United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-58, 2003

A nonexempt credit union is restricted from making, renewing, extending, or increasing certain loans and from participating in co-lending arrangements, subject to stated exceptions and a dollar cap.

Source excerpt

CPI adjustmentannual increasebusiness loansconsumer price indexconsumer price index adjustmentcredit limitcredit limitsdollar amount adjustmentindex adjustmentlending limitsloan modificationloan participationmortgage-related exceptionsrounding

Jurisdiction: United States — Utah
Status: In force
Official identity: Year 2003
Dates: Enacted 2003

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Dates: Enacted 2003

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“A nonexempt credit union is restricted from making, renewing, extending, or increasing certain loans and from participating in co-lending arrangements, subject to stated exceptions and a dollar cap.”

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Enacted 2003. The date shown identifies this source expression and should not be treated as proof that no later change exists.
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Limitations on credit extended by nonexempt credit unions.

A nonexempt credit union is restricted from making, renewing, extending, or increasing certain loans and from participating in co-lending arrangements, subject to stated exceptions and a dollar cap.

Section 7-9-58

Subsection 7-9-58(1)(a)(i)(C)

extend the maturity date or increase the amount of a member-business loan that is extended before May 5, 2003;

Section 7-9-58(1)(a)(i)(C)

Subsection 7-9-58(1)(b)(ii)

After the commissioner increases the dollar amount in Subsection (1)(a)(iii), the commissioner must round it to the nearest whole dollar.

Section 7-9-58(1)(b)(ii)

Subsection 7-9-58(2)(b)(i)

for the purpose of: paying amounts owed by the member to purchase a one- to four-family dwelling that is the primary residence of that member; or refinancing the balance of amounts owed by the member for the purchase of a one- to

Section 7-9-58(2)(b)(i)

Subsection 7-9-58(4)

This section cannot be used to stop a nonexempt credit union from servicing a loan made before May 5, 2003.

Section 7-9-58(4)

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Source record from le.utah.gov · Enacted 2003

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Showing 23 of 23 provisions

Provision 23

§ 7-9-58Limitations on credit extended by nonexempt credit unions.Provision

Source excerpt

A nonexempt credit union is restricted from making, renewing, extending, or increasing certain loans and from participating in co-lending arrangements, subject to stated exceptions and a dollar cap.

Limitations on credit extended by nonexempt credit unions. Notwithstanding the other provisions of this chapter, beginning on May 5, 2003, a nonexempt credit union may not: extend a member-business loan; renew a member-business loan that is extended before May 5, 2003; or extend the maturity date or increase the amount of a member-business loan that is extended before May 5, 2003; originate, participate in, or obtain any interest in a co-lending arrangement, including a loan participation arrangement; or subject to Subsection (2) , extend credit that is not a member-business loan if as a result of the extension of credit the total credit that is not a member-business loan that the nonexempt credit union has issued to that member exceeds at any one time $250,000 adjusted as provided in Subsection (1)(b) . The adjustment described in Subsection (1)(a)(iii) shall be calculated by the commissioner as follows: beginning July 1, 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase or decrease the dollar amount in Subsection (1)(a)(iii) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2007; after the commissioner increases the dollar amount listed in Subsection (1)(a)(iii) , the commissioner shall round the dollar amount to the nearest whole dollar; if the percentage difference under Subsection (1)(b)(i) is zero or a negative percentage, the consumer price index increase for the year is zero; and for purposes of this Subsection (1)(b) , the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code. Notwithstanding Subsection (1)(a)(iii) , a nonexempt credit union may extend credit in an amount that exceeds the limits provided in Subsection (1)(a)(iii) to a member if: the excess portion of the credit described in Subsection (1)(a)(iii) is fully secured by the member's share or deposit savings in the nonexempt credit union; or the credit is extended to a member of the nonexempt credit union: for the purpose of: paying amounts owed by the member to purchase a one- to four-family dwelling that is the primary residence of that member; or refinancing the balance of amounts owed by the member for the purchase of a one- to four-family dwelling that is the primary residence of that member; and the credit extended under this Subsection (2)(b) is less than or equals $1,000,000. In accordance with Subsection 7-9-20(7)(d) , a credit union service organization may not extend credit to a member of a nonexempt credit union holding an ownership interest in the credit union service organization if it would be a violation of this section for the nonexempt credit union to extend the credit to the member. This section may not prevent a nonexempt credit union from servicing a loan extended before May 5, 2003.

Section 7-9-58Verify source

§ 7-9-58(1)Subsection 7-9-58(1)Provision

Source excerpt

Notwithstanding the other provisions of this chapter, beginning on May 5, 2003, a nonexempt credit union may not: extend a member-business loan; renew a member-business loan that is extended before May 5, 2003; or extend the maturity date or increase the amount of a member-business loan that is extended before May 5, 2003; originate, participate in, or obtain any interest in a co-lending arrangement, including a loan participation arrangement; or subject to Subsection (2) , extend credit that is not a member-business loan if as a result of the extension of credit the total credit that is not a member-business loan that the nonexempt credit union has issued to that member exceeds at any one time $250,000 adjusted as provided in Subsection (1)(b) . The adjustment described in Subsection (1)(a)(iii) shall be calculated by the commissioner as follows: beginning July 1, 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase or decrease the dollar amount in Subsection (1)(a)(iii) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2007; after the commissioner increases the dollar amount listed in Subsection (1)(a)(iii) , the commissioner shall round the dollar amount to the nearest whole dollar; if the percentage difference under Subsection (1)(b)(i) is zero or a negative percentage, the consumer price index increase for the year is zero; and for purposes of this Subsection (1)(b) , the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.

Section 7-9-58(1)Verify source

§ 7-9-58(1)(a)Subsection 7-9-58(1)(a)Provision

Source excerpt

A nonexempt credit union may not make, renew, or expand certain member-business loans or engage in co-lending arrangements, and may not extend non-member-business credit above $250,000 in total to a member, subject to the stated exception.

Section 7-9-58(1)(a)Verify source

§ 7-9-58(1)(a)(i)Subsection 7-9-58(1)(a)(i)Provision

Source excerpt

extend a member-business loan; renew a member-business loan that is extended before May 5, 2003; or extend the maturity date or increase the amount of a member-business loan that is extended before May 5, 2003;

Section 7-9-58(1)(a)(i)Verify source

§ 7-9-58(1)(a)(i)(A)Subsection 7-9-58(1)(a)(i)(A)Provision

Source excerpt

extend a member-business loan;

Section 7-9-58(1)(a)(i)(A)Verify source

§ 7-9-58(1)(a)(i)(B)Subsection 7-9-58(1)(a)(i)(B)Provision

Source excerpt

renew a member-business loan that is extended before May 5, 2003; or

Section 7-9-58(1)(a)(i)(B)Verify source

§ 7-9-58(1)(a)(i)(C)Subsection 7-9-58(1)(a)(i)(C)Provision

Source excerpt

extend the maturity date or increase the amount of a member-business loan that is extended before May 5, 2003;

Section 7-9-58(1)(a)(i)(C)Verify source

§ 7-9-58(1)(a)(ii)Subsection 7-9-58(1)(a)(ii)Provision

Source excerpt

originate, participate in, or obtain any interest in a co-lending arrangement, including a loan participation arrangement; or

Section 7-9-58(1)(a)(ii)Verify source

§ 7-9-58(1)(a)(iii)Subsection 7-9-58(1)(a)(iii)Provision

Source excerpt

subject to Subsection (2) , extend credit that is not a member-business loan if as a result of the extension of credit the total credit that is not a member-business loan that the nonexempt credit union has issued to that member exceeds at

Section 7-9-58(1)(a)(iii)Verify source

§ 7-9-58(1)(b)Subsection 7-9-58(1)(b)Provision

Source excerpt

The commissioner must adjust the dollar amount in Subsection (1)(a)(iii) by the CPI difference, round it to the nearest whole dollar, and calculate the CPI under the referenced Internal Revenue Code sections.

The adjustment described in Subsection (1)(a)(iii) shall be calculated by the commissioner as follows: beginning July 1, 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase or decrease the dollar amount in Subsection (1)(a)(iii) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2007; after the commissioner increases the dollar amount listed in Subsection (1)(a)(iii) , the commissioner shall round the dollar amount to the nearest whole dollar; if the percentage difference under Subsection (1)(b)(i) is zero or a negative percentage, the consumer price index increase for the year is zero; and for purposes of this Subsection (1)(b) , the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.

Section 7-9-58(1)(b)Verify source

§ 7-9-58(1)(b)(i)Subsection 7-9-58(1)(b)(i)Provision

Source excerpt

The commissioner must adjust the dollar amount in Subsection (1)(a)(iii) up or down by a percentage tied to CPI changes.

beginning July 1, 2008 and for a calendar year beginning on or after January 1, 2009, the commissioner shall increase or decrease the dollar amount in Subsection (1)(a)(iii) by a percentage equal to the percentage difference between the consumer price index for the preceding calendar year and the consumer price index for calendar year 2007;

Section 7-9-58(1)(b)(i)Verify source

§ 7-9-58(1)(b)(ii)Subsection 7-9-58(1)(b)(ii)Provision

Source excerpt

After the commissioner increases the dollar amount in Subsection (1)(a)(iii), the commissioner must round it to the nearest whole dollar.

after the commissioner increases the dollar amount listed in Subsection (1)(a)(iii) , the commissioner shall round the dollar amount to the nearest whole dollar;

Section 7-9-58(1)(b)(ii)Verify source

§ 7-9-58(1)(b)(iii)Subsection 7-9-58(1)(b)(iii)Provision

Source excerpt

If the percentage difference under Subsection (1)(b)(i) is zero or negative, the consumer price index increase for the year is zero.

if the percentage difference under Subsection (1)(b)(i) is zero or a negative percentage, the consumer price index increase for the year is zero; and

Section 7-9-58(1)(b)(iii)Verify source

§ 7-9-58(1)(b)(iv)Subsection 7-9-58(1)(b)(iv)Provision

Source excerpt

The commissioner must calculate the consumer price index for this subsection as provided in the cited Internal Revenue Code sections.

for purposes of this Subsection (1)(b) , the commissioner shall calculate the consumer price index as provided in Sections 1(f)(4) and 1(f)(5), Internal Revenue Code.

Section 7-9-58(1)(b)(iv)Verify source

§ 7-9-58(2)Subsection 7-9-58(2)Provision

Source excerpt

A nonexempt credit union may exceed the Subsection (1)(a)(iii) lending limits for a member if the extra portion is fully secured by the member’s savings, or if the loan is for certain primary-residence dwelling purchase or refinancing purposes and does not exceed $1,000,000.

Notwithstanding Subsection (1)(a)(iii) , a nonexempt credit union may extend credit in an amount that exceeds the limits provided in Subsection (1)(a)(iii) to a member if: the excess portion of the credit described in Subsection (1)(a)(iii) is fully secured by the member's share or deposit savings in the nonexempt credit union; or the credit is extended to a member of the nonexempt credit union: for the purpose of: paying amounts owed by the member to purchase a one- to four-family dwelling that is the primary residence of that member; or refinancing the balance of amounts owed by the member for the purchase of a one- to four-family dwelling that is the primary residence of that member; and the credit extended under this Subsection (2)(b) is less than or equals $1,000,000.

Section 7-9-58(2)Verify source

§ 7-9-58(2)(a)Subsection 7-9-58(2)(a)Provision

Source excerpt

the excess portion of the credit described in Subsection (1)(a)(iii) is fully secured by the member's share or deposit savings in the nonexempt credit union; or

Section 7-9-58(2)(a)Verify source

§ 7-9-58(2)(b)Subsection 7-9-58(2)(b)Provision

Source excerpt

the credit is extended to a member of the nonexempt credit union: for the purpose of: paying amounts owed by the member to purchase a one- to four-family dwelling that is the primary residence of that member; or refinancing the balance of amounts owed by the member for the purchase of a one- to four-family dwelling that is the primary residence of that member; and the credit extended under this Subsection (2)(b) is less than or equals $1,000,000.

Section 7-9-58(2)(b)Verify source

§ 7-9-58(2)(b)(i)Subsection 7-9-58(2)(b)(i)Provision

Source excerpt

Section 7-9-58(2)(b)(i)Verify source

§ 7-9-58(2)(b)(i)(A)Subsection 7-9-58(2)(b)(i)(A)Provision

Source excerpt

paying amounts owed by the member to purchase a one- to four-family dwelling that is the primary residence of that member; or

Section 7-9-58(2)(b)(i)(A)Verify source

§ 7-9-58(2)(b)(i)(B)Subsection 7-9-58(2)(b)(i)(B)Provision

Source excerpt

refinancing the balance of amounts owed by the member for the purchase of a one- to four-family dwelling that is the primary residence of that member; and

Section 7-9-58(2)(b)(i)(B)Verify source

§ 7-9-58(2)(b)(ii)Subsection 7-9-58(2)(b)(ii)Provision

Source excerpt

The credit extended under Subsection (2)(b) must be $1,000,000 or less.

the credit extended under this Subsection (2)(b) is less than or equals $1,000,000.

Section 7-9-58(2)(b)(ii)Verify source

§ 7-9-58(3)Subsection 7-9-58(3)Provision

Source excerpt

A credit union service organization may not extend credit to a member of a nonexempt credit union when that extension would violate this section for the nonexempt credit union.

In accordance with Subsection 7-9-20(7)(d) , a credit union service organization may not extend credit to a member of a nonexempt credit union holding an ownership interest in the credit union service organization if it would be a violation of this section for the nonexempt credit union to extend the credit to the member.

Section 7-9-58(3)Verify source

§ 7-9-58(4)Subsection 7-9-58(4)Provision

Source excerpt

This section cannot be used to stop a nonexempt credit union from servicing a loan made before May 5, 2003.

This section may not prevent a nonexempt credit union from servicing a loan extended before May 5, 2003.

Section 7-9-58(4)Verify source

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Utah Code § 7-9-58, 2003

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