United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-59

Source excerpt

applicationapplication filingapproval processautomated teller machine servicesbranch servicescash checkingcommissioner approvalcomputer hardwarecomputer softwareconsumer mortgage loan originationcorporate controlcredit analysiscredit card servicescredit union service organizationcredit union service organizationscredit unionscyber financial servicesdebt collectiondevelopmentelectronic income tax filingsestate planningextension of creditfinancial counseling servicesfinancial regulationfinancial servicesfixed assetsformation approvalgroup purchasing programsincome tax preparationindividual retirement accountsinsurance agencyinsurance brokerageleaseleasingloan processingloan salesloan servicingmanagementmembership limitationoutsourcingownership interestpermitted servicespersonal propertyreal estaterecord retentionregulatory approvalregulatory examinationsrulemakingsalesecurity servicesservice centersservice limitationsservice organizationservice organizationsservicingstoragevehicle warranty programsvoting securities

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

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“Credit union service organizations -- Limitations on providing services through other entities. This section applies to a credit union service organization in which a credit union organized under this chapter has an ownership interest. A”

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Credit union service organizations -- Limitations on providing services through other entities.

Section 7-9-59

Subsection 7-9-59(2)(b)(iv)

the following electronic transaction services: automated teller machine services; credit card services; debit card services; data processing services; electronic fund transfer services; services related to electronic income tax filings;

Section 7-9-59(2)(b)(iv)

Subsection 7-9-59(2)(b)(xi)

the following record retention, security, and disaster recovery services: alarm-monitoring and other security services; disaster recovery services; services related to: microfilm; microfiche; optical and electronic imaging; or CD-ROM data

Section 7-9-59(2)(b)(xi)

Subsection 7-9-59(4)(a)

A credit union service organization may add a service not listed in its formation application if it files written notice with the commissioner at least 30 days before first providing the service.

Section 7-9-59(4)(a)

Subsection 7-9-59(8)(b)(ii)

A credit union service organization may provide a service not described in Subsection (2)(b) on or after July 1, 2003, but only if it has obtained approval from the commissioner under Subsection (4).

Section 7-9-59(8)(b)(ii)

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Showing 141 of 141 provisions

Provision 141

§ 7-9-59Credit union service organizations -- Limitations on providing services through other entities.Provision

Source excerpt

Credit union service organizations -- Limitations on providing services through other entities. This section applies to a credit union service organization in which a credit union organized under this chapter has an ownership interest. A credit union service organization may provide a service only if the service is: listed in Subsection (2)(b) ; or approved by the commissioner in accordance with Subsection (4)(b) ; and except for the extension of credit by the credit union service organization, limited primarily to: credit unions that hold an ownership interest in the credit union service organization; members of credit unions that hold an ownership interest in the credit union service organization; members of credit unions that contract with the credit union service organization; or credit unions that contract with the credit union service organization but do not hold an ownership interest in the credit union service organization; or for purposes of the extension of credit by the credit union service organization, limited to members of a credit union that holds an ownership interest in the credit union service organization. Subsection (2)(a) applies to: the following checking and currency services: check cashing; coin and currency services; and services related to: a money order; a savings bond; a travelers check; or the purchase and sale of United States Mint commemorative coins; the following clerical, professional, and management services: accounting services; courier services; credit analysis; facsimile transmission and copying services; services related to conducting an internal audit for a credit union; locator services; services related to management and personnel training and support; marketing services; research services; or services related to a supervisory committee audit; consumer mortgage loan origination; the following electronic transaction services: automated teller machine services; credit card services; debit card services; data processing services; electronic fund transfer services; services related to electronic income tax filings; payment item processing; wire transfer services; or cyber financial services; the following financial counseling services: developing and administering personnel benefit plans including: individual retirement accounts; Keogh plans; or deferred compensation plans; estate planning; financial planning and counseling; income tax preparation; investment counseling; or retirement counseling; fixed asset services related to the: management, development, sale, or lease of fixed assets; or sale, lease, or servicing of computer hardware or software; the following insurance brokerage or agency services: operating as an agency for sale of insurance; providing vehicle warranty programs; or providing group purchasing programs; the following leasing services: leasing of personal property; or real estate leasing of excess credit union service organization property; the following loan support services: debt collection services; loan processing, servicing, and sales; or sale of repossessed collateral; the extension of credit including member-business loans; the following record retention, security, and disaster recovery services: alarm-monitoring and other security services; disaster recovery services; services related to: microfilm; microfiche; optical and electronic imaging; or CD-ROM data storage retrieval; providing forms and supplies; or services related to record retention and storage; securities brokerage services; operation of shared credit union branch services, including service centers; student loan origination; travel agency services; the following trust and trust-related services: acting as an administrator for a prepaid legal service plan; acting in a fiduciary capacity including as: trustee; guardian; conservator; or estate administrator; or trust services; or making credit union service organization investments in noncredit union service organization service providers. One or more credit unions organized under this chapter may form a credit union service organization on or after the day on which each credit union forming the credit union service organization obtains in accordance with this section the approval by the commissioner for the formation of the credit union service organization. To obtain approval from the commissioner for the formation of a credit union service organization, each credit union that is forming a credit union service organization shall file an application with the commissioner that specifies: whether the credit union meets the capital and surplus standards established by rule by the commissioner; the services to be provided by the credit union service organization; and any information required by rule by the commissioner. The commissioner may by rule establish the requirements for forming of a credit union service organization to ensure that: the credit union service organization as formed: has the financial capacity to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and has the managerial expertise to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and any potential harm that granting the approval may have on other institutions subject to the jurisdiction of the department does not clearly outweigh the probable beneficial effect of the credit union service organization providing the services. A credit union service organization may provide a service that is described in Subsection (2)(b) but not listed in the application requesting the formation of the credit union service organization by filing written notice with the commissioner at least 30 days before the day on which the credit union service organization first provides the service. A credit union service organization may provide a service not described in Subsection (2)(b) if: the credit union service organization files a written request for approval to provide the service with the commissioner; and the commissioner approves the credit union service organization providing that service. The commissioner may at any time limit the services engaged in by a credit union service organization on the basis of: a supervisory reason; a legal reason; or a safety and soundness reason. The commissioner may conduct examinations of a credit union service organization in accordance with Section 7-1-314 . In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the commissioner may make rules for purposes of this section: defining what constitutes an ownership interest held by a credit union; specifying the information required to be included in an application seeking to form a credit union service organization; specifying in accordance with Subsection (3) , the requirements for forming a credit union service organization; specifying the procedure for obtaining approval to provide a service under Subsection (4)(a) ; and specifying the conditions under which a credit union service organization may provide a service described in Subsection (2) . Except as provided in Subsection (7)(b) , a credit union may not provide any service to a member of the credit union through: a person who is controlled by or is under common control with the credit union whether or not the control is exercised: directly; or indirectly through one or more intermediary controls; or an entity in which the credit union holds an ownership interest. Notwithstanding Subsection (7)(a) , a credit union may provide services to a member of a credit union: through a credit union service organization to the extent permitted by this section; or through a loan production office to the extent those services are authorized by Section 7-1-715 . Notwithstanding Section 7-1-103 , for purposes of this section, "control" means the power, directly, or indirectly, to: direct or exercise a controlling influence over: the management or policies of an entity; or the election of a majority of the directors or trustees of an entity; vote 20% or more of any class of voting securities of an entity by an individual; or vote more than 5% of any class of voting securities of an entity by a person other than an individual. Nothing within this section may be interpreted as prohibiting a credit union from entering into a contract or agreement to provide services to members of the credit union if the person with whom the credit union enters into the contract agreement is not a person described in Subsection (7)(a) . A credit union holding an ownership interest in a credit union service organization operating on May 5, 2003 is not required to file an application requesting to form that credit union service organization. A credit union service organization operating on May 5, 2003: shall provide the commissioner written notice of the services the credit union service organization provides by no later than July 1, 2003; and may provide a service not described in Subsection (2)(b) on or after July 1, 2003 only if the credit union service organization has obtained approval from the commissioner in accordance with Subsection (4) .

Section 7-9-59Verify source

§ 7-9-59(1)Subsection 7-9-59(1)Provision

Source excerpt

This section applies to certain credit union service organizations.

This section applies to a credit union service organization in which a credit union organized under this chapter has an ownership interest.

Section 7-9-59(1)Verify source

§ 7-9-59(2)Subsection 7-9-59(2)Provision

Source excerpt

A credit union service organization may provide a service only if it is listed in Subsection (2)(b) or approved by the commissioner, and the service is generally limited to specified credit-union-related recipients.

A credit union service organization may provide a service only if the service is: listed in Subsection (2)(b) ; or approved by the commissioner in accordance with Subsection (4)(b) ; and except for the extension of credit by the credit union service organization, limited primarily to: credit unions that hold an ownership interest in the credit union service organization; members of credit unions that hold an ownership interest in the credit union service organization; members of credit unions that contract with the credit union service organization; or credit unions that contract with the credit union service organization but do not hold an ownership interest in the credit union service organization; or for purposes of the extension of credit by the credit union service organization, limited to members of a credit union that holds an ownership interest in the credit union service organization. Subsection (2)(a) applies to: the following checking and currency services: check cashing; coin and currency services; and services related to: a money order; a savings bond; a travelers check; or the purchase and sale of United States Mint commemorative coins; the following clerical, professional, and management services: accounting services; courier services; credit analysis; facsimile transmission and copying services; services related to conducting an internal audit for a credit union; locator services; services related to management and personnel training and support; marketing services; research services; or services related to a supervisory committee audit; consumer mortgage loan origination; the following electronic transaction services: automated teller machine services; credit card services; debit card services; data processing services; electronic fund transfer services; services related to electronic income tax filings; payment item processing; wire transfer services; or cyber financial services; the following financial counseling services: developing and administering personnel benefit plans including: individual retirement accounts; Keogh plans; or deferred compensation plans; estate planning; financial planning and counseling; income tax preparation; investment counseling; or retirement counseling; fixed asset services related to the: management, development, sale, or lease of fixed assets; or sale, lease, or servicing of computer hardware or software; the following insurance brokerage or agency services: operating as an agency for sale of insurance; providing vehicle warranty programs; or providing group purchasing programs; the following leasing services: leasing of personal property; or real estate leasing of excess credit union service organization property; the following loan support services: debt collection services; loan processing, servicing, and sales; or sale of repossessed collateral; the extension of credit including member-business loans; the following record retention, security, and disaster recovery services: alarm-monitoring and other security services; disaster recovery services; services related to: microfilm; microfiche; optical and electronic imaging; or CD-ROM data storage retrieval; providing forms and supplies; or services related to record retention and storage; securities brokerage services; operation of shared credit union branch services, including service centers; student loan origination; travel agency services; the following trust and trust-related services: acting as an administrator for a prepaid legal service plan; acting in a fiduciary capacity including as: trustee; guardian; conservator; or estate administrator; or trust services; or making credit union service organization investments in noncredit union service organization service providers.

Section 7-9-59(2)Verify source

§ 7-9-59(2)(a)Subsection 7-9-59(2)(a)Provision

Source excerpt

A credit union service organization may provide a service only if the service is listed in Subsection (2)(b) or approved by the commissioner.

Section 7-9-59(2)(a)Verify source

§ 7-9-59(2)(a)(i)Subsection 7-9-59(2)(a)(i)Provision

Source excerpt

Something is allowed if it is listed in Subsection (2)(b) or approved by the commissioner under Subsection (4)(b).

listed in Subsection (2)(b) ; or approved by the commissioner in accordance with Subsection (4)(b) ; and

Section 7-9-59(2)(a)(i)Verify source

§ 7-9-59(2)(a)(i)(A)Subsection 7-9-59(2)(a)(i)(A)Provision

Source excerpt

listed in Subsection (2)(b) ; or

Section 7-9-59(2)(a)(i)(A)Verify source

§ 7-9-59(2)(a)(i)(B)Subsection 7-9-59(2)(a)(i)(B)Provision

Source excerpt

approved by the commissioner in accordance with Subsection (4)(b) ; and

Section 7-9-59(2)(a)(i)(B)Verify source

§ 7-9-59(2)(a)(ii)Subsection 7-9-59(2)(a)(ii)Provision

Source excerpt

The credit union service organization’s extension of credit is limited primarily to specified credit unions and their members.

except for the extension of credit by the credit union service organization, limited primarily to: credit unions that hold an ownership interest in the credit union service organization; members of credit unions that hold an ownership interest in the credit union service organization; members of credit unions that contract with the credit union service organization; or credit unions that contract with the credit union service organization but do not hold an ownership interest in the credit union service organization; or for purposes of the extension of credit by the credit union service organization, limited to members of a credit union that holds an ownership interest in the credit union service organization.

Section 7-9-59(2)(a)(ii)Verify source

§ 7-9-59(2)(a)(ii)(A)Subsection 7-9-59(2)(a)(ii)(A)Provision

Source excerpt

This provision states an exception for credit extension by a credit union service organization, limited primarily to certain credit unions, their members, and contracting credit unions.

Section 7-9-59(2)(a)(ii)(A)Verify source

§ 7-9-59(2)(a)(ii)(A)(I)Subsection 7-9-59(2)(a)(ii)(A)(I)Provision

Source excerpt

This text refers to credit unions that hold an ownership interest in the credit union service organization.

credit unions that hold an ownership interest in the credit union service organization;

Section 7-9-59(2)(a)(ii)(A)(I)Verify source

§ 7-9-59(2)(a)(ii)(A)(II)Subsection 7-9-59(2)(a)(ii)(A)(II)Provision

Source excerpt

This provision refers to members of credit unions that hold an ownership interest in the credit union service organization.

members of credit unions that hold an ownership interest in the credit union service organization;

Section 7-9-59(2)(a)(ii)(A)(II)Verify source

§ 7-9-59(2)(a)(ii)(A)(III)Subsection 7-9-59(2)(a)(ii)(A)(III)Provision

Source excerpt

members of credit unions that contract with the credit union service organization; or

Section 7-9-59(2)(a)(ii)(A)(III)Verify source

§ 7-9-59(2)(a)(ii)(A)(IV)Subsection 7-9-59(2)(a)(ii)(A)(IV)Provision

Source excerpt

credit unions that contract with the credit union service organization but do not hold an ownership interest in the credit union service organization; or

Section 7-9-59(2)(a)(ii)(A)(IV)Verify source

§ 7-9-59(2)(a)(ii)(B)Subsection 7-9-59(2)(a)(ii)(B)Provision

Source excerpt

for purposes of the extension of credit by the credit union service organization, limited to members of a credit union that holds an ownership interest in the credit union service organization.

Section 7-9-59(2)(a)(ii)(B)Verify source

§ 7-9-59(2)(b)Subsection 7-9-59(2)(b)Provision

Source excerpt

Subsection (2)(a) applies to: the following checking and currency services: check cashing; coin and currency services; and services related to: a money order; a savings bond; a travelers check; or the purchase and sale of United States Mint commemorative coins; the following clerical, professional, and management services: accounting services; courier services; credit analysis; facsimile transmission and copying services; services related to conducting an internal audit for a credit union; locator services; services related to management and personnel training and support; marketing services; research services; or services related to a supervisory committee audit; consumer mortgage loan origination; the following electronic transaction services: automated teller machine services; credit card services; debit card services; data processing services; electronic fund transfer services; services related to electronic income tax filings; payment item processing; wire transfer services; or cyber financial services; the following financial counseling services: developing and administering personnel benefit plans including: individual retirement accounts; Keogh plans; or deferred compensation plans; estate planning; financial planning and counseling; income tax preparation; investment counseling; or retirement counseling; fixed asset services related to the: management, development, sale, or lease of fixed assets; or sale, lease, or servicing of computer hardware or software; the following insurance brokerage or agency services: operating as an agency for sale of insurance; providing vehicle warranty programs; or providing group purchasing programs; the following leasing services: leasing of personal property; or real estate leasing of excess credit union service organization property; the following loan support services: debt collection services; loan processing, servicing, and sales; or sale of repossessed collateral; the extension of credit including member-business loans; the following record retention, security, and disaster recovery services: alarm-monitoring and other security services; disaster recovery services; services related to: microfilm; microfiche; optical and electronic imaging; or CD-ROM data storage retrieval; providing forms and supplies; or services related to record retention and storage; securities brokerage services; operation of shared credit union branch services, including service centers; student loan origination; travel agency services; the following trust and trust-related services: acting as an administrator for a prepaid legal service plan; acting in a fiduciary capacity including as: trustee; guardian; conservator; or estate administrator; or trust services; or making credit union service organization investments in noncredit union service organization service providers.

Section 7-9-59(2)(b)Verify source

§ 7-9-59(2)(b)(i)Subsection 7-9-59(2)(b)(i)Provision

Source excerpt

the following checking and currency services: check cashing; coin and currency services; and services related to: a money order; a savings bond; a travelers check; or the purchase and sale of United States Mint commemorative coins;

Section 7-9-59(2)(b)(i)Verify source

§ 7-9-59(2)(b)(i)(A)Subsection 7-9-59(2)(b)(i)(A)Provision

Source excerpt

check cashing;

Section 7-9-59(2)(b)(i)(A)Verify source

§ 7-9-59(2)(b)(i)(B)Subsection 7-9-59(2)(b)(i)(B)Provision

Source excerpt

coin and currency services; and

Section 7-9-59(2)(b)(i)(B)Verify source

§ 7-9-59(2)(b)(i)(C)Subsection 7-9-59(2)(b)(i)(C)Provision

Source excerpt

services related to: a money order; a savings bond; a travelers check; or the purchase and sale of United States Mint commemorative coins;

Section 7-9-59(2)(b)(i)(C)Verify source

§ 7-9-59(2)(b)(i)(C)(I)Subsection 7-9-59(2)(b)(i)(C)(I)Provision

Source excerpt

a money order;

Section 7-9-59(2)(b)(i)(C)(I)Verify source

§ 7-9-59(2)(b)(i)(C)(II)Subsection 7-9-59(2)(b)(i)(C)(II)Provision

Source excerpt

a savings bond;

Section 7-9-59(2)(b)(i)(C)(II)Verify source

§ 7-9-59(2)(b)(i)(C)(III)Subsection 7-9-59(2)(b)(i)(C)(III)Provision

Source excerpt

a travelers check; or

Section 7-9-59(2)(b)(i)(C)(III)Verify source

§ 7-9-59(2)(b)(i)(C)(IV)Subsection 7-9-59(2)(b)(i)(C)(IV)Provision

Source excerpt

the purchase and sale of United States Mint commemorative coins;

Section 7-9-59(2)(b)(i)(C)(IV)Verify source

§ 7-9-59(2)(b)(ii)Subsection 7-9-59(2)(b)(ii)Provision

Source excerpt

the following clerical, professional, and management services: accounting services; courier services; credit analysis; facsimile transmission and copying services; services related to conducting an internal audit for a credit union; locator services; services related to management and personnel training and support; marketing services; research services; or services related to a supervisory committee audit;

Section 7-9-59(2)(b)(ii)Verify source

§ 7-9-59(2)(b)(ii)(A)Subsection 7-9-59(2)(b)(ii)(A)Provision

Source excerpt

Refers to accounting services.

accounting services;

Section 7-9-59(2)(b)(ii)(A)Verify source

§ 7-9-59(2)(b)(ii)(B)Subsection 7-9-59(2)(b)(ii)(B)Provision

Source excerpt

courier services;

Section 7-9-59(2)(b)(ii)(B)Verify source

§ 7-9-59(2)(b)(ii)(C)Subsection 7-9-59(2)(b)(ii)(C)Provision

Source excerpt

credit analysis;

Section 7-9-59(2)(b)(ii)(C)Verify source

§ 7-9-59(2)(b)(ii)(D)Subsection 7-9-59(2)(b)(ii)(D)Provision

Source excerpt

facsimile transmission and copying services;

Section 7-9-59(2)(b)(ii)(D)Verify source

§ 7-9-59(2)(b)(ii)(E)Subsection 7-9-59(2)(b)(ii)(E)Provision

Source excerpt

services related to conducting an internal audit for a credit union;

Section 7-9-59(2)(b)(ii)(E)Verify source

§ 7-9-59(2)(b)(ii)(F)Subsection 7-9-59(2)(b)(ii)(F)Provision

Source excerpt

locator services;

Section 7-9-59(2)(b)(ii)(F)Verify source

§ 7-9-59(2)(b)(ii)(G)Subsection 7-9-59(2)(b)(ii)(G)Provision

Source excerpt

services related to management and personnel training and support;

Section 7-9-59(2)(b)(ii)(G)Verify source

§ 7-9-59(2)(b)(ii)(H)Subsection 7-9-59(2)(b)(ii)(H)Provision

Source excerpt

marketing services;

Section 7-9-59(2)(b)(ii)(H)Verify source

§ 7-9-59(2)(b)(ii)(I)Subsection 7-9-59(2)(b)(ii)(I)Provision

Source excerpt

research services; or

Section 7-9-59(2)(b)(ii)(I)Verify source

§ 7-9-59(2)(b)(ii)(J)Subsection 7-9-59(2)(b)(ii)(J)Provision

Source excerpt

services related to a supervisory committee audit;

Section 7-9-59(2)(b)(ii)(J)Verify source

§ 7-9-59(2)(b)(iii)Subsection 7-9-59(2)(b)(iii)Provision

Source excerpt

consumer mortgage loan origination;

Section 7-9-59(2)(b)(iii)Verify source

§ 7-9-59(2)(b)(iv)Subsection 7-9-59(2)(b)(iv)Provision

Source excerpt

Section 7-9-59(2)(b)(iv)Verify source

§ 7-9-59(2)(b)(iv)(A)Subsection 7-9-59(2)(b)(iv)(A)Provision

Source excerpt

automated teller machine services;

Section 7-9-59(2)(b)(iv)(A)Verify source

§ 7-9-59(2)(b)(iv)(B)Subsection 7-9-59(2)(b)(iv)(B)Provision

Source excerpt

credit card services;

Section 7-9-59(2)(b)(iv)(B)Verify source

§ 7-9-59(2)(b)(iv)(C)Subsection 7-9-59(2)(b)(iv)(C)Provision

Source excerpt

debit card services;

Section 7-9-59(2)(b)(iv)(C)Verify source

§ 7-9-59(2)(b)(iv)(D)Subsection 7-9-59(2)(b)(iv)(D)Provision

Source excerpt

data processing services;

Section 7-9-59(2)(b)(iv)(D)Verify source

§ 7-9-59(2)(b)(iv)(E)Subsection 7-9-59(2)(b)(iv)(E)Provision

Source excerpt

electronic fund transfer services;

Section 7-9-59(2)(b)(iv)(E)Verify source

§ 7-9-59(2)(b)(iv)(F)Subsection 7-9-59(2)(b)(iv)(F)Provision

Source excerpt

services related to electronic income tax filings;

Section 7-9-59(2)(b)(iv)(F)Verify source

§ 7-9-59(2)(b)(iv)(G)Subsection 7-9-59(2)(b)(iv)(G)Provision

Source excerpt

payment item processing;

Section 7-9-59(2)(b)(iv)(G)Verify source

§ 7-9-59(2)(b)(iv)(H)Subsection 7-9-59(2)(b)(iv)(H)Provision

Source excerpt

wire transfer services; or

Section 7-9-59(2)(b)(iv)(H)Verify source

§ 7-9-59(2)(b)(iv)(I)Subsection 7-9-59(2)(b)(iv)(I)Provision

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cyber financial services;

Section 7-9-59(2)(b)(iv)(I)Verify source

§ 7-9-59(2)(b)(v)Subsection 7-9-59(2)(b)(v)Provision

Source excerpt

the following financial counseling services: developing and administering personnel benefit plans including: individual retirement accounts; Keogh plans; or deferred compensation plans; estate planning; financial planning and counseling;

Section 7-9-59(2)(b)(v)Verify source

§ 7-9-59(2)(b)(v)(A)Subsection 7-9-59(2)(b)(v)(A)Provision

Source excerpt

This text refers to developing and administering personnel benefit plans, including individual retirement accounts, Keogh plans, and deferred compensation plans.

developing and administering personnel benefit plans including: individual retirement accounts; Keogh plans; or deferred compensation plans;

Section 7-9-59(2)(b)(v)(A)Verify source

§ 7-9-59(2)(b)(v)(A)(I)Subsection 7-9-59(2)(b)(v)(A)(I)Provision

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individual retirement accounts;

Section 7-9-59(2)(b)(v)(A)(I)Verify source

§ 7-9-59(2)(b)(v)(A)(II)Subsection 7-9-59(2)(b)(v)(A)(II)Provision

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Keogh plans; or

Section 7-9-59(2)(b)(v)(A)(II)Verify source

§ 7-9-59(2)(b)(v)(A)(III)Subsection 7-9-59(2)(b)(v)(A)(III)Provision

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deferred compensation plans;

Section 7-9-59(2)(b)(v)(A)(III)Verify source

§ 7-9-59(2)(b)(v)(B)Subsection 7-9-59(2)(b)(v)(B)Provision

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estate planning;

Section 7-9-59(2)(b)(v)(B)Verify source

§ 7-9-59(2)(b)(v)(C)Subsection 7-9-59(2)(b)(v)(C)Provision

Source excerpt

financial planning and counseling;

Section 7-9-59(2)(b)(v)(C)Verify source

§ 7-9-59(2)(b)(v)(D)Subsection 7-9-59(2)(b)(v)(D)Provision

Source excerpt

income tax preparation;

Section 7-9-59(2)(b)(v)(D)Verify source

§ 7-9-59(2)(b)(v)(E)Subsection 7-9-59(2)(b)(v)(E)Provision

Source excerpt

investment counseling; or

Section 7-9-59(2)(b)(v)(E)Verify source

§ 7-9-59(2)(b)(v)(F)Subsection 7-9-59(2)(b)(v)(F)Provision

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retirement counseling;

Section 7-9-59(2)(b)(v)(F)Verify source

§ 7-9-59(2)(b)(vi)Subsection 7-9-59(2)(b)(vi)Provision

Source excerpt

fixed asset services related to the: management, development, sale, or lease of fixed assets; or sale, lease, or servicing of computer hardware or software;

Section 7-9-59(2)(b)(vi)Verify source

§ 7-9-59(2)(b)(vi)(A)Subsection 7-9-59(2)(b)(vi)(A)Provision

Source excerpt

management, development, sale, or lease of fixed assets; or

Section 7-9-59(2)(b)(vi)(A)Verify source

§ 7-9-59(2)(b)(vi)(B)Subsection 7-9-59(2)(b)(vi)(B)Provision

Source excerpt

sale, lease, or servicing of computer hardware or software;

Section 7-9-59(2)(b)(vi)(B)Verify source

§ 7-9-59(2)(b)(vii)Subsection 7-9-59(2)(b)(vii)Provision

Source excerpt

the following insurance brokerage or agency services: operating as an agency for sale of insurance; providing vehicle warranty programs; or providing group purchasing programs;

Section 7-9-59(2)(b)(vii)Verify source

§ 7-9-59(2)(b)(vii)(A)Subsection 7-9-59(2)(b)(vii)(A)Provision

Source excerpt

operating as an agency for sale of insurance;

Section 7-9-59(2)(b)(vii)(A)Verify source

§ 7-9-59(2)(b)(vii)(B)Subsection 7-9-59(2)(b)(vii)(B)Provision

Source excerpt

providing vehicle warranty programs; or

Section 7-9-59(2)(b)(vii)(B)Verify source

§ 7-9-59(2)(b)(vii)(C)Subsection 7-9-59(2)(b)(vii)(C)Provision

Source excerpt

providing group purchasing programs;

Section 7-9-59(2)(b)(vii)(C)Verify source

§ 7-9-59(2)(b)(viii)Subsection 7-9-59(2)(b)(viii)Provision

Source excerpt

the following leasing services: leasing of personal property; or real estate leasing of excess credit union service organization property;

Section 7-9-59(2)(b)(viii)Verify source

§ 7-9-59(2)(b)(viii)(A)Subsection 7-9-59(2)(b)(viii)(A)Provision

Source excerpt

leasing of personal property; or

Section 7-9-59(2)(b)(viii)(A)Verify source

§ 7-9-59(2)(b)(viii)(B)Subsection 7-9-59(2)(b)(viii)(B)Provision

Source excerpt

real estate leasing of excess credit union service organization property;

Section 7-9-59(2)(b)(viii)(B)Verify source

§ 7-9-59(2)(b)(ix)Subsection 7-9-59(2)(b)(ix)Provision

Source excerpt

the following loan support services: debt collection services; loan processing, servicing, and sales; or sale of repossessed collateral;

Section 7-9-59(2)(b)(ix)Verify source

§ 7-9-59(2)(b)(ix)(A)Subsection 7-9-59(2)(b)(ix)(A)Provision

Source excerpt

debt collection services;

Section 7-9-59(2)(b)(ix)(A)Verify source

§ 7-9-59(2)(b)(ix)(B)Subsection 7-9-59(2)(b)(ix)(B)Provision

Source excerpt

loan processing, servicing, and sales; or

Section 7-9-59(2)(b)(ix)(B)Verify source

§ 7-9-59(2)(b)(ix)(C)Subsection 7-9-59(2)(b)(ix)(C)Provision

Source excerpt

sale of repossessed collateral;

Section 7-9-59(2)(b)(ix)(C)Verify source

§ 7-9-59(2)(b)(x)Subsection 7-9-59(2)(b)(x)Provision

Source excerpt

the extension of credit including member-business loans;

Section 7-9-59(2)(b)(x)Verify source

§ 7-9-59(2)(b)(xi)Subsection 7-9-59(2)(b)(xi)Provision

Source excerpt

Section 7-9-59(2)(b)(xi)Verify source

§ 7-9-59(2)(b)(xi)(A)Subsection 7-9-59(2)(b)(xi)(A)Provision

Source excerpt

alarm-monitoring and other security services;

Section 7-9-59(2)(b)(xi)(A)Verify source

§ 7-9-59(2)(b)(xi)(B)Subsection 7-9-59(2)(b)(xi)(B)Provision

Source excerpt

disaster recovery services;

Section 7-9-59(2)(b)(xi)(B)Verify source

§ 7-9-59(2)(b)(xi)(C)Subsection 7-9-59(2)(b)(xi)(C)Provision

Source excerpt

services related to: microfilm; microfiche; optical and electronic imaging; or CD-ROM data storage retrieval;

Section 7-9-59(2)(b)(xi)(C)Verify source

§ 7-9-59(2)(b)(xi)(C)(I)Subsection 7-9-59(2)(b)(xi)(C)(I)Provision

Source excerpt

microfilm;

Section 7-9-59(2)(b)(xi)(C)(I)Verify source

§ 7-9-59(2)(b)(xi)(C)(II)Subsection 7-9-59(2)(b)(xi)(C)(II)Provision

Source excerpt

microfiche;

Section 7-9-59(2)(b)(xi)(C)(II)Verify source

§ 7-9-59(2)(b)(xi)(C)(III)Subsection 7-9-59(2)(b)(xi)(C)(III)Provision

Source excerpt

optical and electronic imaging; or

Section 7-9-59(2)(b)(xi)(C)(III)Verify source

§ 7-9-59(2)(b)(xi)(C)(IV)Subsection 7-9-59(2)(b)(xi)(C)(IV)Provision

Source excerpt

CD-ROM data storage retrieval;

Section 7-9-59(2)(b)(xi)(C)(IV)Verify source

§ 7-9-59(2)(b)(xi)(D)Subsection 7-9-59(2)(b)(xi)(D)Provision

Source excerpt

providing forms and supplies; or

Section 7-9-59(2)(b)(xi)(D)Verify source

§ 7-9-59(2)(b)(xi)(E)Subsection 7-9-59(2)(b)(xi)(E)Provision

Source excerpt

services related to record retention and storage;

Section 7-9-59(2)(b)(xi)(E)Verify source

§ 7-9-59(2)(b)(xii)Subsection 7-9-59(2)(b)(xii)Provision

Source excerpt

securities brokerage services;

Section 7-9-59(2)(b)(xii)Verify source

§ 7-9-59(2)(b)(xiii)Subsection 7-9-59(2)(b)(xiii)Provision

Source excerpt

operation of shared credit union branch services, including service centers;

Section 7-9-59(2)(b)(xiii)Verify source

§ 7-9-59(2)(b)(xiv)Subsection 7-9-59(2)(b)(xiv)Provision

Source excerpt

student loan origination;

Section 7-9-59(2)(b)(xiv)Verify source

§ 7-9-59(2)(b)(xv)Subsection 7-9-59(2)(b)(xv)Provision

Source excerpt

travel agency services;

Section 7-9-59(2)(b)(xv)Verify source

§ 7-9-59(2)(b)(xvi)Subsection 7-9-59(2)(b)(xvi)Provision

Source excerpt

the following trust and trust-related services: acting as an administrator for a prepaid legal service plan; acting in a fiduciary capacity including as: trustee; guardian; conservator; or estate administrator; or trust services; or

Section 7-9-59(2)(b)(xvi)Verify source

§ 7-9-59(2)(b)(xvi)(A)Subsection 7-9-59(2)(b)(xvi)(A)Provision

Source excerpt

acting as an administrator for a prepaid legal service plan;

Section 7-9-59(2)(b)(xvi)(A)Verify source

§ 7-9-59(2)(b)(xvi)(B)Subsection 7-9-59(2)(b)(xvi)(B)Provision

Source excerpt

This text identifies a fiduciary-capacity actor, including a trustee, guardian, conservator, or estate administrator.

acting in a fiduciary capacity including as: trustee; guardian; conservator; or estate administrator; or

Section 7-9-59(2)(b)(xvi)(B)Verify source

§ 7-9-59(2)(b)(xvi)(B)(I)Subsection 7-9-59(2)(b)(xvi)(B)(I)Provision

Source excerpt

Refers to a trustee.

trustee;

Section 7-9-59(2)(b)(xvi)(B)(I)Verify source

§ 7-9-59(2)(b)(xvi)(B)(II)Subsection 7-9-59(2)(b)(xvi)(B)(II)Provision

Source excerpt

guardian;

Section 7-9-59(2)(b)(xvi)(B)(II)Verify source

§ 7-9-59(2)(b)(xvi)(B)(III)Subsection 7-9-59(2)(b)(xvi)(B)(III)Provision

Source excerpt

conservator; or

Section 7-9-59(2)(b)(xvi)(B)(III)Verify source

§ 7-9-59(2)(b)(xvi)(B)(IV)Subsection 7-9-59(2)(b)(xvi)(B)(IV)Provision

Source excerpt

estate administrator; or

Section 7-9-59(2)(b)(xvi)(B)(IV)Verify source

§ 7-9-59(2)(b)(xvi)(C)Subsection 7-9-59(2)(b)(xvi)(C)Provision

Source excerpt

trust services; or

Section 7-9-59(2)(b)(xvi)(C)Verify source

§ 7-9-59(2)(b)(xvii)Subsection 7-9-59(2)(b)(xvii)Provision

Source excerpt

making credit union service organization investments in noncredit union service organization service providers.

Section 7-9-59(2)(b)(xvii)Verify source

§ 7-9-59(3)Subsection 7-9-59(3)Provision

Source excerpt

One or more credit unions organized under this chapter may form a credit union service organization on or after the day on which each credit union forming the credit union service organization obtains in accordance with this section the approval by the commissioner for the formation of the credit union service organization. To obtain approval from the commissioner for the formation of a credit union service organization, each credit union that is forming a credit union service organization shall file an application with the commissioner that specifies: whether the credit union meets the capital and surplus standards established by rule by the commissioner; the services to be provided by the credit union service organization; and any information required by rule by the commissioner. The commissioner may by rule establish the requirements for forming of a credit union service organization to ensure that: the credit union service organization as formed: has the financial capacity to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and has the managerial expertise to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and any potential harm that granting the approval may have on other institutions subject to the jurisdiction of the department does not clearly outweigh the probable beneficial effect of the credit union service organization providing the services.

Section 7-9-59(3)Verify source

§ 7-9-59(3)(a)Subsection 7-9-59(3)(a)Provision

Source excerpt

Credit unions organized under this chapter may form a credit union service organization only after each forming credit union has obtained the commissioner’s approval for that formation.

Section 7-9-59(3)(a)Verify source

§ 7-9-59(3)(b)Subsection 7-9-59(3)(b)Provision

Source excerpt

A credit union forming a credit union service organization must file an application with the commissioner to obtain approval.

To obtain approval from the commissioner for the formation of a credit union service organization, each credit union that is forming a credit union service organization shall file an application with the commissioner that specifies: whether the credit union meets the capital and surplus standards established by rule by the commissioner; the services to be provided by the credit union service organization; and any information required by rule by the commissioner.

Section 7-9-59(3)(b)Verify source

§ 7-9-59(3)(b)(i)Subsection 7-9-59(3)(b)(i)Provision

Source excerpt

whether the credit union meets the capital and surplus standards established by rule by the commissioner;

Section 7-9-59(3)(b)(i)Verify source

§ 7-9-59(3)(b)(ii)Subsection 7-9-59(3)(b)(ii)Provision

Source excerpt

the services to be provided by the credit union service organization; and

Section 7-9-59(3)(b)(ii)Verify source

§ 7-9-59(3)(b)(iii)Subsection 7-9-59(3)(b)(iii)Provision

Source excerpt

any information required by rule by the commissioner.

Section 7-9-59(3)(b)(iii)Verify source

§ 7-9-59(3)(c)Subsection 7-9-59(3)(c)Provision

Source excerpt

The commissioner may make rules setting requirements for forming a credit union service organization.

The commissioner may by rule establish the requirements for forming of a credit union service organization to ensure that: the credit union service organization as formed: has the financial capacity to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and has the managerial expertise to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and any potential harm that granting the approval may have on other institutions subject to the jurisdiction of the department does not clearly outweigh the probable beneficial effect of the credit union service organization providing the services.

Section 7-9-59(3)(c)Verify source

§ 7-9-59(3)(c)(i)Subsection 7-9-59(3)(c)(i)Provision

Source excerpt

The credit union service organization must have enough financial capacity and managerial expertise to provide the services described in the application in a safe and sound manner.

the credit union service organization as formed: has the financial capacity to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and has the managerial expertise to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and

Section 7-9-59(3)(c)(i)Verify source

§ 7-9-59(3)(c)(i)(A)Subsection 7-9-59(3)(c)(i)(A)Provision

Source excerpt

has the financial capacity to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and

Section 7-9-59(3)(c)(i)(A)Verify source

§ 7-9-59(3)(c)(i)(B)Subsection 7-9-59(3)(c)(i)(B)Provision

Source excerpt

The application must show that the person has the managerial expertise to provide the requested services in a safe and sound manner.

has the managerial expertise to provide the services described in the application requesting the formation of the credit union service organization in a safe and sound manner; and

Section 7-9-59(3)(c)(i)(B)Verify source

§ 7-9-59(3)(c)(ii)Subsection 7-9-59(3)(c)(ii)Provision

Source excerpt

any potential harm that granting the approval may have on other institutions subject to the jurisdiction of the department does not clearly outweigh the probable beneficial effect of the credit union service organization providing the

Section 7-9-59(3)(c)(ii)Verify source

§ 7-9-59(4)Subsection 7-9-59(4)Provision

Source excerpt

A credit union service organization may add or provide certain services only after notice or approval requirements are met, and the commissioner may limit the organization’s services for supervisory, legal, or safety-and-soundness reasons.

A credit union service organization may provide a service that is described in Subsection (2)(b) but not listed in the application requesting the formation of the credit union service organization by filing written notice with the commissioner at least 30 days before the day on which the credit union service organization first provides the service. A credit union service organization may provide a service not described in Subsection (2)(b) if: the credit union service organization files a written request for approval to provide the service with the commissioner; and the commissioner approves the credit union service organization providing that service. The commissioner may at any time limit the services engaged in by a credit union service organization on the basis of: a supervisory reason; a legal reason; or a safety and soundness reason.

Section 7-9-59(4)Verify source

§ 7-9-59(4)(a)Subsection 7-9-59(4)(a)Provision

Source excerpt

A credit union service organization may add a service not listed in its formation application if it files written notice with the commissioner at least 30 days before first providing the service.

Section 7-9-59(4)(a)Verify source

§ 7-9-59(4)(b)Subsection 7-9-59(4)(b)Provision

Source excerpt

A credit union service organization may provide a service not described in Subsection (2)(b) if: the credit union service organization files a written request for approval to provide the service with the commissioner; and the commissioner

Section 7-9-59(4)(b)Verify source

§ 7-9-59(4)(b)(i)Subsection 7-9-59(4)(b)(i)Provision

Source excerpt

A credit union service organization must file a written request for approval with the commissioner to provide the service.

the credit union service organization files a written request for approval to provide the service with the commissioner; and

Section 7-9-59(4)(b)(i)Verify source

§ 7-9-59(4)(b)(ii)Subsection 7-9-59(4)(b)(ii)Provision

Source excerpt

The commissioner approves the credit union service organization for providing that service.

the commissioner approves the credit union service organization providing that service.

Section 7-9-59(4)(b)(ii)Verify source

§ 7-9-59(4)(c)Subsection 7-9-59(4)(c)Provision

Source excerpt

The commissioner may at any time limit the services of a credit union service organization for supervisory, legal, or safety-and-soundness reasons.

The commissioner may at any time limit the services engaged in by a credit union service organization on the basis of: a supervisory reason; a legal reason; or a safety and soundness reason.

Section 7-9-59(4)(c)Verify source

§ 7-9-59(4)(c)(i)Subsection 7-9-59(4)(c)(i)Provision

Source excerpt

a supervisory reason;

Section 7-9-59(4)(c)(i)Verify source

§ 7-9-59(4)(c)(ii)Subsection 7-9-59(4)(c)(ii)Provision

Source excerpt

a legal reason; or

Section 7-9-59(4)(c)(ii)Verify source

§ 7-9-59(4)(c)(iii)Subsection 7-9-59(4)(c)(iii)Provision

Source excerpt

a safety and soundness reason.

Section 7-9-59(4)(c)(iii)Verify source

§ 7-9-59(5)Subsection 7-9-59(5)Provision

Source excerpt

The commissioner may conduct examinations of a credit union service organization under Section 7-1-314.

The commissioner may conduct examinations of a credit union service organization in accordance with Section 7-1-314 .

Section 7-9-59(5)Verify source

§ 7-9-59(6)Subsection 7-9-59(6)Provision

Source excerpt

The commissioner may make rules for this section.

In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the commissioner may make rules for purposes of this section: defining what constitutes an ownership interest held by a credit union; specifying the information required to be included in an application seeking to form a credit union service organization; specifying in accordance with Subsection (3) , the requirements for forming a credit union service organization; specifying the procedure for obtaining approval to provide a service under Subsection (4)(a) ; and specifying the conditions under which a credit union service organization may provide a service described in Subsection (2) .

Section 7-9-59(6)Verify source

§ 7-9-59(6)(a)Subsection 7-9-59(6)(a)Provision

Source excerpt

This provision defines what counts as an ownership interest held by a credit union.

defining what constitutes an ownership interest held by a credit union;

Section 7-9-59(6)(a)Verify source

§ 7-9-59(6)(b)Subsection 7-9-59(6)(b)Provision

Source excerpt

specifying the information required to be included in an application seeking to form a credit union service organization;

Section 7-9-59(6)(b)Verify source

§ 7-9-59(6)(c)Subsection 7-9-59(6)(c)Provision

Source excerpt

specifying in accordance with Subsection (3) , the requirements for forming a credit union service organization;

Section 7-9-59(6)(c)Verify source

§ 7-9-59(6)(d)Subsection 7-9-59(6)(d)Provision

Source excerpt

specifying the procedure for obtaining approval to provide a service under Subsection (4)(a) ; and

Section 7-9-59(6)(d)Verify source

§ 7-9-59(6)(e)Subsection 7-9-59(6)(e)Provision

Source excerpt

A credit union service organization may provide a service described in Subsection (2) under specified conditions.

specifying the conditions under which a credit union service organization may provide a service described in Subsection (2) .

Section 7-9-59(6)(e)Verify source

§ 7-9-59(7)Subsection 7-9-59(7)Provision

Source excerpt

A credit union generally may not provide services to a member through a controlled person or an entity it owns, but it may do so through a credit union service organization, a loan production office, or a qualifying contract arrangement.

Except as provided in Subsection (7)(b) , a credit union may not provide any service to a member of the credit union through: a person who is controlled by or is under common control with the credit union whether or not the control is exercised: directly; or indirectly through one or more intermediary controls; or an entity in which the credit union holds an ownership interest. Notwithstanding Subsection (7)(a) , a credit union may provide services to a member of a credit union: through a credit union service organization to the extent permitted by this section; or through a loan production office to the extent those services are authorized by Section 7-1-715 . Notwithstanding Section 7-1-103 , for purposes of this section, "control" means the power, directly, or indirectly, to: direct or exercise a controlling influence over: the management or policies of an entity; or the election of a majority of the directors or trustees of an entity; vote 20% or more of any class of voting securities of an entity by an individual; or vote more than 5% of any class of voting securities of an entity by a person other than an individual. Nothing within this section may be interpreted as prohibiting a credit union from entering into a contract or agreement to provide services to members of the credit union if the person with whom the credit union enters into the contract agreement is not a person described in Subsection (7)(a) .

Section 7-9-59(7)Verify source

§ 7-9-59(7)(a)Subsection 7-9-59(7)(a)Provision

Source excerpt

Section 7-9-59(7)(a)Verify source

§ 7-9-59(7)(a)(i)Subsection 7-9-59(7)(a)(i)Provision

Source excerpt

This text identifies a person as controlled by, or under common control with, a credit union, including direct or indirect control through intermediary controls.

a person who is controlled by or is under common control with the credit union whether or not the control is exercised: directly; or indirectly through one or more intermediary controls; or

Section 7-9-59(7)(a)(i)Verify source

§ 7-9-59(7)(a)(i)(A)Subsection 7-9-59(7)(a)(i)(A)Provision

Source excerpt

directly; or

Section 7-9-59(7)(a)(i)(A)Verify source

§ 7-9-59(7)(a)(i)(B)Subsection 7-9-59(7)(a)(i)(B)Provision

Source excerpt

indirectly through one or more intermediary controls; or

Section 7-9-59(7)(a)(i)(B)Verify source

§ 7-9-59(7)(a)(ii)Subsection 7-9-59(7)(a)(ii)Provision

Source excerpt

an entity in which the credit union holds an ownership interest.

Section 7-9-59(7)(a)(ii)Verify source

§ 7-9-59(7)(b)Subsection 7-9-59(7)(b)Provision

Source excerpt

A credit union may provide services to its member through a credit union service organization, or through a loan production office if those services are authorized by Section 7-1-715.

Notwithstanding Subsection (7)(a) , a credit union may provide services to a member of a credit union: through a credit union service organization to the extent permitted by this section; or through a loan production office to the extent those services are authorized by Section 7-1-715 .

Section 7-9-59(7)(b)Verify source

§ 7-9-59(7)(b)(i)Subsection 7-9-59(7)(b)(i)Provision

Source excerpt

through a credit union service organization to the extent permitted by this section; or

Section 7-9-59(7)(b)(i)Verify source

§ 7-9-59(7)(b)(ii)Subsection 7-9-59(7)(b)(ii)Provision

Source excerpt

through a loan production office to the extent those services are authorized by Section 7-1-715 .

Section 7-9-59(7)(b)(ii)Verify source

§ 7-9-59(7)(c)Subsection 7-9-59(7)(c)Provision

Source excerpt

For this section, "control" includes direct or indirect power over an entity’s management or policies, its board selection, or certain voting-securities thresholds.

Notwithstanding Section 7-1-103 , for purposes of this section, "control" means the power, directly, or indirectly, to: direct or exercise a controlling influence over: the management or policies of an entity; or the election of a majority of the directors or trustees of an entity; vote 20% or more of any class of voting securities of an entity by an individual; or vote more than 5% of any class of voting securities of an entity by a person other than an individual.

Section 7-9-59(7)(c)Verify source

§ 7-9-59(7)(c)(i)Subsection 7-9-59(7)(c)(i)Provision

Source excerpt

direct or exercise a controlling influence over: the management or policies of an entity; or the election of a majority of the directors or trustees of an entity;

Section 7-9-59(7)(c)(i)Verify source

§ 7-9-59(7)(c)(i)(A)Subsection 7-9-59(7)(c)(i)(A)Provision

Source excerpt

the management or policies of an entity; or

Section 7-9-59(7)(c)(i)(A)Verify source

§ 7-9-59(7)(c)(i)(B)Subsection 7-9-59(7)(c)(i)(B)Provision

Source excerpt

the election of a majority of the directors or trustees of an entity;

Section 7-9-59(7)(c)(i)(B)Verify source

§ 7-9-59(7)(c)(ii)Subsection 7-9-59(7)(c)(ii)Provision

Source excerpt

An individual voting 20% or more of a class of an entity’s voting securities is within this provision’s scope.

vote 20% or more of any class of voting securities of an entity by an individual; or

Section 7-9-59(7)(c)(ii)Verify source

§ 7-9-59(7)(c)(iii)Subsection 7-9-59(7)(c)(iii)Provision

Source excerpt

A person other than an individual is referenced in relation to voting more than 5% of a class of an entity’s voting securities.

vote more than 5% of any class of voting securities of an entity by a person other than an individual.

Section 7-9-59(7)(c)(iii)Verify source

§ 7-9-59(7)(d)Subsection 7-9-59(7)(d)Provision

Source excerpt

This subsection says it is not to be read as forbidding a credit union from contracting to provide services to its members, if the other party is not a person covered by Subsection (7)(a).

Nothing within this section may be interpreted as prohibiting a credit union from entering into a contract or agreement to provide services to members of the credit union if the person with whom the credit union enters into the contract agreement is not a person described in Subsection (7)(a) .

Section 7-9-59(7)(d)Verify source

§ 7-9-59(8)Subsection 7-9-59(8)Provision

Source excerpt

A credit union holding an ownership interest in a credit union service organization operating on May 5, 2003 is not required to file an application requesting to form that credit union service organization. A credit union service organization operating on May 5, 2003: shall provide the commissioner written notice of the services the credit union service organization provides by no later than July 1, 2003; and may provide a service not described in Subsection (2)(b) on or after July 1, 2003 only if the credit union service organization has obtained approval from the commissioner in accordance with Subsection (4) .

Section 7-9-59(8)Verify source

§ 7-9-59(8)(a)Subsection 7-9-59(8)(a)Provision

Source excerpt

A credit union with an ownership interest in a credit union service organization operating on May 5, 2003 does not have to file an application to form that organization.

Section 7-9-59(8)(a)Verify source

§ 7-9-59(8)(b)Subsection 7-9-59(8)(b)Provision

Source excerpt

A credit union service organization operating on May 5, 2003 must give the commissioner written notice of the services it provides by July 1, 2003.

A credit union service organization operating on May 5, 2003: shall provide the commissioner written notice of the services the credit union service organization provides by no later than July 1, 2003; and may provide a service not described in Subsection (2)(b) on or after July 1, 2003 only if the credit union service organization has obtained approval from the commissioner in accordance with Subsection (4) .

Section 7-9-59(8)(b)Verify source

§ 7-9-59(8)(b)(i)Subsection 7-9-59(8)(b)(i)Provision

Source excerpt

The credit union service organization must give the commissioner written notice of the services it provides by July 1, 2003.

shall provide the commissioner written notice of the services the credit union service organization provides by no later than July 1, 2003; and

Section 7-9-59(8)(b)(i)Verify source

§ 7-9-59(8)(b)(ii)Subsection 7-9-59(8)(b)(ii)Provision

Source excerpt

A credit union service organization may provide a service not described in Subsection (2)(b) on or after July 1, 2003, but only if it has obtained approval from the commissioner under Subsection (4).

may provide a service not described in Subsection (2)(b) on or after July 1, 2003 only if the credit union service organization has obtained approval from the commissioner in accordance with Subsection (4) .

Section 7-9-59(8)(b)(ii)Verify source

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Utah Code § 7-9-59

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