United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-3

This section defines several credit-union terms used in the chapter.

Source excerpt

account definitionsbanking terminologycapitalcredit union depositscredit union lendingcredit unionsdeposit accountsdividendsinterestlending definitionsloan definitionsloan underwritingmember-business loan definitionmembership definitionssecured creditservice organizations

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

On this page

Professional statute overview

Enactment structure, operative effect and source provenance

Official source

Purpose and legislative effect

“This section defines several credit-union terms used in the chapter.”

Use this record to locate individual provisions, understand the instrument’s recorded structure, and move from a research summary to the exact source text.

How the instrument operates

01
Start with the recorded version

Legal dates not recorded. The date shown identifies this source expression and should not be treated as proof that no later change exists.
02
Locate the controlling provision

Use the provision map, part headings and full-text filter to move from the broad subject to the exact legal language.
03
Read conditions and exceptions together

Keep subsections, definitions, provisos and cross-references in context before drawing a legal conclusion.
04
Verify currency and official wording

Confirm later legislation, commencement notices and corrections with the official publisher before advice, filing or reliance.

Research entry points

Selected provisions across the instrument. Open any row to continue with the exact stored text.

Definitions.

This section defines several credit-union terms used in the chapter.

Section 7-9-3

Subsection 7-9-3(1)(b)(i)(B)

a customer; or

Section 7-9-3(1)(b)(i)(B)

Subsection 7-9-3(4)(b)

in which a credit union organized under this chapter holds an ownership interest.

Section 7-9-3(4)(b)

Subsection 7-9-3(8)(b)(i)

that is fully secured by a lien on a one- to four- family dwelling that is the primary residence of a member;

Section 7-9-3(8)(b)(i)

Subsection 7-9-3(11)

“Shares” means the part of members’ capital paid into the credit union on which dividends may be paid.

Section 7-9-3(11)

Source and current-law status

In force source record

Source record from le.utah.gov · Legal dates not recorded

In force

This source records the instrument as in force. Confirm subsequent amendments, commencement notices, and judicial treatment before relying on it.

For advice, pleadings, or compliance decisions, retain the official source and confirm the current consolidated provision.

Official record

Source-indexed provision map

Sections and provisions

Search by section, heading, part or exact legal wording. Every result remains linked to the stored source record.

Search within this statute

Search all stored provisions in this version.

Showing 47 of 47 provisions

Provision 45Interpretation 2

§ 7-9-3Definitions.Interpretation

Source excerpt

This section defines several credit-union terms used in the chapter.

Definitions. As used in this chapter: "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 common employer. "Association" does not include a group of persons that is: identified or created primarily on the basis of a relationship between any person and: a consumer; a customer; or a client; or created primarily for the purpose of expanding the membership in a credit union. "Capital and surplus" means: shares; deposits; reserves; and undivided earnings. "Corporate credit union" means any credit union organized pursuant to any state or federal act for the purpose of serving other credit unions. "Credit union service organization" means an entity: that provides any of the services listed in Subsection 7-9-59(2) ; and in which a credit union organized under this chapter holds an ownership interest. "Deposits" means that portion of the capital paid into the credit union by members on which a specified rate of interest will be paid. "Field of membership" means persons designated as eligible for credit union membership in accordance with: Section 7-9-51 or 7-9-53 ; and the bylaws of the credit union. "Immediate family" means parents, spouse, surviving spouse, children, and siblings of the member. "Member-business loan" means any loan, line of credit, or letter of credit, the proceeds of which will be used for: a commercial purpose; other business investment property or venture purpose; or an agricultural purpose. "Member-business loan" does not include an extension of credit: that is fully secured by a lien on a one- to four- family dwelling that is the primary residence of a member; that is fully secured by: shares or deposits in the credit union making the extension of credit; or deposits in other financial institutions; the repayment of which is fully insured or fully guaranteed by, or where there is an advance commitment to purchase in full by, an agency of: the federal government; a state; or a political subdivision of a state; or that is granted by a corporate credit union to another credit union. "Nonexempt credit union" means a credit union that is a nonexempt credit union under Section 7-9-55 . "Share drafts," "deposit drafts," and "transaction accounts" mean accounts from which owners are permitted to make withdrawals by negotiable or transferable instruments or other orders for the purpose of making transfers to other persons or to the owner. "Shares" means that portion of the capital paid into the credit union by members on which dividends may be paid.

Section 7-9-3Verify source

§ 7-9-3(1)Subsection 7-9-3(1)Interpretation

Source excerpt

This provision defines “association” and excludes certain groups from that definition.

"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 common employer. "Association" does not include a group of persons that is: identified or created primarily on the basis of a relationship between any person and: a consumer; a customer; or a client; or created primarily for the purpose of expanding the membership in a credit union.

Section 7-9-3(1)Verify source

§ 7-9-3(1)(a)Subsection 7-9-3(1)(a)Provision

Source excerpt

Section 7-9-3(1)(a)Verify source

§ 7-9-3(1)(a)(i)Subsection 7-9-3(1)(a)(i)Provision

Source excerpt

constitute the members of a formal association organized for: an identifiable interest; an identifiable purpose; a specific profession; or a specific occupation; or

Section 7-9-3(1)(a)(i)Verify source

§ 7-9-3(1)(a)(i)(A)Subsection 7-9-3(1)(a)(i)(A)Provision

Source excerpt

an identifiable interest;

Section 7-9-3(1)(a)(i)(A)Verify source

§ 7-9-3(1)(a)(i)(B)Subsection 7-9-3(1)(a)(i)(B)Provision

Source excerpt

Refers to an identifiable purpose.

an identifiable purpose;

Section 7-9-3(1)(a)(i)(B)Verify source

§ 7-9-3(1)(a)(i)(C)Subsection 7-9-3(1)(a)(i)(C)Provision

Source excerpt

a specific profession; or

Section 7-9-3(1)(a)(i)(C)Verify source

§ 7-9-3(1)(a)(i)(D)Subsection 7-9-3(1)(a)(i)(D)Provision

Source excerpt

a specific occupation; or

Section 7-9-3(1)(a)(i)(D)Verify source

§ 7-9-3(1)(a)(ii)Subsection 7-9-3(1)(a)(ii)Provision

Source excerpt

are employed by a common employer.

Section 7-9-3(1)(a)(ii)Verify source

§ 7-9-3(1)(b)Subsection 7-9-3(1)(b)Provision

Source excerpt

“Association” does not include certain groups of persons, including groups identified or created mainly because of a person’s relationship with a consumer, customer, or client, or groups formed mainly to expand credit union membership.

"Association" does not include a group of persons that is: identified or created primarily on the basis of a relationship between any person and: a consumer; a customer; or a client; or created primarily for the purpose of expanding the membership in a credit union.

Section 7-9-3(1)(b)Verify source

§ 7-9-3(1)(b)(i)Subsection 7-9-3(1)(b)(i)Provision

Source excerpt

identified or created primarily on the basis of a relationship between any person and: a consumer; a customer; or a client; or

Section 7-9-3(1)(b)(i)Verify source

§ 7-9-3(1)(b)(i)(A)Subsection 7-9-3(1)(b)(i)(A)Provision

Source excerpt

References a consumer.

a consumer;

Section 7-9-3(1)(b)(i)(A)Verify source

§ 7-9-3(1)(b)(i)(B)Subsection 7-9-3(1)(b)(i)(B)Provision

Source excerpt

a customer; or

Section 7-9-3(1)(b)(i)(B)Verify source

§ 7-9-3(1)(b)(i)(C)Subsection 7-9-3(1)(b)(i)(C)Provision

Source excerpt

a client; or

Section 7-9-3(1)(b)(i)(C)Verify source

§ 7-9-3(1)(b)(ii)Subsection 7-9-3(1)(b)(ii)Provision

Source excerpt

created primarily for the purpose of expanding the membership in a credit union.

Section 7-9-3(1)(b)(ii)Verify source

§ 7-9-3(2)Subsection 7-9-3(2)Provision

Source excerpt

This provision defines “capital and surplus” to mean shares, deposits, reserves, and undivided earnings.

"Capital and surplus" means: shares; deposits; reserves; and undivided earnings.

Section 7-9-3(2)Verify source

§ 7-9-3(2)(a)Subsection 7-9-3(2)(a)Provision

Source excerpt

shares;

Section 7-9-3(2)(a)Verify source

§ 7-9-3(2)(b)Subsection 7-9-3(2)(b)Provision

Source excerpt

deposits;

Section 7-9-3(2)(b)Verify source

§ 7-9-3(2)(c)Subsection 7-9-3(2)(c)Provision

Source excerpt

reserves; and

Section 7-9-3(2)(c)Verify source

§ 7-9-3(2)(d)Subsection 7-9-3(2)(d)Provision

Source excerpt

undivided earnings.

Section 7-9-3(2)(d)Verify source

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

Source excerpt

"Corporate credit union" means any credit union organized pursuant to any state or federal act for the purpose of serving other credit unions.

Section 7-9-3(3)Verify source

§ 7-9-3(4)Subsection 7-9-3(4)Provision

Source excerpt

“Credit union service organization” means an entity that provides certain listed services and in which a qualifying credit union holds an ownership interest.

"Credit union service organization" means an entity: that provides any of the services listed in Subsection 7-9-59(2) ; and in which a credit union organized under this chapter holds an ownership interest.

Section 7-9-3(4)Verify source

§ 7-9-3(4)(a)Subsection 7-9-3(4)(a)Provision

Source excerpt

Applies to an entity that provides any of the services listed in Subsection 7-9-59(2).

that provides any of the services listed in Subsection 7-9-59(2) ; and

Section 7-9-3(4)(a)Verify source

§ 7-9-3(4)(b)Subsection 7-9-3(4)(b)Provision

Source excerpt

in which a credit union organized under this chapter holds an ownership interest.

Section 7-9-3(4)(b)Verify source

§ 7-9-3(5)Subsection 7-9-3(5)Provision

Source excerpt

“Deposits” means the part of members’ capital paid into the credit union on which a specified rate of interest will be paid.

"Deposits" means that portion of the capital paid into the credit union by members on which a specified rate of interest will be paid.

Section 7-9-3(5)Verify source

§ 7-9-3(6)Subsection 7-9-3(6)Provision

Source excerpt

"Field of membership" means persons eligible for credit union membership under Section 7-9-51 or 7-9-53 and the credit union’s bylaws.

"Field of membership" means persons designated as eligible for credit union membership in accordance with: Section 7-9-51 or 7-9-53 ; and the bylaws of the credit union.

Section 7-9-3(6)Verify source

§ 7-9-3(6)(a)Subsection 7-9-3(6)(a)Provision

Source excerpt

Section 7-9-51 or 7-9-53 ; and

Section 7-9-3(6)(a)Verify source

§ 7-9-3(6)(b)Subsection 7-9-3(6)(b)Provision

Source excerpt

the bylaws of the credit union.

Section 7-9-3(6)(b)Verify source

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

Source excerpt

"Immediate family" means parents, spouse, surviving spouse, children, and siblings of the member.

Section 7-9-3(7)Verify source

§ 7-9-3(8)Subsection 7-9-3(8)Provision

Source excerpt

"Member-business loan" means any loan, line of credit, or letter of credit, the proceeds of which will be used for: a commercial purpose; other business investment property or venture purpose; or an agricultural purpose. "Member-business loan" does not include an extension of credit: that is fully secured by a lien on a one- to four- family dwelling that is the primary residence of a member; that is fully secured by: shares or deposits in the credit union making the extension of credit; or deposits in other financial institutions; the repayment of which is fully insured or fully guaranteed by, or where there is an advance commitment to purchase in full by, an agency of: the federal government; a state; or a political subdivision of a state; or that is granted by a corporate credit union to another credit union.

Section 7-9-3(8)Verify source

§ 7-9-3(8)(a)Subsection 7-9-3(8)(a)Provision

Source excerpt

"Member-business loan" is defined as a loan, line of credit, or letter of credit used for a commercial, business investment, venture, or agricultural purpose.

Section 7-9-3(8)(a)Verify source

§ 7-9-3(8)(a)(i)Subsection 7-9-3(8)(a)(i)Provision

Source excerpt

a commercial purpose;

Section 7-9-3(8)(a)(i)Verify source

§ 7-9-3(8)(a)(ii)Subsection 7-9-3(8)(a)(ii)Provision

Source excerpt

other business investment property or venture purpose; or

Section 7-9-3(8)(a)(ii)Verify source

§ 7-9-3(8)(a)(iii)Subsection 7-9-3(8)(a)(iii)Provision

Source excerpt

an agricultural purpose.

Section 7-9-3(8)(a)(iii)Verify source

§ 7-9-3(8)(b)Subsection 7-9-3(8)(b)Provision

Source excerpt

A member-business loan does not include certain fully secured or fully insured/guaranteed extensions of credit, and also does not include credit granted by a corporate credit union to another credit union.

"Member-business loan" does not include an extension of credit: that is fully secured by a lien on a one- to four- family dwelling that is the primary residence of a member; that is fully secured by: shares or deposits in the credit union making the extension of credit; or deposits in other financial institutions; the repayment of which is fully insured or fully guaranteed by, or where there is an advance commitment to purchase in full by, an agency of: the federal government; a state; or a political subdivision of a state; or that is granted by a corporate credit union to another credit union.

Section 7-9-3(8)(b)Verify source

§ 7-9-3(8)(b)(i)Subsection 7-9-3(8)(b)(i)Provision

Source excerpt

that is fully secured by a lien on a one- to four- family dwelling that is the primary residence of a member;

Section 7-9-3(8)(b)(i)Verify source

§ 7-9-3(8)(b)(ii)Subsection 7-9-3(8)(b)(ii)Provision

Source excerpt

that is fully secured by: shares or deposits in the credit union making the extension of credit; or deposits in other financial institutions;

Section 7-9-3(8)(b)(ii)Verify source

§ 7-9-3(8)(b)(ii)(A)Subsection 7-9-3(8)(b)(ii)(A)Provision

Source excerpt

shares or deposits in the credit union making the extension of credit; or

Section 7-9-3(8)(b)(ii)(A)Verify source

§ 7-9-3(8)(b)(ii)(B)Subsection 7-9-3(8)(b)(ii)(B)Provision

Source excerpt

deposits in other financial institutions;

Section 7-9-3(8)(b)(ii)(B)Verify source

§ 7-9-3(8)(b)(iii)Subsection 7-9-3(8)(b)(iii)Provision

Source excerpt

Applies to repayment only if it is fully insured or fully guaranteed, or if there is an advance commitment to purchase it in full, by a government agency.

the repayment of which is fully insured or fully guaranteed by, or where there is an advance commitment to purchase in full by, an agency of: the federal government; a state; or a political subdivision of a state; or

Section 7-9-3(8)(b)(iii)Verify source

§ 7-9-3(8)(b)(iii)(A)Subsection 7-9-3(8)(b)(iii)(A)Provision

Source excerpt

the federal government;

Section 7-9-3(8)(b)(iii)(A)Verify source

§ 7-9-3(8)(b)(iii)(B)Subsection 7-9-3(8)(b)(iii)(B)Provision

Source excerpt

a state; or

Section 7-9-3(8)(b)(iii)(B)Verify source

§ 7-9-3(8)(b)(iii)(C)Subsection 7-9-3(8)(b)(iii)(C)Provision

Source excerpt

a political subdivision of a state; or

Section 7-9-3(8)(b)(iii)(C)Verify source

§ 7-9-3(8)(b)(iv)Subsection 7-9-3(8)(b)(iv)Provision

Source excerpt

that is granted by a corporate credit union to another credit union.

Section 7-9-3(8)(b)(iv)Verify source

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

Source excerpt

This subsection defines “nonexempt credit union” as a credit union that is a nonexempt credit union under Section 7-9-55.

"Nonexempt credit union" means a credit union that is a nonexempt credit union under Section 7-9-55 .

Section 7-9-3(9)Verify source

§ 7-9-3(10)Subsection 7-9-3(10)Provision

Source excerpt

The provision defines “share drafts,” “deposit drafts,” and “transaction accounts” as accounts that owners may withdraw from using negotiable or transferable instruments or other orders to make transfers to others or to themselves.

"Share drafts," "deposit drafts," and "transaction accounts" mean accounts from which owners are permitted to make withdrawals by negotiable or transferable instruments or other orders for the purpose of making transfers to other persons or to the owner.

Section 7-9-3(10)Verify source

§ 7-9-3(11)Subsection 7-9-3(11)Provision

Source excerpt

“Shares” means the part of members’ capital paid into the credit union on which dividends may be paid.

"Shares" means that portion of the capital paid into the credit union by members on which dividends may be paid.

Section 7-9-3(11)Verify source

Legislative relationships

0 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

No structured legislative relationships were detected

The statute remains fully searchable by provision. Consult the source text for amendments and cross-references that have not yet been indexed.

Recorded versions and source checkpoint

1 version available in this collection

Current-law checkpoint

Undated version · currentEnglish · In force

This relationship view does not by itself establish whether another instrument remains in force.

Check official source

Source-linked research

Ask AI about this statute

The overview, provisions, and source records above are public. Continue in a separate conversation with this statute’s jurisdiction and source version attached.

Utah Code § 7-9-3

Purpose and legislative effect

How the instrument operates

Start with the recorded version

Locate the controlling provision

Read conditions and exceptions together

Verify currency and official wording

Research entry points

Source and current-law status

In force source record

Sections and provisions

Search within this statute

0 referenced instruments

No structured legislative relationships were detected

Recorded versions and source checkpoint

Ask AI about this statute