§ 7-9-46. 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