custody of funds;

Section 7-9-20(6)(c)Verify source

§ 7-9-20(6)(d)Subsection 7-9-20(6)(d)Provision

Source excerpt

determine the rate of interest or dividend allowed on shares and deposits;

Section 7-9-20(6)(d)Verify source

§ 7-9-20(6)(e)Subsection 7-9-20(6)(e)Provision

Section 7-9-20(6)(e)Verify source

§ 7-9-20(6)(f)Subsection 7-9-20(6)(f)Provision

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lend money, borrow money, and pledge security for any borrowing;

Section 7-9-20(6)(f)Verify source

§ 7-9-20(6)(g)Subsection 7-9-20(6)(g)Provision

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A vacancy in the board of directors, credit committee (if applicable), or supervisory committee is to be filled until a person is elected and qualified.

fill a vacancy in the board of directors or in the credit committee, if applicable, or in the supervisory committee until the election and qualification of a person to fill the vacancy;

Section 7-9-20(6)(g)Verify source

§ 7-9-20(6)(h)Subsection 7-9-20(6)(h)Provision

Source excerpt

appoint up to two alternate directors as provided in the bylaws;

Section 7-9-20(6)(h)Verify source

§ 7-9-20(6)(i)Subsection 7-9-20(6)(i)Provision

Source excerpt

fix the amount of the entrance fee;

Section 7-9-20(6)(i)Verify source

§ 7-9-20(6)(j)Subsection 7-9-20(6)(j)Provision

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declare dividends and their amount;

Section 7-9-20(6)(j)Verify source

§ 7-9-20(6)(k)Subsection 7-9-20(6)(k)Provision

Source excerpt

The members must make recommendations to meetings about amendments to the articles of incorporation and may transact any other business of the credit union.

make recommendations to meetings of the members relative to amendments to the articles of incorporation, and transact any other business of the credit union; and

Section 7-9-20(6)(k)Verify source

§ 7-9-20(6)(l)Subsection 7-9-20(6)(l)Provision

Source excerpt

fix the maximum amount of credit, secured and unsecured, that may be extended to any one member, up to the limitations described in Subsections (7) and (8) .

Section 7-9-20(6)(l)Verify source

§ 7-9-20(7)Subsection 7-9-20(7)Provision

Source excerpt

The credit that may be outstanding or available by a credit union at any one time is subject to the limitations described in this Subsection (7) : except as provided in Subsection (8) ; and except that the board of directors may: set a lower limit than the limit in Subsection (7)(b)(i) or (7)(b)(ii)(A)(II) ; or require that a person described in Subsection (7)(b)(ii)(A)(I) be a member of the credit union for more than six months before the date a member-business loan is extended. A credit union may not extend credit that is not a member-business loan to a member if as a result of that extension of credit the total credit that is not a member-business loan that the credit union has issued to that member exceeds at any one time: for a credit union with less than $2,000,000 in capital and surplus, the greater of: $1,000; or 15% of capital and surplus up to a total of $25,000; or for a credit union with $2,000,000 or more in capital and surplus, the greater of: $25,000; 4% of capital and surplus; or 25% of the regular reserve. Beginning March 24, 1999, a credit union may not extend a member-business loan to a person: if the credit union is a successor to or was a credit union described in Subsection 7-9-53(2)(c) as of May 3, 1999: if the person is a business entity, unless at least one individual having a controlling interest in that business entity has been a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or if the person is an individual, unless the individual is a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or if as a result of the extension of the member-business loan, the total amount outstanding for all member-business loans that the credit union has extended to that person at any one time exceeds the lesser of: 10% of the credit union's capital and surplus; or $250,000 adjusted as provided in Subsection (7)(b)(ii)(B) . The adjustment described in Subsection (7)(b)(ii)(A)(II)(Bb) shall be calculated by the commissioner as follows: beginning May 5, 2008 with the adjustment for calendar year 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase the dollar amount in Subsection (7)(b)(ii)(A)(II)(Bb) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2006; after the commissioner increases the dollar amount listed in Subsection (7)(b)(ii)(B)(I) , the commissioner shall round the dollar amount to the nearest whole dollar; if the percentage difference under Subsection (7)(b)(ii)(B)(I) is zero or a negative percentage, the consumer price index increase for the year is zero; and for purposes of this Subsection (7)(b)(ii)(B) , the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code. Beginning March 24, 1999, a credit union may not extend a member-business loan if as a result of that member-business loan the credit union's aggregate member-business loan amount calculated under Subsection (7)(c)(ii) at any one time exceeds 1.25 times the sum of: the actual undivided earnings; and the actual reserves other than the regular reserves. For purposes of Subsection (7)(c)(i) , the aggregate member-business loan amount of a credit union equals: the sum of the total amount financed under all member-business loans outstanding at the credit union; minus the amount of the member-business loans described in Subsection (7)(c)(ii)(A) : that is secured by share or deposit savings in the credit union; or for which the repayment is insured or guaranteed by, or there is an advance commitment to purchase by an agency of the federal government, a state, or a political subdivision of the state. A credit union service organization may extend credit to a member of a credit union holding an ownership interest in the credit union service organization only if the credit union in which the person is a member is not prohibited from extending that credit to that member under: this Subsection (7) and Subsection (8) ; or Section 7-9-58 . For purposes of determining whether under this Subsection (7) and Subsection (8) a credit union may extend credit, the total amount outstanding of credit extended by a credit union service organization to a person shall be treated as if the credit was extended by the credit union in which the person is a member. If a person seeking an extension of credit from a credit union service organization is a member of more than one credit union holding an ownership interest in the credit union service organization, the person shall specify the credit union to which the extension of credit is attributed under Subsection (7)(d)(ii) . This Subsection (7)(d) effects only an extension of credit: that is extended on or after May 5, 2003; and by: a credit union service organization; or a credit union organized under this chapter. Notwithstanding the other provisions of this section, a nonexempt credit union may not extend credit that the nonexempt credit union is prohibited from extending under Section 7-9-58 .

Section 7-9-20(7)Verify source

§ 7-9-20(7)(a)Subsection 7-9-20(7)(a)Provision

Source excerpt

A credit union’s outstanding or available credit is subject to this subsection’s limits, and its board of directors may set a lower limit or require a person to have been a member for more than six months before a member-business loan is extended, except as provided in Subsection (8).

Section 7-9-20(7)(a)Verify source

§ 7-9-20(7)(a)(i)Subsection 7-9-20(7)(a)(i)Provision

Source excerpt

This phrase makes the rule subject to an exception in Subsection (8).

except as provided in Subsection (8) ; and

Section 7-9-20(7)(a)(i)Verify source

§ 7-9-20(7)(a)(ii)Subsection 7-9-20(7)(a)(ii)Provision

Source excerpt

The board of directors may set a lower limit than the limit in certain referenced subsections, or require a person in the referenced category to be a credit union member for more than six months before a member-business loan is extended.

except that the board of directors may: set a lower limit than the limit in Subsection (7)(b)(i) or (7)(b)(ii)(A)(II) ; or require that a person described in Subsection (7)(b)(ii)(A)(I) be a member of the credit union for more than six months before the date a member-business loan is extended.

Section 7-9-20(7)(a)(ii)Verify source

§ 7-9-20(7)(a)(ii)(A)Subsection 7-9-20(7)(a)(ii)(A)Provision

Source excerpt

set a lower limit than the limit in Subsection (7)(b)(i) or (7)(b)(ii)(A)(II) ; or

Section 7-9-20(7)(a)(ii)(A)Verify source

§ 7-9-20(7)(a)(ii)(B)Subsection 7-9-20(7)(a)(ii)(B)Provision

Source excerpt

require that a person described in Subsection (7)(b)(ii)(A)(I) be a member of the credit union for more than six months before the date a member-business loan is extended.

Section 7-9-20(7)(a)(ii)(B)Verify source

§ 7-9-20(7)(b)Subsection 7-9-20(7)(b)Provision

Source excerpt

A credit union must not exceed specified lending caps when extending non-member-business credit or member-business loans, and the commissioner must adjust one dollar limit using a CPI-based method.

A credit union may not extend credit that is not a member-business loan to a member if as a result of that extension of credit the total credit that is not a member-business loan that the credit union has issued to that member exceeds at any one time: for a credit union with less than $2,000,000 in capital and surplus, the greater of: $1,000; or 15% of capital and surplus up to a total of $25,000; or for a credit union with $2,000,000 or more in capital and surplus, the greater of: $25,000; 4% of capital and surplus; or 25% of the regular reserve. Beginning March 24, 1999, a credit union may not extend a member-business loan to a person: if the credit union is a successor to or was a credit union described in Subsection 7-9-53(2)(c) as of May 3, 1999: if the person is a business entity, unless at least one individual having a controlling interest in that business entity has been a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or if the person is an individual, unless the individual is a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or if as a result of the extension of the member-business loan, the total amount outstanding for all member-business loans that the credit union has extended to that person at any one time exceeds the lesser of: 10% of the credit union's capital and surplus; or $250,000 adjusted as provided in Subsection (7)(b)(ii)(B) . The adjustment described in Subsection (7)(b)(ii)(A)(II)(Bb) shall be calculated by the commissioner as follows: beginning May 5, 2008 with the adjustment for calendar year 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase the dollar amount in Subsection (7)(b)(ii)(A)(II)(Bb) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2006; after the commissioner increases the dollar amount listed in Subsection (7)(b)(ii)(B)(I) , the commissioner shall round the dollar amount to the nearest whole dollar; if the percentage difference under Subsection (7)(b)(ii)(B)(I) is zero or a negative percentage, the consumer price index increase for the year is zero; and for purposes of this Subsection (7)(b)(ii)(B) , the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.

Section 7-9-20(7)(b)Verify source

§ 7-9-20(7)(b)(i)Subsection 7-9-20(7)(b)(i)Provision

Source excerpt

A credit union may not extend non-member-business loan credit to a member if doing so would push that member’s total non-member-business loan credit above the stated limit.

Section 7-9-20(7)(b)(i)Verify source

§ 7-9-20(7)(b)(i)(A)Subsection 7-9-20(7)(b)(i)(A)Provision

Source excerpt

for a credit union with less than $2,000,000 in capital and surplus, the greater of: $1,000; or 15% of capital and surplus up to a total of $25,000; or

Section 7-9-20(7)(b)(i)(A)Verify source

§ 7-9-20(7)(b)(i)(A)(I)Subsection 7-9-20(7)(b)(i)(A)(I)Provision

Source excerpt

Mentions an amount of $1,000.

$1,000; or

Section 7-9-20(7)(b)(i)(A)(I)Verify source

§ 7-9-20(7)(b)(i)(A)(II)Subsection 7-9-20(7)(b)(i)(A)(II)Provision

Source excerpt

A monetary amount is set at 15% of capital and surplus, capped at $25,000.

15% of capital and surplus up to a total of $25,000; or

Section 7-9-20(7)(b)(i)(A)(II)Verify source

§ 7-9-20(7)(b)(i)(B)Subsection 7-9-20(7)(b)(i)(B)Provision

Source excerpt

For a credit union with $2,000,000 or more in capital and surplus, the amount is the greater of $25,000, 4% of capital and surplus, or 25% of the regular reserve.

for a credit union with $2,000,000 or more in capital and surplus, the greater of: $25,000; 4% of capital and surplus; or 25% of the regular reserve.

Section 7-9-20(7)(b)(i)(B)Verify source

§ 7-9-20(7)(b)(i)(B)(I)Subsection 7-9-20(7)(b)(i)(B)(I)Provision

Source excerpt

This provision states an amount of $25,000.

$25,000;

Section 7-9-20(7)(b)(i)(B)(I)Verify source

§ 7-9-20(7)(b)(i)(B)(II)Subsection 7-9-20(7)(b)(i)(B)(II)Provision

Source excerpt

States a 4% capital-and-surplus figure.

4% of capital and surplus; or

Section 7-9-20(7)(b)(i)(B)(II)Verify source

§ 7-9-20(7)(b)(i)(B)(III)Subsection 7-9-20(7)(b)(i)(B)(III)Provision

Source excerpt

This provision states a 25% amount of the regular reserve.

25% of the regular reserve.

Section 7-9-20(7)(b)(i)(B)(III)Verify source

§ 7-9-20(7)(b)(ii)Subsection 7-9-20(7)(b)(ii)Provision

Source excerpt

Beginning March 24, 1999, a credit union may not extend a member-business loan to a person: if the credit union is a successor to or was a credit union described in Subsection 7-9-53(2)(c) as of May 3, 1999: if the person is a business entity, unless at least one individual having a controlling interest in that business entity has been a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or if the person is an individual, unless the individual is a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or if as a result of the extension of the member-business loan, the total amount outstanding for all member-business loans that the credit union has extended to that person at any one time exceeds the lesser of: 10% of the credit union's capital and surplus; or $250,000 adjusted as provided in Subsection (7)(b)(ii)(B) . The adjustment described in Subsection (7)(b)(ii)(A)(II)(Bb) shall be calculated by the commissioner as follows: beginning May 5, 2008 with the adjustment for calendar year 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase the dollar amount in Subsection (7)(b)(ii)(A)(II)(Bb) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2006; after the commissioner increases the dollar amount listed in Subsection (7)(b)(ii)(B)(I) , the commissioner shall round the dollar amount to the nearest whole dollar; if the percentage difference under Subsection (7)(b)(ii)(B)(I) is zero or a negative percentage, the consumer price index increase for the year is zero; and for purposes of this Subsection (7)(b)(ii)(B) , the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.

Section 7-9-20(7)(b)(ii)Verify source

§ 7-9-20(7)(b)(ii)(A)Subsection 7-9-20(7)(b)(ii)(A)Provision

Source excerpt

Section 7-9-20(7)(b)(ii)(A)Verify source

§ 7-9-20(7)(b)(ii)(A)(I)Subsection 7-9-20(7)(b)(ii)(A)(I)Provision

Source excerpt

if the credit union is a successor to or was a credit union described in Subsection 7-9-53(2)(c) as of May 3, 1999: if the person is a business entity, unless at least one individual having a controlling interest in that business entity has been a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or if the person is an individual, unless the individual is a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or

Section 7-9-20(7)(b)(ii)(A)(I)Verify source

§ 7-9-20(7)(b)(ii)(A)(I)(Aa)Subsection 7-9-20(7)(b)(ii)(A)(I)(Aa)Provision

Source excerpt

A business entity is excepted unless at least one controlling-interest individual has been a credit union member for at least six months before the loan extension.

if the person is a business entity, unless at least one individual having a controlling interest in that business entity has been a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or

Section 7-9-20(7)(b)(ii)(A)(I)(Aa)Verify source

§ 7-9-20(7)(b)(ii)(A)(I)(Bb)Subsection 7-9-20(7)(b)(ii)(A)(I)(Bb)Provision

Source excerpt

if the person is an individual, unless the individual is a member of the credit union for at least six months prior to the date of the extension of the member-business loan; or

Section 7-9-20(7)(b)(ii)(A)(I)(Bb)Verify source

§ 7-9-20(7)(b)(ii)(A)(II)Subsection 7-9-20(7)(b)(ii)(A)(II)Provision

Source excerpt

If a credit union’s member-business loans to a person cause the total outstanding amount to exceed the lesser of 10% of the credit union’s capital and surplus or $250,000 (as adjusted), the threshold is crossed.

if as a result of the extension of the member-business loan, the total amount outstanding for all member-business loans that the credit union has extended to that person at any one time exceeds the lesser of: 10% of the credit union's capital and surplus; or $250,000 adjusted as provided in Subsection (7)(b)(ii)(B) .

Section 7-9-20(7)(b)(ii)(A)(II)Verify source

§ 7-9-20(7)(b)(ii)(A)(II)(Aa)Subsection 7-9-20(7)(b)(ii)(A)(II)(Aa)Provision

Source excerpt

A threshold of 10% of the credit union's capital and surplus is stated.

10% of the credit union's capital and surplus; or

Section 7-9-20(7)(b)(ii)(A)(II)(Aa)Verify source

§ 7-9-20(7)(b)(ii)(A)(II)(Bb)Subsection 7-9-20(7)(b)(ii)(A)(II)(Bb)Provision

Source excerpt

A $250,000 amount is adjusted as provided in another subsection.

$250,000 adjusted as provided in Subsection (7)(b)(ii)(B) .

Section 7-9-20(7)(b)(ii)(A)(II)(Bb)Verify source

§ 7-9-20(7)(b)(ii)(B)Subsection 7-9-20(7)(b)(ii)(B)Provision

Source excerpt

The commissioner must calculate and adjust the specified dollar amount using the consumer price index formula, then round the result to the nearest whole dollar.

The adjustment described in Subsection (7)(b)(ii)(A)(II)(Bb) shall be calculated by the commissioner as follows: beginning May 5, 2008 with the adjustment for calendar year 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase the dollar amount in Subsection (7)(b)(ii)(A)(II)(Bb) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2006; after the commissioner increases the dollar amount listed in Subsection (7)(b)(ii)(B)(I) , the commissioner shall round the dollar amount to the nearest whole dollar; if the percentage difference under Subsection (7)(b)(ii)(B)(I) is zero or a negative percentage, the consumer price index increase for the year is zero; and for purposes of this Subsection (7)(b)(ii)(B) , the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.

Section 7-9-20(7)(b)(ii)(B)Verify source

§ 7-9-20(7)(b)(ii)(B)(I)Subsection 7-9-20(7)(b)(ii)(B)(I)Provision

Source excerpt

The commissioner must increase the specified dollar amount by a CPI-based percentage adjustment.

beginning May 5, 2008 with the adjustment for calendar year 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase the dollar amount in Subsection (7)(b)(ii)(A)(II)(Bb) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2006;

Section 7-9-20(7)(b)(ii)(B)(I)Verify source

§ 7-9-20(7)(b)(ii)(B)(II)Subsection 7-9-20(7)(b)(ii)(B)(II)Provision

Source excerpt

If the commissioner increases the dollar amount in the cited subsection, the commissioner must round the amount to the nearest whole dollar.

after the commissioner increases the dollar amount listed in Subsection (7)(b)(ii)(B)(I) , the commissioner shall round the dollar amount to the nearest whole dollar;

Section 7-9-20(7)(b)(ii)(B)(II)Verify source

§ 7-9-20(7)(b)(ii)(B)(III)Subsection 7-9-20(7)(b)(ii)(B)(III)Provision

Source excerpt

if the percentage difference under Subsection (7)(b)(ii)(B)(I) is zero or a negative percentage, the consumer price index increase for the year is zero; and

Section 7-9-20(7)(b)(ii)(B)(III)Verify source

§ 7-9-20(7)(b)(ii)(B)(IV)Subsection 7-9-20(7)(b)(ii)(B)(IV)Provision

Source excerpt

The commissioner must calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5) of the Internal Revenue Code for this subsection.

for purposes of this Subsection (7)(b)(ii)(B) , the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.

Section 7-9-20(7)(b)(ii)(B)(IV)Verify source

§ 7-9-20(7)(c)Subsection 7-9-20(7)(c)Provision

Source excerpt

A credit union may not make a member-business loan if that loan would push the credit union’s aggregate member-business loan amount above 1.25 times its actual undivided earnings plus actual reserves other than regular reserves.

Beginning March 24, 1999, a credit union may not extend a member-business loan if as a result of that member-business loan the credit union's aggregate member-business loan amount calculated under Subsection (7)(c)(ii) at any one time exceeds 1.25 times the sum of: the actual undivided earnings; and the actual reserves other than the regular reserves. For purposes of Subsection (7)(c)(i) , the aggregate member-business loan amount of a credit union equals: the sum of the total amount financed under all member-business loans outstanding at the credit union; minus the amount of the member-business loans described in Subsection (7)(c)(ii)(A) : that is secured by share or deposit savings in the credit union; or for which the repayment is insured or guaranteed by, or there is an advance commitment to purchase by an agency of the federal government, a state, or a political subdivision of the state.

Section 7-9-20(7)(c)Verify source

§ 7-9-20(7)(c)(i)Subsection 7-9-20(7)(c)(i)Provision

Source excerpt

Section 7-9-20(7)(c)(i)Verify source

§ 7-9-20(7)(c)(i)(A)Subsection 7-9-20(7)(c)(i)(A)Provision

Source excerpt

the actual undivided earnings; and

Section 7-9-20(7)(c)(i)(A)Verify source

§ 7-9-20(7)(c)(i)(B)Subsection 7-9-20(7)(c)(i)(B)Provision

Source excerpt

the actual reserves other than the regular reserves.

Section 7-9-20(7)(c)(i)(B)Verify source

§ 7-9-20(7)(c)(ii)Subsection 7-9-20(7)(c)(ii)Provision

Source excerpt

For this calculation, a credit union’s aggregate member-business loan amount equals total outstanding member-business loans minus certain excluded loans.

For purposes of Subsection (7)(c)(i) , the aggregate member-business loan amount of a credit union equals: the sum of the total amount financed under all member-business loans outstanding at the credit union; minus the amount of the member-business loans described in Subsection (7)(c)(ii)(A) : that is secured by share or deposit savings in the credit union; or for which the repayment is insured or guaranteed by, or there is an advance commitment to purchase by an agency of the federal government, a state, or a political subdivision of the state.

Section 7-9-20(7)(c)(ii)Verify source

§ 7-9-20(7)(c)(ii)(A)Subsection 7-9-20(7)(c)(ii)(A)Provision

Source excerpt

the sum of the total amount financed under all member-business loans outstanding at the credit union; minus

Section 7-9-20(7)(c)(ii)(A)Verify source

§ 7-9-20(7)(c)(ii)(B)Subsection 7-9-20(7)(c)(ii)(B)Provision

Source excerpt

the amount of the member-business loans described in Subsection (7)(c)(ii)(A) : that is secured by share or deposit savings in the credit union; or for which the repayment is insured or guaranteed by, or there is an advance commitment to

Section 7-9-20(7)(c)(ii)(B)Verify source

§ 7-9-20(7)(c)(ii)(B)(I)Subsection 7-9-20(7)(c)(ii)(B)(I)Provision

Source excerpt

that is secured by share or deposit savings in the credit union; or

Section 7-9-20(7)(c)(ii)(B)(I)Verify source

§ 7-9-20(7)(c)(ii)(B)(II)Subsection 7-9-20(7)(c)(ii)(B)(II)Provision

Source excerpt

for which the repayment is insured or guaranteed by, or there is an advance commitment to purchase by an agency of the federal government, a state, or a political subdivision of the state.

Section 7-9-20(7)(c)(ii)(B)(II)Verify source

§ 7-9-20(7)(d)Subsection 7-9-20(7)(d)Provision

Source excerpt

A credit union service organization may extend credit to certain members only if the member’s credit union is not barred from making that credit under the listed provisions.

A credit union service organization may extend credit to a member of a credit union holding an ownership interest in the credit union service organization only if the credit union in which the person is a member is not prohibited from extending that credit to that member under: this Subsection (7) and Subsection (8) ; or Section 7-9-58 . For purposes of determining whether under this Subsection (7) and Subsection (8) a credit union may extend credit, the total amount outstanding of credit extended by a credit union service organization to a person shall be treated as if the credit was extended by the credit union in which the person is a member. If a person seeking an extension of credit from a credit union service organization is a member of more than one credit union holding an ownership interest in the credit union service organization, the person shall specify the credit union to which the extension of credit is attributed under Subsection (7)(d)(ii) . This Subsection (7)(d) effects only an extension of credit: that is extended on or after May 5, 2003; and by: a credit union service organization; or a credit union organized under this chapter.

Section 7-9-20(7)(d)Verify source

§ 7-9-20(7)(d)(i)Subsection 7-9-20(7)(d)(i)Provision

Source excerpt

A credit union service organization may extend credit to a member who has an ownership interest in it, but only if the member’s credit union is not barred from making that credit under the cited provisions.

Section 7-9-20(7)(d)(i)Verify source

§ 7-9-20(7)(d)(i)(A)Subsection 7-9-20(7)(d)(i)(A)Provision

Source excerpt

this Subsection (7) and Subsection (8) ; or

Section 7-9-20(7)(d)(i)(A)Verify source

§ 7-9-20(7)(d)(i)(B)Subsection 7-9-20(7)(d)(i)(B)Provision

Source excerpt

Section 7-9-58 .

Section 7-9-20(7)(d)(i)(B)Verify source

§ 7-9-20(7)(d)(ii)Subsection 7-9-20(7)(d)(ii)Provision

Source excerpt

For purposes of credit-limit determinations under Subsections (7) and (8), credit extended by a credit union service organization to a person is treated as credit extended by the person’s member credit union.

For purposes of determining whether under this Subsection (7) and Subsection (8) a credit union may extend credit, the total amount outstanding of credit extended by a credit union service organization to a person shall be treated as if the credit was extended by the credit union in which the person is a member.

Section 7-9-20(7)(d)(ii)Verify source

§ 7-9-20(7)(d)(iii)Subsection 7-9-20(7)(d)(iii)Provision

Source excerpt

If a borrower is a member of more than one credit union with an ownership interest in the credit union service organization, the borrower must specify which credit union the credit is attributed to.

If a person seeking an extension of credit from a credit union service organization is a member of more than one credit union holding an ownership interest in the credit union service organization, the person shall specify the credit union to which the extension of credit is attributed under Subsection (7)(d)(ii) .

Section 7-9-20(7)(d)(iii)Verify source

§ 7-9-20(7)(d)(iv)Subsection 7-9-20(7)(d)(iv)Provision

Source excerpt

This Subsection (7)(d) effects only an extension of credit: that is extended on or after May 5, 2003; and by: a credit union service organization; or a credit union organized under this chapter.

Section 7-9-20(7)(d)(iv)Verify source

§ 7-9-20(7)(d)(iv)(A)Subsection 7-9-20(7)(d)(iv)(A)Provision

Source excerpt

that is extended on or after May 5, 2003; and

Section 7-9-20(7)(d)(iv)(A)Verify source

§ 7-9-20(7)(d)(iv)(B)Subsection 7-9-20(7)(d)(iv)(B)Provision

Source excerpt

by: a credit union service organization; or a credit union organized under this chapter.

Section 7-9-20(7)(d)(iv)(B)Verify source

§ 7-9-20(7)(d)(iv)(B)(I)Subsection 7-9-20(7)(d)(iv)(B)(I)Provision

Source excerpt

a credit union service organization; or

Section 7-9-20(7)(d)(iv)(B)(I)Verify source

§ 7-9-20(7)(d)(iv)(B)(II)Subsection 7-9-20(7)(d)(iv)(B)(II)Provision

Source excerpt

This text identifies a credit union organized under this chapter.

a credit union organized under this chapter.

Section 7-9-20(7)(d)(iv)(B)(II)Verify source

§ 7-9-20(7)(e)Subsection 7-9-20(7)(e)Provision

Source excerpt

A nonexempt credit union may not extend credit it is prohibited from extending under Section 7-9-58.

Notwithstanding the other provisions of this section, a nonexempt credit union may not extend credit that the nonexempt credit union is prohibited from extending under Section 7-9-58 .

Section 7-9-20(7)(e)Verify source

§ 7-9-20(8)Subsection 7-9-20(8)Provision

Source excerpt

A credit union may exceed certain loan limits only if the excess is fully secured or otherwise guaranteed/insured, and it may not finance a member-business loan above $1,000,000 in total.

A credit union may extend credit that is not a member-business loan in an amount that exceeds the limits described in Subsection (7)(b)(i) only if the excess portion is fully secured by share or deposit savings in the credit union. Except as provided in Subsection (8)(b)(ii) , a credit union may extend a member-business loan in an amount that exceeds the limits described in Subsection (7)(b)(ii)(A)(II) only if: that portion that is in excess of the limits described in Subsection (7)(b)(ii)(A)(II) is secured by share or deposit savings in the credit union; or the repayment of that portion that is in excess of the limits described in Subsection (7)(b)(ii)(A)(II) is insured or guaranteed by, or there is an advance commitment to purchase that excess portion by, an agency of: the federal government; a state; or a political subdivision of the state. Notwithstanding Subsection (8)(b)(i) , a credit union may not extend a member-business loan if the total amount financed by the credit union exceeds $1,000,000. For a member-business loan that is extended through a loan participation arrangement in accordance with Subsection 7-9-5(12) : in applying the limitation of Subsection (8)(b) , each credit union participating in the member-business loan may extend up to $1,000,000 of the amount financed; and the requirement of Subsection (7)(b)(ii)(A)(I) applies to membership in a credit union that: participates in the loan participation arrangement for the member-business loan; is organized under this chapter; and is a successor to or was a credit union described in Subsection 7-9-53(2)(c) as of May 3, 1999.

Section 7-9-20(8)Verify source

§ 7-9-20(8)(a)Subsection 7-9-20(8)(a)Provision

Source excerpt

A credit union may make non-member-business loans above the stated limit only if the excess is fully secured by share or deposit savings in the credit union.

Section 7-9-20(8)(a)Verify source

§ 7-9-20(8)(b)Subsection 7-9-20(8)(b)Provision

Source excerpt

Except as provided in Subsection (8)(b)(ii) , a credit union may extend a member-business loan in an amount that exceeds the limits described in Subsection (7)(b)(ii)(A)(II) only if: that portion that is in excess of the limits described in Subsection (7)(b)(ii)(A)(II) is secured by share or deposit savings in the credit union; or the repayment of that portion that is in excess of the limits described in Subsection (7)(b)(ii)(A)(II) is insured or guaranteed by, or there is an advance commitment to purchase that excess portion by, an agency of: the federal government; a state; or a political subdivision of the state. Notwithstanding Subsection (8)(b)(i) , a credit union may not extend a member-business loan if the total amount financed by the credit union exceeds $1,000,000.

Section 7-9-20(8)(b)Verify source

§ 7-9-20(8)(b)(i)Subsection 7-9-20(8)(b)(i)Provision

Source excerpt

Section 7-9-20(8)(b)(i)Verify source

§ 7-9-20(8)(b)(i)(A)Subsection 7-9-20(8)(b)(i)(A)Provision

Source excerpt

that portion that is in excess of the limits described in Subsection (7)(b)(ii)(A)(II) is secured by share or deposit savings in the credit union; or

Section 7-9-20(8)(b)(i)(A)Verify source

§ 7-9-20(8)(b)(i)(B)Subsection 7-9-20(8)(b)(i)(B)Provision

Source excerpt

the repayment of that portion that is in excess of the limits described in Subsection (7)(b)(ii)(A)(II) is insured or guaranteed by, or there is an advance commitment to purchase that excess portion by, an agency of: the federal

Section 7-9-20(8)(b)(i)(B)Verify source

§ 7-9-20(8)(b)(i)(B)(I)Subsection 7-9-20(8)(b)(i)(B)(I)Provision

Source excerpt

the federal government;

Section 7-9-20(8)(b)(i)(B)(I)Verify source

§ 7-9-20(8)(b)(i)(B)(II)Subsection 7-9-20(8)(b)(i)(B)(II)Provision

Source excerpt

a state; or

Section 7-9-20(8)(b)(i)(B)(II)Verify source

§ 7-9-20(8)(b)(i)(B)(III)Subsection 7-9-20(8)(b)(i)(B)(III)Provision

Source excerpt

This text identifies a political subdivision of the state.

a political subdivision of the state.

Section 7-9-20(8)(b)(i)(B)(III)Verify source

§ 7-9-20(8)(b)(ii)Subsection 7-9-20(8)(b)(ii)Provision

Source excerpt

A credit union may not extend a member-business loan if the total amount financed by the credit union exceeds $1,000,000.

Notwithstanding Subsection (8)(b)(i) , a credit union may not extend a member-business loan if the total amount financed by the credit union exceeds $1,000,000.

Section 7-9-20(8)(b)(ii)Verify source

§ 7-9-20(8)(c)Subsection 7-9-20(8)(c)Provision

Source excerpt

For certain member-business loans in a loan participation arrangement, each participating credit union may extend up to $1,000,000 of the amount financed.

For a member-business loan that is extended through a loan participation arrangement in accordance with Subsection 7-9-5(12) : in applying the limitation of Subsection (8)(b) , each credit union participating in the member-business loan may extend up to $1,000,000 of the amount financed; and the requirement of Subsection (7)(b)(ii)(A)(I) applies to membership in a credit union that: participates in the loan participation arrangement for the member-business loan; is organized under this chapter; and is a successor to or was a credit union described in Subsection 7-9-53(2)(c) as of May 3, 1999.

Section 7-9-20(8)(c)Verify source

§ 7-9-20(8)(c)(i)Subsection 7-9-20(8)(c)(i)Provision

Source excerpt

Each participating credit union may extend up to $1,000,000 of the amount financed when applying the limitation in Subsection (8)(b).

in applying the limitation of Subsection (8)(b) , each credit union participating in the member-business loan may extend up to $1,000,000 of the amount financed; and

Section 7-9-20(8)(c)(i)Verify source

§ 7-9-20(8)(c)(ii)Subsection 7-9-20(8)(c)(ii)Provision

Source excerpt

the requirement of Subsection (7)(b)(ii)(A)(I) applies to membership in a credit union that: participates in the loan participation arrangement for the member-business loan; is organized under this chapter; and is a successor to or was a

Section 7-9-20(8)(c)(ii)Verify source

§ 7-9-20(8)(c)(ii)(A)Subsection 7-9-20(8)(c)(ii)(A)Provision

Source excerpt

participates in the loan participation arrangement for the member-business loan;

Section 7-9-20(8)(c)(ii)(A)Verify source

§ 7-9-20(8)(c)(ii)(B)Subsection 7-9-20(8)(c)(ii)(B)Provision

Source excerpt

is organized under this chapter; and

Section 7-9-20(8)(c)(ii)(B)Verify source

§ 7-9-20(8)(c)(ii)(C)Subsection 7-9-20(8)(c)(ii)(C)Provision

Source excerpt

is a successor to or was a credit union described in Subsection 7-9-53(2)(c) as of May 3, 1999.

Section 7-9-20(8)(c)(ii)(C)Verify source

§ 7-9-20(9)Subsection 7-9-20(9)Provision

Source excerpt

The board of directors must appoint specified committees and officers, adopt written credit and related policies, and arrange share insurance or pledged security by January 31 each year.

As provided in this chapter or in the credit union bylaws, the board of directors: within 30 days following the annual meeting of the members, shall appoint a supervisory committee consisting of not less than three members; within 30 days after the annual meeting of the members, shall appoint: a credit committee consisting of not less than three members; or a credit manager in lieu of a credit committee; shall appoint a president to serve as general manager; shall have an executive committee; may appoint an investment officer; shall elect a secretary; may appoint other officers and committees that it considers necessary; shall establish written credit policies, loan security requirements, loan investment, personnel, and collection policies; and on or before January 31 of each year, shall provide for: share insurance for the shares and deposits of the credit union from the National Credit Union Administration or successor federal agency; or security expressly pledged for the payment of the shares and deposits in accordance with Section 7-9-45 .

Section 7-9-20(9)Verify source

§ 7-9-20(9)(a)Subsection 7-9-20(9)(a)Provision

Source excerpt

Within 30 days after the annual meeting of the members, the actor must appoint a supervisory committee of at least three members.

within 30 days following the annual meeting of the members, shall appoint a supervisory committee consisting of not less than three members;

Section 7-9-20(9)(a)Verify source

§ 7-9-20(9)(b)Subsection 7-9-20(9)(b)Provision

Source excerpt

Within 30 days after the members’ annual meeting, an appointment must be made of either a credit committee of at least three members or a credit manager instead.

within 30 days after the annual meeting of the members, shall appoint: a credit committee consisting of not less than three members; or a credit manager in lieu of a credit committee;

Section 7-9-20(9)(b)Verify source

§ 7-9-20(9)(b)(i)Subsection 7-9-20(9)(b)(i)Provision

Source excerpt

a credit committee consisting of not less than three members; or

Section 7-9-20(9)(b)(i)Verify source

§ 7-9-20(9)(b)(ii)Subsection 7-9-20(9)(b)(ii)Provision

Source excerpt

a credit manager in lieu of a credit committee;

Section 7-9-20(9)(b)(ii)Verify source

§ 7-9-20(9)(c)Subsection 7-9-20(9)(c)Provision

Source excerpt

An unspecified actor must appoint a president to serve as general manager.

shall appoint a president to serve as general manager;

Section 7-9-20(9)(c)Verify source

§ 7-9-20(9)(d)Subsection 7-9-20(9)(d)Provision

Source excerpt

shall have an executive committee;

Section 7-9-20(9)(d)Verify source

§ 7-9-20(9)(e)Subsection 7-9-20(9)(e)Provision

Source excerpt

A person may appoint an investment officer.

may appoint an investment officer;

Section 7-9-20(9)(e)Verify source

§ 7-9-20(9)(f)Subsection 7-9-20(9)(f)Provision

Source excerpt

An unspecified actor must elect a secretary.

shall elect a secretary;

Section 7-9-20(9)(f)Verify source

§ 7-9-20(9)(g)Subsection 7-9-20(9)(g)Provision

Source excerpt

It may appoint other officers and committees if it considers them necessary.

may appoint other officers and committees that it considers necessary;

Section 7-9-20(9)(g)Verify source

§ 7-9-20(9)(h)Subsection 7-9-20(9)(h)Provision

Source excerpt

shall establish written credit policies, loan security requirements, loan investment, personnel, and collection policies; and

Section 7-9-20(9)(h)Verify source

§ 7-9-20(9)(i)Subsection 7-9-20(9)(i)Provision

Source excerpt

An unspecified actor must provide annual share insurance or pledged security for a credit union’s shares and deposits by January 31 each year.

on or before January 31 of each year, shall provide for: share insurance for the shares and deposits of the credit union from the National Credit Union Administration or successor federal agency; or security expressly pledged for the payment of the shares and deposits in accordance with Section 7-9-45 .

Section 7-9-20(9)(i)Verify source

§ 7-9-20(9)(i)(i)Subsection 7-9-20(9)(i)(i)Provision

Source excerpt

share insurance for the shares and deposits of the credit union from the National Credit Union Administration or successor federal agency; or

Section 7-9-20(9)(i)(i)Verify source

§ 7-9-20(9)(i)(ii)Subsection 7-9-20(9)(i)(ii)Provision

Source excerpt

Security is expressly pledged for payment of the shares and deposits in accordance with Section 7-9-45.

security expressly pledged for the payment of the shares and deposits in accordance with Section 7-9-45 .

Section 7-9-20(9)(i)(ii)Verify source

§ 7-9-20(10)Subsection 7-9-20(10)Provision

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A person may not belong to more than one committee, unless another rule in this chapter or the credit union bylaws allows it.

A person may not be a member of more than one committee except as otherwise provided in this chapter or in the credit union bylaws.

Section 7-9-20(10)Verify source

§ 7-9-20(11)Subsection 7-9-20(11)Provision

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The president and secretary may not be the same person.

Section 7-9-20(11)Verify source

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Internal Revenue Code
Section 7-9-20(7)(b)(ii)(B)(IV)

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Utah Code § 7-9-20

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