(1) 

Terms Used In Utah Code 7-9-55

  • City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
  • 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
  • Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
    (a) holds or receives deposits, savings, or share accounts;
    (b) issues certificates of deposit; or
    (c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
  • Field of membership: means persons designated as eligible for credit union membership in accordance with:
    (a) Section 7-9-51 or 7-9-53; and
    (b) the bylaws of the credit union. See Utah Code 7-9-3
  • Nonexempt credit union: means a credit union that is a nonexempt credit union under Section 7-9-55. See Utah Code 7-9-3
  • State: means , unless the context demands otherwise:
    (a) a state;
    (b) the District of Columbia; or
    (c) the territories of the United States. See Utah Code 7-1-103
  • Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
  • (a)  A credit union organized under this chapter is a nonexempt credit union under this section on the day on which:

    (i)  on or after May 5, 2003 the credit union has a field of membership as evidenced by the bylaws of the credit union that includes all residents of two or more counties; and

    (ii)  at least two of the counties described in Subsection (1)(a)(i) are counties of the first or second class as classified by Section 17-50-501.

    (b)  For purposes of Subsection (1)(a) only:

    (i)  residents of a county that are added to the field of membership of a credit union as a result of a supervisory action under Chapter 2, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, are not considered to be within the field of membership of that credit union; and

    (ii)  residents of a city of the third, fourth, or fifth class or a town that are added to the field of membership of a credit union in accordance with Section 7-9-52 are not considered to be within the field of membership of that credit union unless all residents of the county in which that city or town are located are included in the field of membership of the credit union.
  • (2)  If a credit union becomes a nonexempt credit union under this section, the nonexempt credit union is a nonexempt credit union:

    (a)  for as long as the nonexempt credit union is organized under this chapter; and

    (b)  notwithstanding whether after the day on which the nonexempt credit union becomes a nonexempt credit union the nonexempt credit union meets the requirements of Subsection (1)(a).

    (3)  Regardless of whether or not a credit union has located branches in two or more counties in this state, a credit union organized under this chapter does not become a nonexempt credit union if the field of membership of the credit union as evidenced by the bylaws of the credit union does not meet the requirements of Subsection (1).

    Amended by Chapter 189, 2014 General Session