reglab/housing_qa huggingface dataset:
UT Code § 7-5-15 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 5 - Trust Business|Section 15 - Assets of trust company in possession of the commissioner.

 Effective 5/13/2014  7-5-15. Assets of trust company in possession of the commissioner.  With respect to a trust company in the possession of the commissioner under Chapter 2, Possession of Depository Institution by Commissioner, notwithstanding any law to the contrary, the assets held by the trust company in a fiduciary capacity as a part of its trust business, as defined in Section 7-5-1, are not subject to the claims of any secured or unsecured creditor of the trust company. Amended by Chapter 189, 2014 General Session
UT Code § 7-8-3 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 8 - Industrial Banks|Section 3 - Organization -- Authorization to conduct business -- Deposit insurance.

 Effective 5/8/2018  7-8-3. Organization -- Authorization to conduct business -- Deposit insurance.    (1) Subject to Subsection (4), the commissioner may authorize a person described in Subsection (2) to conduct business as an industrial bank.     (2)   (a) Each person organized to conduct the business of an industrial bank in this state shall be organized under:   (i)Title 16, Chapter 10a, Utah Revised Business Corporation Act; or     (ii) in accordance with Section 7-1-810 or Title 48, Chapter 3a, Utah Revised Uniform Limited Liability Company Act.       (b) A person may not conduct business as an industrial bank authorized under this chapter to conduct business as an industrial bank in any form of entity other than those provided in Subsection (2)(a).       (3)   (a) All rights, privileges, powers, duties, and obligations of a corporation authorized to conduct business as an industrial bank and its officers, directors, and stockholders shall be governed by Title 16, Chapter 10a, Utah Revised Business Corporation Act, except as otherwise provided in this title.     (b) All rights, privileges, powers, duties, and obligations of a limited liability company authorized to conduct business as an industrial bank and its members and managers shall be governed by Title 48, Chapter 3a, Utah Revised Uniform Limited Liability Company Act, except as otherwise provided in this title.       (4)   (a) An industrial bank is authorized to receive and hold deposits.     (b) An industrial bank may not conduct business under this chapter as an industrial bank unless the industrial bank obtains insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity for any deposits received or held by the industrial bank.      Amended by Chapter 281, 2018 General Session
UT Code § 7-8-5 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 8 - Industrial Banks|Section 5 - Acquisition of own stock restricted -- Capital requirements.

7-8-5. Acquisition of own stock restricted -- Capital requirements.    (1)   (a) An industrial bank may not accept as collateral, or be a purchaser of, shares of its own capital stock, unless taking the shares as collateral or purchasing them is necessary to prevent loss upon a debt previously contracted in good faith.     (b) All shares of stock acquired under this Subsection (1) by the industrial bank through any purchase, foreclosure, judgment, or otherwise shall be sold within 12 months from the date of acquisition.     (c) The par value of all the shares held after acceptance or purchase may not exceed 10% of the capital and surplus of the industrial bank.       (2)   (a) Each industrial bank accepting or holding deposits shall maintain the minimum amount of capital required by its federal deposit insurer.     (b) The commissioner may require a greater amount of capital if the commissioner determines that it is necessary to protect the interests of:   (i) the depositors and other customers of the industrial bank; and     (ii) the public.        Amended by Chapter 92, 2004 General Session
UT Code § 7-8-7 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 8 - Industrial Banks|Section 7 - Reports to commissioner.

7-8-7. Reports to commissioner.  Each industrial bank shall file reports of its condition in accordance with Section 7-1-318.  Amended by Chapter 92, 2004 General Session
UT Code § 7-8-11 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 8 - Industrial Banks|Section 11 - Dividends.

 Effective 5/13/2014  7-8-11. Dividends.    (1) The board of directors of an industrial bank may declare a dividend out of the net profits of the industrial bank after providing for all expenses, losses, interest, and taxes accrued or due from the industrial bank in accordance with this section.     (2) The industrial bank shall transfer to a surplus fund at least 10% of its net profits before dividends for the period covered by the dividend, until the surplus reaches 100% of its capital stock.     (3) Any amount paid from the industrial bank's net earnings into a fund for the retirement of any debenture capital or preferred stock for the period covered by the dividend is considered an addition to its surplus fund if, upon the retirement of the debenture capital or preferred stock, the amount paid into the retirement fund for the period may be properly carried to the surplus fund of the industrial bank. In this case the industrial bank shall transfer to the surplus fund the amount paid into the retirement fund.    Amended by Chapter 97, 2014 General Session
UT Code § 7-8-13 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 8 - Industrial Banks|Section 13 - Real estate acquisition, holding, and conveyance.

7-8-13. Real estate acquisition, holding, and conveyance.  An industrial bank may purchase, hold, and convey real estate, other than premises used in the conduct of its business, only for the purposes and in a manner prescribed by rule.  Amended by Chapter 92, 2004 General Session
UT Code § 7-8-14 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 8 - Industrial Banks|Section 14 - Investment in property used in conduct of business.

7-8-14. Investment in property used in conduct of business.    (1) An industrial bank may invest in premises, equipment, and other property used in conducting its own business, as the board of directors may approve by resolution. This property may include:   (a) real property and any interest in real property, furniture, fixtures, and equipment for use in carrying on its own business; and     (b) the stock, bonds, debentures, or other obligations of any subsidiary or affiliate whose exclusive activity is the ownership and management of property used in conducting the industrial bank's business.       (2) The amount of these investments may not exceed 50% of the industrial bank's total capital, unless the commissioner approves a higher amount in writing.    Amended by Chapter 92, 2004 General Session
UT Code § 7-8-15 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 8 - Industrial Banks|Section 15 - Bad debts.

7-8-15. Bad debts.    (1) All demand and matured debts due to any industrial bank on which interest is past due and has not been paid for a period of six months, unless they are well secured and in the process of collection, are considered bad debts and shall be charged off to the profit and loss account.     (2) The industrial bank shall maintain in its files documentation to support its evaluation of the security and monthly reports of its collection efforts and a plan of collection.    Amended by Chapter 92, 2004 General Session
UT Code § 7-8-16 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 8 - Industrial Banks|Section 16 - Registration of industrial bank holding company -- Filing and contents of statement -- Exemptions -- Rules.

7-8-16. Registration of industrial bank holding company -- Filing and contents of statement -- Exemptions -- Rules.    (1) Each industrial bank holding company shall register with the department by filing a registration statement in a form prescribed by the commissioner. The statement shall include:   (a) the name, address, and principal occupation of each officer and director of the registrant;     (b) a statement of financial condition as of a date not more than six months prior to the date of registration;     (c) a certificate of good standing in the state in which the registrant is incorporated; and     (d) evidence that the company is authorized to transact business in this state.       (2)   (a) A person may not form an industrial bank holding company, unless it:   (i) is authorized to do so by the commissioner; and     (ii) is registered with the department as provided in Subsection (1).       (b) An applicant for authorization to form a holding company shall file an application in a form prescribed by the commissioner by rule.       (3) The commissioner may exempt an industrial bank holding company in whole or in part from registration if it is:   (a) a bank holding company or savings and loan holding company subject to federal regulation;     (b) a person that is a holding company only because the person owns or controls voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities if the person holds these shares no longer than 120 days, unless the commissioner approves a longer period to permit their sale on a reasonable basis;     (c) a person exempt from the jurisdiction of the department under Section 7-1-502; or     (d) a person exempted in writing by the commissioner or by rule.       (4) The commissioner may adopt rules with respect to industrial bank holding companies as are necessary to protect:   (a) depositors;     (b) other creditors;     (c) the public; and     (d) the financial system of the state.      Amended by Chapter 92, 2004 General Session
UT Code § 7-8-19 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 8 - Industrial Banks|Section 19 - Meetings of the board of directors.

7-8-19. Meetings of the board of directors.    (1) A quorum of the board of directors of each industrial bank shall meet at least once each quarter.     (2) Minutes of each meeting of the board of directors shall be:   (a) kept by the secretary of the industrial bank; and     (b) maintained at the head office of the industrial bank.      Amended by Chapter 92, 2004 General Session
UT Code § 7-8-20 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 8 - Industrial Banks|Section 20 - Limitations on loans to one borrower -- Exceptions -- Rules.

7-8-20. Limitations on loans to one borrower -- Exceptions -- Rules.    (1) Except as provided in this section, the total loans and extensions of credit, including credit exposure to a derivative transaction, by an industrial bank to a person outstanding at any one time may not exceed 15% of the industrial bank's total capital.     (2) Subsection (1) does not apply to an extension of credit that is subject to, or expressly exempted from, a federal statute or federal regulation limiting the amount of total loans and credit that may be extended to any person or group of persons.     (3) The commissioner may by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act:   (a) exempt from Subsection (1) a class of loans or class of extensions of credit, including credit exposure to a derivative transaction, that are adequately secured or are not otherwise a risk to the safe and sound operation of an industrial bank;     (b) define terms and phrases necessary to interpret and implement this section;     (c) adopt standards for aggregating or segregating loans to the same or different persons;     (d) describe records required to be maintained;     (e) require specific actions to be taken by an institution's board of directors or executive officers; and     (f) prescribe other actions necessary to interpret and implement this section.      Amended by Chapter 194, 2012 General Session
UT Code § 7-8-21 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 8 - Industrial Banks|Section 21 - Application of chapter to industrial loan companies.

7-8-21. Application of chapter to industrial loan companies.    (1) As used in this section, "industrial loan company" is a person that on March 17, 2004, is:   (a) authorized to conduct business under this chapter; and     (b) not authorized to hold or receive deposits.       (2) An industrial loan company may operate as an industrial bank under this chapter except that the industrial loan company:   (a) may not hold or receive deposits without:   (i) the prior written approval of the commissioner; and     (ii) obtaining insurance from the Federal Deposit Insurance Corporation or a successor federal deposit insurance entity;       (b) may not engage in any conduct authorized by this title that is conditioned on the industrial loan company being a depository institution without meeting the conditions described in Subsections (2)(a)(i) and (ii); and     (c) may not use a term listed in Subsection 7-1-701(3) in its name without meeting the conditions described in Subsections (2)(a)(i) and (ii).       (3) If a person is not authorized to conduct business under this chapter on March 17, 2004, that person may not be considered an industrial loan company under this section.    Enacted by Chapter 92, 2004 General Session
UT Code § 7-9-1 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 1 - Title.

7-9-1. Title.  This chapter is known as the "Utah Credit Union Act."  Amended by Chapter 200, 1994 General Session
UT Code § 7-9-2 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 2 - Description of credit unions.

7-9-2. Description of credit unions.  A credit union is a cooperative, nonprofit association, incorporated under this chapter to encourage thrift among its members, to create sources of credit at fair and reasonable rates of interest, and to provide an opportunity for its members to use and control their resources on a democratic basis in order to improve their economic and social condition.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-9-6 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 6 - Formation of corporation to conduct credit union -- Approval of commissioner.

7-9-6. Formation of corporation to conduct credit union -- Approval of commissioner.    (1)   (a) Ten or more incorporators belonging to the same group of 200 persons or more having a field of membership may, with the approval of the commissioner, form a corporation to conduct a credit union under:   (i) this chapter;     (ii)Title 16, Chapter 10a, Utah Revised Business Corporation Act; and     (iii)Chapter 1, General Provisions.       (b) This chapter takes precedence over conflicting provisions of other state law governing:   (i) the formation of the corporation; and     (ii) the duties and obligations of:   (A) the corporation;     (B) the corporation's officers; and     (C) the corporation's shareholders or members.           (2) The commissioner may grant the approval referenced in Subsection (1) if the commissioner finds that:   (a) the proposed field of membership is favorable to the success of the credit union;     (b) the standing of the proposed membership will give assurance that its affairs will be administered in accordance with this chapter;     (c) the proposed credit union has a reasonable promise of financial viability; and     (d) formation of the credit union would not result in a substantial adverse financial impact on an existing credit union having the same or substantially the same field of membership.       (3)   (a) Except as provided in Subsection (3)(b) and in addition to the requirements of Subsections (1) and (2), Section 7-1-704 governs the formation of a credit union.     (b) Notwithstanding Subsection (3)(a):   (i) if the proposed credit union has a field of membership that does not base eligibility on residence in a county, the persons seeking formation of the proposed credit union are not required to provide the notice required under Subsection 7-1-704(3); and     (ii) a credit union may not be required to obtain federal insurance if the credit union complies with Subsection 7-9-45(2).        Amended by Chapter 327, 2003 General Session
UT Code § 7-9-7 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 7 - Forms furnished by commissioner.

7-9-7. Forms furnished by commissioner.  The commissioner shall furnish all forms and blanks necessary for the formation of the credit union.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-9-9 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 9 - Amendment of articles of incorporation.

7-9-9. Amendment of articles of incorporation.    (1) The articles of incorporation may be amended at meetings of the shareholders called for that purpose.     (2) A notice of a meeting called for that purpose shall be given by mailing a copy thereof to each member at least 10 days prior to the date of the meeting or by giving notice as provided by the articles of incorporation and the bylaws of the credit union. Notice of meetings shall contain the proposed amendment.     (3) A three-fourths vote of all members present shall be necessary to amend the articles.     (4) No amendment shall be made without the approval of the commissioner.    Enacted by Chapter 16, 1981 General Session
UT Code § 7-9-10 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 10 - Filing amendment.

7-9-10. Filing amendment.  The Division of Corporations and Commercial Code shall accept for filing an amendment to the articles of incorporation if it finds that the amendment conforms to law and has been approved by the commissioner.  Amended by Chapter 66, 1984 General Session
UT Code § 7-9-11 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 11 - Bylaws and amendments to be approved.

7-9-11. Bylaws and amendments to be approved.    (1) A credit union may not receive payments on shares, deposits, or certificates, or make any loans or other transactions, until its bylaws have been approved in writing by the commissioner.     (2) An amendment to a credit union's bylaws does not become operative until the amendment to the bylaws is approved by the commissioner.     (3)   (a) If the amendment to the bylaws of a credit union expands the field of membership of a credit union as described in Subsection 7-9-52(1), the commissioner's approval of the amendment is subject to Section 7-9-52.     (b) If the bylaws or an amendment to the bylaws of a credit union adds an association to the field of membership of the credit union, the commissioner may require that the credit union provide written confirmation from the association that the association has agreed to be served by the credit union.      Amended by Chapter 327, 2003 General Session
UT Code § 7-9-12 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 12 - Contents of bylaws.

7-9-12. Contents of bylaws.  The bylaws of a credit union shall specify at least the following:  (1) the name of the credit union;     (2) the purpose for which the credit union was formed;     (3) a field of membership of the credit union that complies with Section 7-9-51 or 7-9-53;     (4) the number of directors and procedures for their election;     (5) the term of directors;     (6) whether a credit manager, credit committee, or combination of both shall be responsible for credit functions of the credit union;     (7) the duties of the officers;     (8) the time of year of the annual meeting of members;     (9) the manner in which members shall be notified of meetings;     (10) the number of members which shall constitute a quorum at meetings;     (11) the manner of amending;     (12) the manner in which officers may act as surety; and     (13) such other matters, rules, and regulations as the board of directors consider necessary.    Amended by Chapter 327, 2003 General Session
UT Code § 7-9-13 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 13 - Fiscal year.

7-9-13. Fiscal year.  The fiscal year of the credit union shall end at the close of business on December 31 of each year.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-9-14 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 14 - Meetings.

7-9-14. Meetings.    (1) The annual meeting of the credit union shall be held at such time and place as the bylaws prescribe.     (2) Special meetings may be held as the bylaws prescribe.     (3) Notice of all meetings of the credit union shall be given as the bylaws prescribe.     (4) In the absence of any provisions in the bylaws, special meetings of the members of the credit union may be called by a majority of the members of the corporation.    Enacted by Chapter 16, 1981 General Session
UT Code § 7-9-15 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 15 - Appeals from board of directors or committees.

7-9-15. Appeals from board of directors or committees.  Appeals from decisions of the board of directors, supervisory committee, or credit committee shall be made as the bylaws prescribe.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-9-16 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 16 - Members -- Eligibility -- Liability -- Grounds for closing account -- Denial of membership.

7-9-16. Members -- Eligibility -- Liability -- Grounds for closing account -- Denial of membership.    (1) A person within the field of membership of a credit union may be admitted to membership, upon:   (a) payment of any required entrance or membership fee;     (b) payment for one or more shares; and     (c) compliance with this chapter and the bylaws of the credit union.       (2) A member who is eligible for membership in a credit union at the time the member is admitted as a member but who is no longer in the field of membership of the credit union may retain membership in the credit union unless otherwise provided in the bylaws of the credit union.     (3) A member of the credit union may not be held personally or individually liable for payment of the credit union's debts.     (4) The credit union may close the account of any member whose actions have resulted in any financial loss to the credit union.     (5) Denial of membership is not considered a denial of credit.    Amended by Chapter 327, 2003 General Session
UT Code § 7-9-17 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 17 - Membership officer -- Appointment -- Eligibility -- Function -- Appeals from.

7-9-17. Membership officer -- Appointment -- Eligibility -- Function -- Appeals from.    (1) One or more membership officers may be appointed by the board of directors.     (2) A membership officer may approve applications for membership under conditions prescribed by the board of directors and the bylaws.     (3) A membership officer shall be appointed from among the members of the credit union.     (4) A president, vice president, or loan officer may not serve as a membership officer.     (5) The membership officer authorized to approve membership shall submit to the board of directors at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting, and other related information as the board or the bylaws may require.     (6) A person denied membership by a membership officer may appeal the denial to the board of directors.    Enacted by Chapter 16, 1981 General Session