United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-52, 1999

The commissioner must follow special procedures when a credit union seeks to expand its field of membership to certain counties, associations, or specified cities or towns.

Source excerpt

bylaw amendment approvalbylaw amendmentsbylaws amendmentcounty changecredit unionsfield of membershipfield of membership expansionmembership fieldnotice and examination requirementsregulatory approval

Jurisdiction: United States — Utah
Status: In force
Official identity: Year 1999
Dates: Enacted 1999

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Dates: Enacted 1999

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“The commissioner must follow special procedures when a credit union seeks to expand its field of membership to certain counties, associations, or specified cities or towns.”

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Expansion of a field of membership.

The commissioner must follow special procedures when a credit union seeks to expand its field of membership to certain counties, associations, or specified cities or towns.

Section 7-9-52

Subsection 7-9-52(2)(a)(ii)

A person may serve the association described in Subsection (1)(b) if the association is being added to the field of membership.

Section 7-9-52(2)(a)(ii)

Subsection 7-9-52(3)

Section 7-9-52(3)

Subsection 7-9-52(4)

The commissioner may hold a hearing about expanding a credit union’s field of membership.

Section 7-9-52(4)

Subsection 7-9-52(6)(b)

A nonexempt credit union may not apply under this subsection to include a city or town described in Subsection (1)(c) in its field of membership.

Section 7-9-52(6)(b)

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Source record from le.utah.gov · Enacted 1999

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Showing 33 of 33 provisions

Provision 28Amendment 5

§ 7-9-52Expansion of a field of membership.Amendment

Source excerpt

The commissioner must follow special procedures when a credit union seeks to expand its field of membership to certain counties, associations, or specified cities or towns.

Expansion of a field of membership. The commissioner shall comply with Subsection (2) if the commissioner receives a request to approve an amendment to the bylaws of a credit union that expands the credit union's field of membership to include: residents of a county; an association consisting of 50 or more persons; or subject to the requirements of Subsection (6) , residents of a city of the third, fourth, or fifth class or a town described in Subsection 7-9-51(1)(e) . If the conditions of Subsection (1) are met, the commissioner shall: give notice of the request in the manner and to the extent the commissioner considers appropriate to institutions subject to the jurisdiction of the department that: are located in the county, if the field of membership is being expanded to include residents of a county; serve or may serve the association described in Subsection (1)(b) , if that association is being added to the field of membership; or are located in the county in which a city or town described in Subsection (1)(c) is located, if the field of membership is being expanded to include residents of the city or town; and cause a supervisor to examine and submit written findings and recommendations to the commissioner as to: whether the credit union is adequately capitalized; whether the credit union has the financial capacity to serve the financial needs of the expanded field of membership in a safe and sound manner; whether the credit union has the managerial expertise to serve the financial needs of the expanded field of membership in a safe and sound manner; any potential harm the expansion of the field of membership may have on the institutions described in Subsection (2)(a) ; and the probable beneficial effect of the expansion. The commissioner may approve the amendment to the bylaws described in Subsection (1) if the commissioner: has given the notice required under Subsection (2)(a) ; received the written findings and recommendations of the supervisor under Subsection (2)(b) ; and finds that: the credit union is adequately capitalized; the credit union has the financial capacity to serve the financial needs of the expanded field of membership in a safe and sound manner; the credit union has the managerial expertise to serve the financial needs of the expanded field of membership in a safe and sound manner; and any potential harm the expansion of the field of membership may have on other institutions subject to the jurisdiction of the department does not clearly outweigh the probable beneficial effect of the expansion. In accordance with Section 7-1-309 , the commissioner may hold a hearing on the expansion of a credit union's field of membership. This section may not be interpreted to permit a credit union to: expand its field of membership to include residents of more than one county except to the extent permitted by Subsection 7-9-51(5) ; or change the county included in the field of membership of a credit union, if any. If the commissioner receives a request to approve an amendment to the bylaws of a credit union that expands the credit union's field of membership to include residents of a city or town described in Subsection (1)(c) , before approving the expanded field of membership, in addition to the requirements of Subsection (2) , the commissioner shall: require that a supervisor examine and submit written findings and recommendations to the commissioner as to whether but for the residents described in Subsection (1)(c) being included in the field of membership of the credit union, no depository institutions would likely be located within a reasonable distance from the city or town described in Subsection (1)(c) ; and find that but for the residents described in Subsection (1)(c) being included in the field of membership of the credit union, no depository institutions would likely be located within a reasonable distance from the city or town described in Subsection (1)(c) . A nonexempt credit union may not apply under this Subsection (6) to include a city or town described in Subsection (1)(c) in the nonexempt credit union's field of membership.

Section 7-9-52Verify source

§ 7-9-52(1)Subsection 7-9-52(1)Amendment

Source excerpt

If the commissioner receives a request to approve a credit union bylaws amendment expanding field of membership, the commissioner must comply with Subsection (2).

The commissioner shall comply with Subsection (2) if the commissioner receives a request to approve an amendment to the bylaws of a credit union that expands the credit union's field of membership to include: residents of a county; an association consisting of 50 or more persons; or subject to the requirements of Subsection (6) , residents of a city of the third, fourth, or fifth class or a town described in Subsection 7-9-51(1)(e) .

Section 7-9-52(1)Verify source

§ 7-9-52(1)(a)Subsection 7-9-52(1)(a)Provision

Source excerpt

This text identifies residents of a county.

residents of a county;

Section 7-9-52(1)(a)Verify source

§ 7-9-52(1)(b)Subsection 7-9-52(1)(b)Provision

Source excerpt

This text refers to an association made up of 50 or more persons.

an association consisting of 50 or more persons; or

Section 7-9-52(1)(b)Verify source

§ 7-9-52(1)(c)Subsection 7-9-52(1)(c)Provision

Source excerpt

This text identifies residents of certain cities or towns, subject to Subsection (6).

subject to the requirements of Subsection (6) , residents of a city of the third, fourth, or fifth class or a town described in Subsection 7-9-51(1)(e) .

Section 7-9-52(1)(c)Verify source

§ 7-9-52(2)Subsection 7-9-52(2)Provision

Source excerpt

If the subsection (1) conditions are met, the commissioner must notify the request as appropriate and must have a supervisor examine the matter and submit written findings and recommendations.

If the conditions of Subsection (1) are met, the commissioner shall: give notice of the request in the manner and to the extent the commissioner considers appropriate to institutions subject to the jurisdiction of the department that: are located in the county, if the field of membership is being expanded to include residents of a county; serve or may serve the association described in Subsection (1)(b) , if that association is being added to the field of membership; or are located in the county in which a city or town described in Subsection (1)(c) is located, if the field of membership is being expanded to include residents of the city or town; and cause a supervisor to examine and submit written findings and recommendations to the commissioner as to: whether the credit union is adequately capitalized; whether the credit union has the financial capacity to serve the financial needs of the expanded field of membership in a safe and sound manner; whether the credit union has the managerial expertise to serve the financial needs of the expanded field of membership in a safe and sound manner; any potential harm the expansion of the field of membership may have on the institutions described in Subsection (2)(a) ; and the probable beneficial effect of the expansion.

Section 7-9-52(2)Verify source

§ 7-9-52(2)(a)Subsection 7-9-52(2)(a)Provision

Source excerpt

The commissioner must give notice of the request to relevant institutions, in a manner and to the extent the commissioner considers appropriate.

give notice of the request in the manner and to the extent the commissioner considers appropriate to institutions subject to the jurisdiction of the department that: are located in the county, if the field of membership is being expanded to include residents of a county; serve or may serve the association described in Subsection (1)(b) , if that association is being added to the field of membership; or are located in the county in which a city or town described in Subsection (1)(c) is located, if the field of membership is being expanded to include residents of the city or town; and

Section 7-9-52(2)(a)Verify source

§ 7-9-52(2)(a)(i)Subsection 7-9-52(2)(a)(i)Provision

Source excerpt

are located in the county, if the field of membership is being expanded to include residents of a county;

Section 7-9-52(2)(a)(i)Verify source

§ 7-9-52(2)(a)(ii)Subsection 7-9-52(2)(a)(ii)Provision

Source excerpt

A person may serve the association described in Subsection (1)(b) if the association is being added to the field of membership.

serve or may serve the association described in Subsection (1)(b) , if that association is being added to the field of membership; or

Section 7-9-52(2)(a)(ii)Verify source

§ 7-9-52(2)(a)(iii)Subsection 7-9-52(2)(a)(iii)Provision

Source excerpt

are located in the county in which a city or town described in Subsection (1)(c) is located, if the field of membership is being expanded to include residents of the city or town; and

Section 7-9-52(2)(a)(iii)Verify source

§ 7-9-52(2)(b)Subsection 7-9-52(2)(b)Provision

Source excerpt

A supervisor must examine and provide written findings and recommendations to the commissioner on the credit union’s capitalization, capacity, managerial expertise, potential harm from expansion, and probable beneficial effect.

cause a supervisor to examine and submit written findings and recommendations to the commissioner as to: whether the credit union is adequately capitalized; whether the credit union has the financial capacity to serve the financial needs of the expanded field of membership in a safe and sound manner; whether the credit union has the managerial expertise to serve the financial needs of the expanded field of membership in a safe and sound manner; any potential harm the expansion of the field of membership may have on the institutions described in Subsection (2)(a) ; and the probable beneficial effect of the expansion.

Section 7-9-52(2)(b)Verify source

§ 7-9-52(2)(b)(i)Subsection 7-9-52(2)(b)(i)Provision

Source excerpt

whether the credit union is adequately capitalized;

Section 7-9-52(2)(b)(i)Verify source

§ 7-9-52(2)(b)(ii)Subsection 7-9-52(2)(b)(ii)Provision

Source excerpt

whether the credit union has the financial capacity to serve the financial needs of the expanded field of membership in a safe and sound manner;

Section 7-9-52(2)(b)(ii)Verify source

§ 7-9-52(2)(b)(iii)Subsection 7-9-52(2)(b)(iii)Provision

Source excerpt

whether the credit union has the managerial expertise to serve the financial needs of the expanded field of membership in a safe and sound manner;

Section 7-9-52(2)(b)(iii)Verify source

§ 7-9-52(2)(b)(iv)Subsection 7-9-52(2)(b)(iv)Provision

Source excerpt

any potential harm the expansion of the field of membership may have on the institutions described in Subsection (2)(a) ; and

Section 7-9-52(2)(b)(iv)Verify source

§ 7-9-52(2)(b)(v)Subsection 7-9-52(2)(b)(v)Provision

Source excerpt

the probable beneficial effect of the expansion.

Section 7-9-52(2)(b)(v)Verify source

§ 7-9-52(3)Subsection 7-9-52(3)Amendment

Source excerpt

The commissioner may approve the amendment to the bylaws described in Subsection (1) if the commissioner: has given the notice required under Subsection (2)(a) ; received the written findings and recommendations of the supervisor under Subsection (2)(b) ; and finds that: the credit union is adequately capitalized; the credit union has the financial capacity to serve the financial needs of the expanded field of membership in a safe and sound manner; the credit union has the managerial expertise to serve the financial needs of the expanded field of membership in a safe and sound manner; and any potential harm the expansion of the field of membership may have on other institutions subject to the jurisdiction of the department does not clearly outweigh the probable beneficial effect of the expansion.

Section 7-9-52(3)Verify source

§ 7-9-52(3)(a)Subsection 7-9-52(3)(a)Provision

Source excerpt

has given the notice required under Subsection (2)(a) ;

Section 7-9-52(3)(a)Verify source

§ 7-9-52(3)(b)Subsection 7-9-52(3)(b)Provision

Source excerpt

received the written findings and recommendations of the supervisor under Subsection (2)(b) ; and

Section 7-9-52(3)(b)Verify source

§ 7-9-52(3)(c)Subsection 7-9-52(3)(c)Provision

Source excerpt

finds that: the credit union is adequately capitalized; the credit union has the financial capacity to serve the financial needs of the expanded field of membership in a safe and sound manner; the credit union has the managerial expertise to serve the financial needs of the expanded field of membership in a safe and sound manner; and any potential harm the expansion of the field of membership may have on other institutions subject to the jurisdiction of the department does not clearly outweigh the probable beneficial effect of the expansion.

Section 7-9-52(3)(c)Verify source

§ 7-9-52(3)(c)(i)Subsection 7-9-52(3)(c)(i)Provision

Source excerpt

the credit union is adequately capitalized;

Section 7-9-52(3)(c)(i)Verify source

§ 7-9-52(3)(c)(ii)Subsection 7-9-52(3)(c)(ii)Provision

Source excerpt

The credit union must have the financial capacity to serve the expanded field of membership in a safe and sound manner.

the credit union has the financial capacity to serve the financial needs of the expanded field of membership in a safe and sound manner;

Section 7-9-52(3)(c)(ii)Verify source

§ 7-9-52(3)(c)(iii)Subsection 7-9-52(3)(c)(iii)Provision

Source excerpt

The credit union must have the managerial expertise to serve the expanded field of membership in a safe and sound manner.

the credit union has the managerial expertise to serve the financial needs of the expanded field of membership in a safe and sound manner; and

Section 7-9-52(3)(c)(iii)Verify source

§ 7-9-52(3)(c)(iv)Subsection 7-9-52(3)(c)(iv)Provision

Source excerpt

any potential harm the expansion of the field of membership may have on other institutions subject to the jurisdiction of the department does not clearly outweigh the probable beneficial effect of the expansion.

Section 7-9-52(3)(c)(iv)Verify source

§ 7-9-52(4)Subsection 7-9-52(4)Provision

Source excerpt

The commissioner may hold a hearing about expanding a credit union’s field of membership.

In accordance with Section 7-1-309 , the commissioner may hold a hearing on the expansion of a credit union's field of membership.

Section 7-9-52(4)Verify source

§ 7-9-52(5)Subsection 7-9-52(5)Provision

Source excerpt

This section cannot be read to allow a credit union to expand membership across more than one county, except as allowed by Subsection 7-9-51(5), or to change the county in its membership field.

This section may not be interpreted to permit a credit union to: expand its field of membership to include residents of more than one county except to the extent permitted by Subsection 7-9-51(5) ; or change the county included in the field of membership of a credit union, if any.

Section 7-9-52(5)Verify source

§ 7-9-52(5)(a)Subsection 7-9-52(5)(a)Provision

Source excerpt

The provision allows expansion of the field of membership to residents of more than one county, except as Subsection 7-9-51(5) permits.

expand its field of membership to include residents of more than one county except to the extent permitted by Subsection 7-9-51(5) ; or

Section 7-9-52(5)(a)Verify source

§ 7-9-52(5)(b)Subsection 7-9-52(5)(b)Provision

Source excerpt

change the county included in the field of membership of a credit union, if any.

Section 7-9-52(5)(b)Verify source

§ 7-9-52(6)Subsection 7-9-52(6)Amendment

Source excerpt

If the commissioner is asked to approve a credit union bylaw amendment expanding membership to certain city or town residents, the commissioner must require a supervisor’s written findings and make a specified finding before approval. A nonexempt credit union may not apply under this subsection for that inclusion.

If the commissioner receives a request to approve an amendment to the bylaws of a credit union that expands the credit union's field of membership to include residents of a city or town described in Subsection (1)(c) , before approving the expanded field of membership, in addition to the requirements of Subsection (2) , the commissioner shall: require that a supervisor examine and submit written findings and recommendations to the commissioner as to whether but for the residents described in Subsection (1)(c) being included in the field of membership of the credit union, no depository institutions would likely be located within a reasonable distance from the city or town described in Subsection (1)(c) ; and find that but for the residents described in Subsection (1)(c) being included in the field of membership of the credit union, no depository institutions would likely be located within a reasonable distance from the city or town described in Subsection (1)(c) . A nonexempt credit union may not apply under this Subsection (6) to include a city or town described in Subsection (1)(c) in the nonexempt credit union's field of membership.

Section 7-9-52(6)Verify source

§ 7-9-52(6)(a)Subsection 7-9-52(6)(a)Amendment

Source excerpt

If the commissioner gets a request to approve a credit union bylaws amendment expanding membership to residents of a city or town in Subsection (1)(c), the commissioner must require a supervisor’s written findings and recommendations and must find that no depository institutions would likely be within a reasonable distance, but for those residents being included.

Section 7-9-52(6)(a)Verify source

§ 7-9-52(6)(a)(i)Subsection 7-9-52(6)(a)(i)Provision

Source excerpt

A supervisor must examine the issue and submit written findings and recommendations to the commissioner.

require that a supervisor examine and submit written findings and recommendations to the commissioner as to whether but for the residents described in Subsection (1)(c) being included in the field of membership of the credit union, no depository institutions would likely be located within a reasonable distance from the city or town described in Subsection (1)(c) ; and

Section 7-9-52(6)(a)(i)Verify source

§ 7-9-52(6)(a)(ii)Subsection 7-9-52(6)(a)(ii)Provision

Source excerpt

find that but for the residents described in Subsection (1)(c) being included in the field of membership of the credit union, no depository institutions would likely be located within a reasonable distance from the city or town described

Section 7-9-52(6)(a)(ii)Verify source

§ 7-9-52(6)(b)Subsection 7-9-52(6)(b)Provision

Source excerpt

A nonexempt credit union may not apply under this subsection to include a city or town described in Subsection (1)(c) in its field of membership.

A nonexempt credit union may not apply under this Subsection (6) to include a city or town described in Subsection (1)(c) in the nonexempt credit union's field of membership.

Section 7-9-52(6)(b)Verify source

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Utah Code § 7-9-52, 1999

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