DAR File No. 42161

This notice was published in the October 15, 2017, issue (Vol. 2017, No. 20) of the Utah State Bulletin.


Financial Institutions, Credit Unions

Rule R337-8

Accounts for Parties Other Than Individual Members in State-Chartered Credit Unions

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 42161
Filed: 09/28/2017 08:31:44 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:

Subsection 7-1-301(3) authorizes the Commissioner with powers, duties, and responsibilities of all institutions subject to the jurisdiction of the Department of Financial Institutions and he may authorize the activities state-chartered depository institutions may engage in as if they were chartered under the laws of the United States.

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 allows state-chartered credit unions to maintain accounts in the name of businesses or entities other than individual members to the same extent as credit unions chartered under the laws of the United States. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Office 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 pallred@utah.gov

Effective:

09/28/2017

Authorized by:

Edward Leary, Commissioner


Additional Information

More information about a Five-Year Notice of Review and Statement of Continuation is available online.

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/2017/b20171015.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 pallred@utah.gov.  For questions about the rulemaking process, please contact the Office of Administrative Rules.