7-9-55. Nonexempt credit unions.
(1) (a) A credit union organized under this chapter is a nonexempt credit union under this
section on the day on which:
(i) on or after May 5, 2003 the credit union has a field of membership as evidenced by
the bylaws of the credit union that includes all residents of two or more counties; and
(ii) at least two of the counties described in Subsection (1)(a)(i) are counties of the first
or second class as classified by Section 17-50-501.
(b) For purposes of Subsection (1)(a) only:
(i) residents of a county that are added to the field of membership of a credit union as a
result of a supervisory action under Chapter 2 or 19 are not considered to be within the field of
membership of that credit union; and
(ii) residents of a city of the third, fourth, or fifth class or a town that are added to the
field of membership of a credit union in accordance with Section 7-9-52 are not considered to be
within the field of membership of that credit union unless all residents of the county in which
that city or town are located are included in the field of membership of the credit union.
(2) If a credit union becomes a nonexempt credit union under this section, the nonexempt
credit union is a nonexempt credit union:
(a) for as long as the nonexempt credit union is organized under this chapter; and
(b) notwithstanding whether after the day on which the nonexempt credit union becomes
a nonexempt credit union the nonexempt credit union meets the requirements of Subsection
(1)(a).
(3) Regardless of whether or not a credit union has located branches in two or more
counties in this state, a credit union organized under this chapter does not become a nonexempt
credit union if the field of membership of the credit union as evidenced by the bylaws of the
credit union does not meet the requirements of Subsection (1).
Enacted by Chapter 327, 2003 General Session
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Last revised: Thursday, May 28, 2009