7-9-46 - Out-of-state credit unions -- Authorization to do business in state -- Supervision -- Examination.
7-9-46. Out-of-state credit unions -- Authorization to do business in state --Supervision -- Examination.
(1) As used in this section "out-of-state credit union" means any credit union whosehome state is not Utah.
(2) An out-of-state credit union may maintain a branch in this state only if:
(a) maintaining the Utah branch is permissible under applicable law, including Sections7-1-702 and 7-1-708 in the case of a state chartered credit union;
(b) the branch has been authorized by:
(i) the department and the chartering authority of the credit union's home state in the caseof a state chartered credit union; or
(ii) the National Credit Union Administration or successor agency in the case of afederally chartered credit union; and
(c) the branch will not serve a member of the out-of-state credit union who is a memberof the credit union based solely on the member residing in a geographic area located in whole orin part in Utah.
(3) The commissioner may examine and supervise all out-of-state credit unions with abranch in the state, except federal credit unions, in the same manner as the commissionerexamines and supervises credit unions in this state.
Amended by Chapter 327, 2003 General Session