(1)  A credit union shall comply with all share and deposit insurance disclosure requirements of the National Credit Union Administration or its successor agency.

Terms Used In Utah Code 7-9-48

  • Credit union: means a cooperative, nonprofit association incorporated under:
(a) Chapter 9, Utah Credit Union Act; or
(b) 12 U. See Utah Code 7-1-103
  • Deposits: means that portion of the capital paid into the credit union by members on which a specified rate of interest will be paid. See Utah Code 7-9-3
  • 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
  • Shares: means that portion of the capital paid into the credit union by members on which dividends may be paid. See Utah Code 7-9-3
    • (2)  In addition to the disclosure requirements described in Subsection (1), a credit union that in accordance with Subsection 7-9-45(2) is not insured by the National Credit Union Administration or successor federal deposit insurance agency shall provide, as prescribed by rule or order, notice that deposits and shares in the credit union are not insured by a federal deposit insurance agency.

    Amended by Chapter 329, 1999 General Session

      Previous section
    Next section  
     Chapter 9 Contents