As used in this section “out-of-state credit union” means any credit union whose home state is not Utah.
Terms Used In Utah Code 7-9-46
Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
Credit union: means a cooperative, nonprofit association incorporated under:
Department: means the Department of Financial Institutions. See Utah Code 7-1-103
Home state: means :
(a)
for a state chartered depository institution, the state that charters the institution;
(b)
for a federally chartered depository institution, the state where the institution's main office is located; and
(c)
for a depository institution holding company, the state in which the total deposits of all depository institution subsidiaries are the largest. See Utah Code 7-1-103
National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. See Utah Code 7-1-103
State: means , unless the context demands otherwise:
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 Sections 7-1-702 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 case of a state chartered credit union; or
(ii)
the National Credit Union Administration or successor agency in the case of a federally chartered credit union; and
(c)
the branch will not serve a member of the out-of-state credit union who is a member of the credit union based solely on the member residing in a geographic area located in whole or in part in Utah.
(3)
The commissioner may examine and supervise all out-of-state credit unions with a branch in the state, except federal credit unions, in the same manner as the commissioner examines and supervises credit unions in this state.
