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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-30

This section defines "risk assets" and requires credit unions to set aside regular reserves from gross income from member loans, with different reserve percentages depending on age and asset size.

Source excerpt

accounting periodaccounting reservesasset classificationcapital adequacycontingenciescontingency coveragecredit unionsequityloan incomelossesmember loansreserve requirementsreserves
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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“This section defines "risk assets" and requires credit unions to set aside regular reserves from gross income from member loans, with different reserve percentages depending on age and asset size.”

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Reserve requirements -- "Risk assets" defined.

This section defines "risk assets" and requires credit unions to set aside regular reserves from gross income from member loans, with different reserve percentages depending on age and asset size.

Section 7-9-30

Subsection 7-9-30(1)(c)

assets which are insured by any agency of the federal government, the Federal National Mortgage Association, or the Government Mortgage Association;

Section 7-9-30(1)(c)

Subsection 7-9-30(1)(f)

shares or deposits in corporate credit unions as provided in Section 7-9-44 , or of any other state act, or of the Federal Credit Union Act;

Section 7-9-30(1)(f)

Subsection 7-9-30(2)(a)

A credit union in operation for more than four years and having assets of $500,000 or more shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 4% of the total of outstanding loans

Section 7-9-30(2)(a)

Subsection 7-9-30(2)(d)

The commissioner may temporarily reduce or waive the requirements for the regular reserve placement if he finds it to be in the best interest of the credit union.

Section 7-9-30(2)(d)

04

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In force source record

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

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Showing 15 of 15 provisions

Provision 15
§ 7-9-30Reserve requirements -- "Risk assets" defined.Provision

Source excerpt

This section defines "risk assets" and requires credit unions to set aside regular reserves from gross income from member loans, with different reserve percentages depending on age and asset size.

Reserve requirements -- "Risk assets" defined. 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 insured by any agency of the federal government, the Federal National Mortgage Association, or the Government Mortgage Association; loans to students insured under Title IV, Part B of the Higher Education Act of 1965, 20 U.S.C. Sections 1071 et seq. or similar state insurance programs; loans insured under Title 1 of the National Housing Act, 12 U.S.C. Sections 1702 et seq. by the Federal Housing Administration; shares or deposits in corporate credit unions as provided in Section 7-9-44 , or of any other state act, or of the Federal Credit Union Act; accrued interest on nonrisk investments; and loans fully guaranteed by shares or deposits. At the end of each accounting period, after payment of any interest refunds, the credit union shall determine the gross income from member loans and from this amount shall set aside a regular reserve in accordance with Subsections (2)(a) , (b) , and (c) . A credit union in operation for more than four years and having assets of $500,000 or more shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 4% of the total of outstanding loans and risk assets, then a minimum of 5% of gross income from member loans until the regular reserve equals at least 6% of the total of outstanding loans and risk assets. A credit union in operation for less than four years or having assets of less than $500,000 shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 7-1/2% of the total of outstanding loans and risk assets, then a minimum of 5% of gross income from member loans until the regular reserve equals at least 10% of the total of outstanding loans and risk assets. The regular reserve belongs to the credit union and shall be used to build equity and to meet contingencies or losses when authorized by the commissioner or the supervisor of credit unions. The commissioner may temporarily reduce or waive the requirements for the regular reserve placement if he finds it to be in the best interest of the credit union.
Section 7-9-30Verify source
§ 7-9-30(1)Subsection 7-9-30(1)Provision

Source excerpt

"Risk assets" means all assets except the listed categories.

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 insured by any agency of the federal government, the Federal National Mortgage Association, or the Government Mortgage Association; loans to students insured under Title IV, Part B of the Higher Education Act of 1965, 20 U.S.C. Sections 1071 et seq. or similar state insurance programs; loans insured under Title 1 of the National Housing Act, 12 U.S.C. Sections 1702 et seq. by the Federal Housing Administration; shares or deposits in corporate credit unions as provided in Section 7-9-44 , or of any other state act, or of the Federal Credit Union Act; accrued interest on nonrisk investments; and loans fully guaranteed by shares or deposits.
Section 7-9-30(1)Verify source
§ 7-9-30(1)(a)Subsection 7-9-30(1)(a)Provision

Source excerpt

cash on hand;

cash on hand;
Section 7-9-30(1)(a)Verify source
§ 7-9-30(1)(b)Subsection 7-9-30(1)(b)Provision

Source excerpt

deposits and shares in federal or state banks, savings and loan associations, and credit unions;

deposits and shares in federal or state banks, savings and loan associations, and credit unions;
Section 7-9-30(1)(b)Verify source
§ 7-9-30(1)(c)Subsection 7-9-30(1)(c)Provision

Source excerpt

assets which are insured by any agency of the federal government, the Federal National Mortgage Association, or the Government Mortgage Association;

assets which are insured by any agency of the federal government, the Federal National Mortgage Association, or the Government Mortgage Association;
Section 7-9-30(1)(c)Verify source
§ 7-9-30(1)(d)Subsection 7-9-30(1)(d)Provision

Source excerpt

loans to students insured under Title IV, Part B of the Higher Education Act of 1965, 20 U.S.C. Sections 1071 et seq. or similar state insurance programs;

loans to students insured under Title IV, Part B of the Higher Education Act of 1965, 20 U.S.C. Sections 1071 et seq. or similar state insurance programs;
Section 7-9-30(1)(d)Verify source
§ 7-9-30(1)(e)Subsection 7-9-30(1)(e)Provision

Source excerpt

loans insured under Title 1 of the National Housing Act, 12 U.S.C. Sections 1702 et seq. by the Federal Housing Administration;

loans insured under Title 1 of the National Housing Act, 12 U.S.C. Sections 1702 et seq. by the Federal Housing Administration;
Section 7-9-30(1)(e)Verify source
§ 7-9-30(1)(f)Subsection 7-9-30(1)(f)Provision

Source excerpt

shares or deposits in corporate credit unions as provided in Section 7-9-44 , or of any other state act, or of the Federal Credit Union Act;

shares or deposits in corporate credit unions as provided in Section 7-9-44 , or of any other state act, or of the Federal Credit Union Act;
Section 7-9-30(1)(f)Verify source
§ 7-9-30(1)(g)Subsection 7-9-30(1)(g)Provision

Source excerpt

accrued interest on nonrisk investments; and

accrued interest on nonrisk investments; and
Section 7-9-30(1)(g)Verify source
§ 7-9-30(1)(h)Subsection 7-9-30(1)(h)Provision

Source excerpt

loans fully guaranteed by shares or deposits.

loans fully guaranteed by shares or deposits.
Section 7-9-30(1)(h)Verify source
§ 7-9-30(2)Subsection 7-9-30(2)Provision

Source excerpt

Credit unions must set aside a regular reserve from member-loan income each accounting period, with different percentage requirements depending on age and asset size.

At the end of each accounting period, after payment of any interest refunds, the credit union shall determine the gross income from member loans and from this amount shall set aside a regular reserve in accordance with Subsections (2)(a) , (b) , and (c) . A credit union in operation for more than four years and having assets of $500,000 or more shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 4% of the total of outstanding loans and risk assets, then a minimum of 5% of gross income from member loans until the regular reserve equals at least 6% of the total of outstanding loans and risk assets. A credit union in operation for less than four years or having assets of less than $500,000 shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 7-1/2% of the total of outstanding loans and risk assets, then a minimum of 5% of gross income from member loans until the regular reserve equals at least 10% of the total of outstanding loans and risk assets. The regular reserve belongs to the credit union and shall be used to build equity and to meet contingencies or losses when authorized by the commissioner or the supervisor of credit unions. The commissioner may temporarily reduce or waive the requirements for the regular reserve placement if he finds it to be in the best interest of the credit union.
Section 7-9-30(2)Verify source
§ 7-9-30(2)(a)Subsection 7-9-30(2)(a)Provision

Source excerpt

A credit union in operation for more than four years and having assets of $500,000 or more shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 4% of the total of outstanding loans

A credit union in operation for more than four years and having assets of $500,000 or more shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 4% of the total of outstanding loans and risk assets, then a minimum of 5% of gross income from member loans until the regular reserve equals at least 6% of the total of outstanding loans and risk assets.
Section 7-9-30(2)(a)Verify source
§ 7-9-30(2)(b)Subsection 7-9-30(2)(b)Provision

Source excerpt

Certain credit unions must set aside part of gross income from member loans for reserves.

A credit union in operation for less than four years or having assets of less than $500,000 shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 7-1/2% of the total of outstanding loans and risk assets, then a minimum of 5% of gross income from member loans until the regular reserve equals at least 10% of the total of outstanding loans and risk assets.
Section 7-9-30(2)(b)Verify source
§ 7-9-30(2)(c)Subsection 7-9-30(2)(c)Provision

Source excerpt

The regular reserve belongs to the credit union and may be used to build equity and cover contingencies or losses when authorized by the commissioner or the supervisor of credit unions.

The regular reserve belongs to the credit union and shall be used to build equity and to meet contingencies or losses when authorized by the commissioner or the supervisor of credit unions.
Section 7-9-30(2)(c)Verify source
§ 7-9-30(2)(d)Subsection 7-9-30(2)(d)Provision

Source excerpt

The commissioner may temporarily reduce or waive the requirements for the regular reserve placement if he finds it to be in the best interest of the credit union.

The commissioner may temporarily reduce or waive the requirements for the regular reserve placement if he finds it to be in the best interest of the credit union.
Section 7-9-30(2)(d)Verify source

Legislative relationships

3 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.

A–F

1 instrument

  • Federal Credit Union Act

    Section 7-9-30(1)(f)

G–M

1 instrument

  • Higher Education Act

    Sections 7-9-30, 7-9-30(1), 7-9-30(1)(d)

N–S

1 instrument

  • National Housing Act

    Section 7-9-30(1)(e)

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