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 October 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 R337-8. Accounts for Parties Other Than Individual Members in State-Chartered Credit Unions.

As in effect on October 1, 2019

Table of Contents

R337-8-1. Authority, Scope, and Purpose.

(1) This rule is issued pursuant to Subsection 7-1-301(3).

(2) This rule governs accounts and loans to parties other than individuals in state chartered credit unions.

(3) The purpose of the rule is to allow 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.

R337-8-2. Business and Other Accounts.

A state chartered credit union may open a share, draft, certificate or loan account in the name of a party other than an individual member if all equity owners or, in the case of an association or cooperative, all members of the entity are within the credit union's field of membership as defined in the credit union's bylaws if the bylaws have been approved by the Commissioner of Financial Institutions. Loans to an entity other than an individual member may not exceed the entity's unencumbered shares or deposits, or both.

KEY

credit unions

Date of Enactment or Last Substantive Amendment

1995

Notice of Continuation

September 28, 2017

Authorizing, Implemented, or Interpreted Law

7-1-301(3)


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.