United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-45

Source excerpt

collateralinsurance of shares and depositssecurities custodysecurity on shares and depositsshare and deposit insurance

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

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“Insurance of shares and deposits -- Security on shares and deposits. Except as provided in Subsection (2) , a credit union subject to the jurisdiction of the department shall obtain and maintain insurance on shares and deposits from the”

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Insurance of shares and deposits -- Security on shares and deposits.

Section 7-9-45

Subsection 7-9-45(2)(b)

Section 7-9-45(2)(b)

Subsection 7-9-45(2)(b)(ii)

that are held in an account with a primary reporting dealer that is: recognized by the Federal Reserve Bank of New York; and independent of the credit union;

Section 7-9-45(2)(b)(ii)

Subsection 7-9-45(2)(b)(iii)

that are held in accordance with Title 70A, Chapter 8, Uniform Commercial Code - Investment Securities ; and

Section 7-9-45(2)(b)(iii)

Subsection 7-9-45(4)

Failure to comply with this section constitutes grounds for supervisory action under Chapter 2, Possession of Depository Institution by Commissioner , or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies .

Section 7-9-45(4)

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Showing 16 of 16 provisions

Provision 16

§ 7-9-45Insurance of shares and deposits -- Security on shares and deposits.Provision

Source excerpt

Insurance of shares and deposits -- Security on shares and deposits. Except as provided in Subsection (2) , a credit union subject to the jurisdiction of the department shall obtain and maintain insurance on shares and deposits from the National Credit Union Administration or successor federal deposit insurance agency. Notwithstanding Subsection 7-1-704(7)(a)(v) and Subsection (1) , a credit union may not be required to obtain federal insurance on shares and deposits if: the commissioner approves the credit union's election not to obtain federal insurance on shares and deposits; as security for the shares and deposits, the credit union maintains securities: that are issued by or directly and unconditionally guaranteed by: the United States; or an agency of the United States; that are held in an account with a primary reporting dealer that is: recognized by the Federal Reserve Bank of New York; and independent of the credit union; that are held in accordance with Title 70A, Chapter 8, Uniform Commercial Code - Investment Securities ; and in which the department has an express and exclusive security interest; and the aggregate value of the securities described in Subsection (2)(b) is at all times equal to or greater than 1.15 times the aggregate amount of the shares and deposits of the credit union. The commissioner may appoint the administrator of the National Credit Union Administration as liquidating agent of an insured credit union. Failure to comply with this section constitutes grounds for supervisory action under Chapter 2, Possession of Depository Institution by Commissioner , or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies .

Section 7-9-45Verify source

§ 7-9-45(1)Subsection 7-9-45(1)Provision

Source excerpt

A covered credit union must obtain and keep share and deposit insurance, unless Subsection (2) provides otherwise.

Except as provided in Subsection (2) , a credit union subject to the jurisdiction of the department shall obtain and maintain insurance on shares and deposits from the National Credit Union Administration or successor federal deposit insurance agency.

Section 7-9-45(1)Verify source

§ 7-9-45(2)Subsection 7-9-45(2)Provision

Source excerpt

Notwithstanding Subsection 7-1-704(7)(a)(v) and Subsection (1) , a credit union may not be required to obtain federal insurance on shares and deposits if: the commissioner approves the credit union's election not to obtain federal insurance on shares and deposits; as security for the shares and deposits, the credit union maintains securities: that are issued by or directly and unconditionally guaranteed by: the United States; or an agency of the United States; that are held in an account with a primary reporting dealer that is: recognized by the Federal Reserve Bank of New York; and independent of the credit union; that are held in accordance with Title 70A, Chapter 8, Uniform Commercial Code - Investment Securities ; and in which the department has an express and exclusive security interest; and the aggregate value of the securities described in Subsection (2)(b) is at all times equal to or greater than 1.15 times the aggregate amount of the shares and deposits of the credit union.

Section 7-9-45(2)Verify source

§ 7-9-45(2)(a)Subsection 7-9-45(2)(a)Provision

Source excerpt

The commissioner approves a credit union's election not to obtain federal insurance on shares and deposits.

the commissioner approves the credit union's election not to obtain federal insurance on shares and deposits;

Section 7-9-45(2)(a)Verify source

§ 7-9-45(2)(b)Subsection 7-9-45(2)(b)Provision

Source excerpt

as security for the shares and deposits, the credit union maintains securities: that are issued by or directly and unconditionally guaranteed by: the United States; or an agency of the United States; that are held in an account with a primary reporting dealer that is: recognized by the Federal Reserve Bank of New York; and independent of the credit union; that are held in accordance with Title 70A, Chapter 8, Uniform Commercial Code - Investment Securities ; and in which the department has an express and exclusive security interest; and

Section 7-9-45(2)(b)Verify source

§ 7-9-45(2)(b)(i)Subsection 7-9-45(2)(b)(i)Provision

Source excerpt

that are issued by or directly and unconditionally guaranteed by: the United States; or an agency of the United States;

Section 7-9-45(2)(b)(i)Verify source

§ 7-9-45(2)(b)(i)(A)Subsection 7-9-45(2)(b)(i)(A)Provision

Source excerpt

the United States; or

Section 7-9-45(2)(b)(i)(A)Verify source

§ 7-9-45(2)(b)(i)(B)Subsection 7-9-45(2)(b)(i)(B)Provision

Source excerpt

Refers to an agency of the United States.

an agency of the United States;

Section 7-9-45(2)(b)(i)(B)Verify source

§ 7-9-45(2)(b)(ii)Subsection 7-9-45(2)(b)(ii)Provision

Source excerpt

that are held in an account with a primary reporting dealer that is: recognized by the Federal Reserve Bank of New York; and independent of the credit union;

Section 7-9-45(2)(b)(ii)Verify source

§ 7-9-45(2)(b)(ii)(A)Subsection 7-9-45(2)(b)(ii)(A)Provision

Source excerpt

recognized by the Federal Reserve Bank of New York; and

Section 7-9-45(2)(b)(ii)(A)Verify source

§ 7-9-45(2)(b)(ii)(B)Subsection 7-9-45(2)(b)(ii)(B)Provision

Source excerpt

independent of the credit union;

Section 7-9-45(2)(b)(ii)(B)Verify source

§ 7-9-45(2)(b)(iii)Subsection 7-9-45(2)(b)(iii)Provision

Source excerpt

that are held in accordance with Title 70A, Chapter 8, Uniform Commercial Code - Investment Securities ; and

Section 7-9-45(2)(b)(iii)Verify source

§ 7-9-45(2)(b)(iv)Subsection 7-9-45(2)(b)(iv)Provision

Source excerpt

in which the department has an express and exclusive security interest; and

Section 7-9-45(2)(b)(iv)Verify source

§ 7-9-45(2)(c)Subsection 7-9-45(2)(c)Provision

Source excerpt

the aggregate value of the securities described in Subsection (2)(b) is at all times equal to or greater than 1.15 times the aggregate amount of the shares and deposits of the credit union.

Section 7-9-45(2)(c)Verify source

§ 7-9-45(3)Subsection 7-9-45(3)Provision

Source excerpt

The commissioner may appoint the administrator of the National Credit Union Administration as liquidating agent of an insured credit union.

Section 7-9-45(3)Verify source

§ 7-9-45(4)Subsection 7-9-45(4)Provision

Source excerpt

Section 7-9-45(4)Verify source

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Utah Code § 7-9-45

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Locate the controlling provision

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