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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-55, 2003

A credit union organized under this chapter becomes a nonexempt credit union when its bylaws show a field of membership covering all residents of at least two counties, including at least two first- or second-class…

Source excerpt

branch locationsbranchingcredit unionsfield of membershipmembershipmembership eligibilitymembership qualification
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 2003
Dates
Enacted 2003
More statute details
Dates
Enacted 2003
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01

Purpose and legislative effect

“A credit union organized under this chapter becomes a nonexempt credit union when its bylaws show a field of membership covering all residents of at least two counties, including at least two first- or second-class counties; branch locations alone do not prevent the rule from failing.”

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Nonexempt credit unions.

A credit union organized under this chapter becomes a nonexempt credit union when its bylaws show a field of membership covering all residents of at least two counties, including at least two first- or second-class counties; branch loca…

Section 7-9-55

Subsection 7-9-55(1)(a)(i)

A credit union’s bylaws must show a field of membership that includes residents of two or more counties, for memberships on or after May 5, 2003.

Section 7-9-55(1)(a)(i)

Subsection 7-9-55(1)(b)(i)

residents of a county that are added to the field of membership of a credit union as a result of a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner , or Chapter 19, Acquisition of Failing Depository

Section 7-9-55(1)(b)(i)

Subsection 7-9-55(2)

A credit union that becomes a nonexempt credit union remains nonexempt while it is organized under this chapter, even if it later meets Subsection (1)(a).

Section 7-9-55(2)

Subsection 7-9-55(3)

A credit union organized under this chapter does not become a nonexempt credit union if its bylaws-based field of membership does not meet Subsection (1), even if it has branches in two or more counties.

Section 7-9-55(3)

04

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In force source record

Source record from le.utah.gov · Enacted 2003

In force

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Showing 12 of 12 provisions

Provision 12
§ 7-9-55Nonexempt credit unions.Provision

Source excerpt

A credit union organized under this chapter becomes a nonexempt credit union when its bylaws show a field of membership covering all residents of at least two counties, including at least two first- or second-class counties; branch locations alone do not prevent the rule from failing.

Nonexempt credit unions. A credit union organized under this chapter is a nonexempt credit union under this section on the day on which: on or after May 5, 2003, the credit union has a field of membership as evidenced by the bylaws of the credit union that includes all residents of two or more counties; and at least two of the counties described in Subsection (1)(a)(i) are counties of the first or second class as classified by Section 17-60-104 . For purposes of Subsection (1)(a) only: residents of a county that are added to the field of membership of a credit union as a result of a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner , or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies , are not considered to be within the field of membership of that credit union; and residents of a city of the third, fourth, or fifth class or a town that are added to the field of membership of a credit union in accordance with Section 7-9-52 are not considered to be within the field of membership of that credit union unless all residents of the county in which that city or town are located are included in the field of membership of the credit union. If a credit union becomes a nonexempt credit union under this section, the nonexempt credit union is a nonexempt credit union: for as long as the nonexempt credit union is organized under this chapter; and notwithstanding whether after the day on which the nonexempt credit union becomes a nonexempt credit union the nonexempt credit union meets the requirements of Subsection (1)(a) . Regardless of whether or not a credit union has located branches in two or more counties in this state, a credit union organized under this chapter does not become a nonexempt credit union if the field of membership of the credit union as evidenced by the bylaws of the credit union does not meet the requirements of Subsection (1) .
Section 7-9-55Verify source
§ 7-9-55(1)Subsection 7-9-55(1)Provision

Source excerpt

A credit union becomes a nonexempt credit union under this section when, on or after May 5, 2003, its bylaws show a field of membership covering all residents of two or more counties and at least two of those counties are first- or second-class counties.

A credit union organized under this chapter is a nonexempt credit union under this section on the day on which: on or after May 5, 2003, the credit union has a field of membership as evidenced by the bylaws of the credit union that includes all residents of two or more counties; and at least two of the counties described in Subsection (1)(a)(i) are counties of the first or second class as classified by Section 17-60-104 . For purposes of Subsection (1)(a) only: residents of a county that are added to the field of membership of a credit union as a result of a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner , or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies , are not considered to be within the field of membership of that credit union; and residents of a city of the third, fourth, or fifth class or a town that are added to the field of membership of a credit union in accordance with Section 7-9-52 are not considered to be within the field of membership of that credit union unless all residents of the county in which that city or town are located are included in the field of membership of the credit union.
Section 7-9-55(1)Verify source
§ 7-9-55(1)(a)Subsection 7-9-55(1)(a)Provision

Source excerpt

A credit union organized under this chapter is treated as nonexempt under this section if, on or after May 5, 2003, its bylaws show a field of membership covering all residents of two or more counties, and at least two of those counties are first- or second-class counties.

A credit union organized under this chapter is a nonexempt credit union under this section on the day on which: on or after May 5, 2003, the credit union has a field of membership as evidenced by the bylaws of the credit union that includes all residents of two or more counties; and at least two of the counties described in Subsection (1)(a)(i) are counties of the first or second class as classified by Section 17-60-104 .
Section 7-9-55(1)(a)Verify source
§ 7-9-55(1)(a)(i)Subsection 7-9-55(1)(a)(i)Provision

Source excerpt

A credit union’s bylaws must show a field of membership that includes residents of two or more counties, for memberships on or after May 5, 2003.

on or after May 5, 2003, the credit union has a field of membership as evidenced by the bylaws of the credit union that includes all residents of two or more counties; and
Section 7-9-55(1)(a)(i)Verify source
§ 7-9-55(1)(a)(ii)Subsection 7-9-55(1)(a)(ii)Provision

Source excerpt

This text requires that at least two of the counties described in Subsection (1)(a)(i) be counties of the first or second class.

at least two of the counties described in Subsection (1)(a)(i) are counties of the first or second class as classified by Section 17-60-104 .
Section 7-9-55(1)(a)(ii)Verify source
§ 7-9-55(1)(b)Subsection 7-9-55(1)(b)Provision

Source excerpt

For purposes of Subsection (1)(a) only: residents of a county that are added to the field of membership of a credit union as a result of a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner , or

For purposes of Subsection (1)(a) only: residents of a county that are added to the field of membership of a credit union as a result of a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner , or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies , are not considered to be within the field of membership of that credit union; and residents of a city of the third, fourth, or fifth class or a town that are added to the field of membership of a credit union in accordance with Section 7-9-52 are not considered to be within the field of membership of that credit union unless all residents of the county in which that city or town are located are included in the field of membership of the credit union.
Section 7-9-55(1)(b)Verify source
§ 7-9-55(1)(b)(i)Subsection 7-9-55(1)(b)(i)Provision

Source excerpt

residents of a county that are added to the field of membership of a credit union as a result of a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner , or Chapter 19, Acquisition of Failing Depository

residents of a county that are added to the field of membership of a credit union as a result of a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner , or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies , are not considered to be within the field of membership of that credit union; and
Section 7-9-55(1)(b)(i)Verify source
§ 7-9-55(1)(b)(ii)Subsection 7-9-55(1)(b)(ii)Provision

Source excerpt

residents of a city of the third, fourth, or fifth class or a town that are added to the field of membership of a credit union in accordance with Section 7-9-52 are not considered to be within the field of membership of that credit union

residents of a city of the third, fourth, or fifth class or a town that are added to the field of membership of a credit union in accordance with Section 7-9-52 are not considered to be within the field of membership of that credit union unless all residents of the county in which that city or town are located are included in the field of membership of the credit union.
Section 7-9-55(1)(b)(ii)Verify source
§ 7-9-55(2)Subsection 7-9-55(2)Provision

Source excerpt

A credit union that becomes a nonexempt credit union remains nonexempt while it is organized under this chapter, even if it later meets Subsection (1)(a).

If a credit union becomes a nonexempt credit union under this section, the nonexempt credit union is a nonexempt credit union: for as long as the nonexempt credit union is organized under this chapter; and notwithstanding whether after the day on which the nonexempt credit union becomes a nonexempt credit union the nonexempt credit union meets the requirements of Subsection (1)(a) .
Section 7-9-55(2)Verify source
§ 7-9-55(2)(a)Subsection 7-9-55(2)(a)Provision

Source excerpt

for as long as the nonexempt credit union is organized under this chapter; and

for as long as the nonexempt credit union is organized under this chapter; and
Section 7-9-55(2)(a)Verify source
§ 7-9-55(2)(b)Subsection 7-9-55(2)(b)Provision

Source excerpt

notwithstanding whether after the day on which the nonexempt credit union becomes a nonexempt credit union the nonexempt credit union meets the requirements of Subsection (1)(a) .

notwithstanding whether after the day on which the nonexempt credit union becomes a nonexempt credit union the nonexempt credit union meets the requirements of Subsection (1)(a) .
Section 7-9-55(2)(b)Verify source
§ 7-9-55(3)Subsection 7-9-55(3)Provision

Source excerpt

A credit union organized under this chapter does not become a nonexempt credit union if its bylaws-based field of membership does not meet Subsection (1), even if it has branches in two or more counties.

Regardless of whether or not a credit union has located branches in two or more counties in this state, a credit union organized under this chapter does not become a nonexempt credit union if the field of membership of the credit union as evidenced by the bylaws of the credit union does not meet the requirements of Subsection (1) .
Section 7-9-55(3)Verify source

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