File No. 36712
This notice was published in the October 1, 2012, issue (Vol. 2012, No. 19) of the Utah State Bulletin.
Financial Institutions, Credit Unions
Allowance for Loan and Lease Losses - Credit Unions
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 36712
Filed: 09/05/2012 08:59:17 AM
NOTICE OF REVIEW AND STATEMENT OF CONTINUATION
Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:
Section 7-9-29 states that credit unions shall establish an allowance account for loan losses subject to regulation as the commissioner may prescribe.
Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:
No supporting or opposing written comments have been received by the agency concerning this rule.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
The rule is necessary because it requires an allowance account for loan losses and prescribes the optional methods of determining the required amount. Therefore, this rule should be continued.
The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:Financial Institutions
Credit UnionsRoom 201
324 S STATE ST
SALT LAKE CITY, UT 84111-2393
Direct questions regarding this rule to:
- Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at email@example.com
Edward Leary, Commissioner
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull-pdf/2012/b20121001.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
For questions regarding the content or application of this rule, please contact Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at firstname.lastname@example.org.