Utah Administrative Code

The Utah Administrative Code is the body of all effective administrative rules as compiled and organized by the Division of Administrative Rules (see Subsection 63G-3-102(5); see also Sections 63G-3-701 and 702).

NOTE: For a list of rules that have been made effective since April 1, 2019, please see the codification segue page.

NOTE TO RULEFILING AGENCIES: Use the RTF version for submitting rule changes.


R337. Financial Institutions, Credit Unions.

Rule R337-2. Conversion from a Federal to a State-Chartered Credit Union.

As in effect on April 1, 2019

Table of Contents

R337-2-1. Authority, Scope and Purpose.

(1) This rule is issued pursuant to Sections 7-1-301 and 7-1-706, and Subsection 7-1-713(4).

(2) This rule applies to federally chartered credit union converting to a state chartered credit union.

(3) This rule establishes the requirements and procedures for converting from a federally chartered credit union to a state chartered credit union.

R337-2-2. Definitions.

(1) "Applicant" means the federally chartered credit union converting to a credit union charter issued by the state.

(2) "Commissioner" means the Commissioner of Financial Institutions.

(3) "Federally chartered credit union" means a credit union organized under the laws of the United States.

(4) "State chartered credit union" means a credit union chartered by the state of Utah.

R337-2-3. Conversion Application.

(1) The applicant must file an application on a form acceptable to the department.

(2) As part of the application the following documents or information must be provided:

(a) Year to date financial statements for the most recent month end:

(b) Delinquent loan schedule annotated to reflect collection problems as of the most recent month end;

(c) Explanation and appropriate documents relative to any changes in insurance of member accounts;

(d) Resolution of the board of directors approving the proposed conversion;

(e) Sample of the Notice of Special Meeting of the Members;

(f) Sample of the ballot to be sent to members; and

(g) Approval of the conversion from the National Credit Union Administration.

R337-2-4. Conversion Procedure.

(1) The procedure set forth in Section 7-1-706 shall be followed.

(2) The effective date of the conversion will be the date on which the commissioner issued an order approving the conversion. If a later effective date is desired, the credit union board of directors must request that effective date as part of the application.

KEY

credit unions

Date of Enactment or Last Substantive Amendment

November 3, 1997

Notice of Continuation

September 5, 2017

Authorizing, Implemented, or Interpreted Law

7-1-713(4)


Additional Information

Contact

For questions regarding the content or application of rules under Title R337, please contact the promulgating agency (Financial Institutions, Credit Unions). A list of agencies with links to their homepages is available at http://www.utah.gov/government/agencylist.html or from http://www.rules.utah.gov/contact/agencycontacts.htm.