7-9-46. Out-of-state credit unions -- Authorization to do business in state --
Supervision -- Examination.
(1) As used in this section "out-of-state credit union" means any credit union whose
home state is not Utah.
(2) An out-of-state credit union may maintain a branch in this state only if:
(a) maintaining the Utah branch is permissible under applicable law, including Sections
7-1-702 and 7-1-708 in the case of a state chartered credit union;
(b) the branch has been authorized by:
(i) the department and the chartering authority of the credit union's home state in the case
of a state chartered credit union; or
(ii) the National Credit Union Administration or successor agency in the case of a
federally chartered credit union; and
(c) the branch will not serve a member of the out-of-state credit union who is a member
of the credit union based solely on the member residing in a geographic area located in whole or
in part in Utah.
(3) The commissioner may examine and supervise all out-of-state credit unions with a
branch in the state, except federal credit unions, in the same manner as the commissioner
examines and supervises credit unions in this state.
Amended by Chapter 327, 2003 General Session
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Last revised: Thursday, May 28, 2009