7-7-41. Additional powers of associations belonging to federal home loan bank
system.
(1) Notwithstanding any provision of law to the contrary, any association organized under
the laws of this state that is a member of the federal home loan bank system and whose accounts
are insured by the federal government or an instrumentality of the federal government shall have,
in addition to all rights, powers, privileges, benefits, and immunities expressly granted under this
title, all additional rights, powers, privileges, benefits, and immunities possessed, as of May 1,
1989, by federal associations the home offices of which are located in this state.
(2) Notwithstanding any other provision of law to the contrary, the commissioner may
make reasonable rules authorizing an association to exercise any of the powers or enjoy any
privileges, benefits, or immunities conferred at the time of the adoption of the rules upon federal
associations, the home offices of which are located in this state, or may modify or reduce reserve
or other requirements of an association insured by the Federal Deposit Insurance Corporation or
successor federal deposit insurance agency, if the commissioner finds that the rule:
(a) serves the convenience and advantage of depositors and borrowers; and
(b) maintains the fairness of competition and parity between state chartered associations
and federally chartered associations.
(3) It is the intent and desire of the Legislature, in allowing the acquisition of additional
rights, powers, privileges, benefits, and immunities by the associations of this state, to avoid
competitive inequalities between federal associations and associations organized under the laws
of this state. This section shall be broadly construed in order to give effect to this intent.
Amended by Chapter 200, 1994 General Session
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Last revised: Thursday, May 28, 2009