reglab/housing_qa huggingface dataset:
UT Code § 7-9-44 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 44 - Corporate central credit union.

 Effective 5/13/2014  7-9-44. Corporate central credit union.    (1) A credit union in which all credit unions, a bona fide trade association of authorized credit unions recognized by the commissioner, and its affiliates are eligible for membership may be established in this state and shall be known as a corporate central credit union.     (2) The corporate central credit union has all the powers and rights granted credit unions established under this chapter. The maximum loan by a corporate central credit union shall be established in the corporate central credit union bylaws.     (3) Beginning January 1, 1984, and at the end of each dividend period, the corporate central credit union, in lieu of a regular reserve as provided in Section 7-9-30, shall transfer 2% of its gross earnings to its central reserve until the reserve equals 1-1/2% of total assets. If the central reserve falls below 1-1/2% of total assets, it shall be replenished by regular transfers of 2% of gross earnings or by contributions, whichever is less, in such amounts as are needed to maintain the central reserve at 1-1/2% of total assets.     (4) Charges may be made against the central reserve to the extent permitted against a regular reserve. No other charges may be made against the central reserve, except as authorized in writing by the commissioner.     (5) The purposes of the corporate central credit union are:   (a) to accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;     (b) to act as an intermediary for credit union funds between members, other corporate credit unions, other financial institutions, and government agencies;     (c) to obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;     (d) to foster and promote, in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations, the economic security, growth, and development of member credit unions; and     (e) to perform other financial services of benefit to its members authorized by the commissioner.       (6) The corporate central credit union is exempt from supervision fees but is subject to examination fees.    Amended by Chapter 97, 2014 General Session
UT Code § 7-9-45 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 45 - Insurance of shares and deposits -- Security on shares and deposits.

 Effective 5/13/2014  7-9-45. Insurance of shares and deposits -- Security on shares and deposits.    (1) Except as provided in Subsection (2), a credit union subject to the jurisdiction of the department shall obtain and maintain insurance on shares and deposits from the National Credit Union Administration or successor federal deposit insurance agency.     (2) Notwithstanding Subsection 7-1-704(7)(a)(v) and Subsection (1), a credit union may not be required to obtain federal insurance on shares and deposits if:   (a) the commissioner approves the credit union's election not to obtain federal insurance on shares and deposits;     (b) as security for the shares and deposits, the credit union maintains securities:   (i) that are issued by or directly and unconditionally guaranteed by:   (A) the United States; or     (B) an agency of the United States;       (ii) that are held in an account with a primary reporting dealer that is:   (A) recognized by the Federal Reserve Bank of New York; and     (B) independent of the credit union;       (iii) that are held in accordance with Title 70A, Chapter 8, Uniform Commercial Code - Investment Securities; and     (iv) in which the department has an express and exclusive security interest; and       (c) the aggregate value of the securities described in Subsection (2)(b) is at all times equal to or greater than 1.15 times the aggregate amount of the shares and deposits of the credit union.       (3) The commissioner may appoint the administrator of the National Credit Union Administration as liquidating agent of an insured credit union.     (4) Failure to comply with this section constitutes grounds for supervisory action under Chapter 2, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies.    Amended by Chapter 189, 2014 General Session
UT Code § 7-9-46 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 46 - Out-of-state credit unions -- Authorization to do business in state -- Supervision -- Examination.

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
UT Code § 7-9-48 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 48 - Disclosure of share and deposit insurance -- Disclosure if secured through securities.

7-9-48. Disclosure of share and deposit insurance -- Disclosure if secured through securities.    (1) A credit union shall comply with all share and deposit insurance disclosure requirements of the National Credit Union Administration or its successor agency.     (2) In addition to the disclosure requirements described in Subsection (1), a credit union that in accordance with Subsection 7-9-45(2) is not insured by the National Credit Union Administration or successor federal deposit insurance agency shall provide, as prescribed by rule or order, notice that deposits and shares in the credit union are not insured by a federal deposit insurance agency.    Amended by Chapter 329, 1999 General Session
UT Code § 7-9-49 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 49 - Limitation of personal liability of directors and committee members.

7-9-49. Limitation of personal liability of directors and committee members.    (1) Without limiting the generality of Section 7-9-50, the articles of incorporation may include a provision eliminating or limiting the personal liability of a director, supervisory committee member, or credit committee member to the credit union, its members, or its depositors for monetary damages for any action taken or any failure to take any action as a director, supervisory committee member, or credit committee member, except liability for:   (a) the amount of a financial benefit received by a director, supervisory committee member, or credit committee member to which he is not entitled;     (b) an intentional infliction of harm on the credit union, its members, or depositors; or     (c) an intentional violation of criminal law.       (2) No provision authorized under this section may eliminate or limit the liability of a director, supervisory committee member, or credit committee member for any act or omission occurring prior to the date when the provision becomes effective.     (3) Any provision authorized under this section to be included in the articles of incorporation may also be adopted in the bylaws or by resolution, but only if the provision is approved by the same percentage of members as would be required to approve it as an amendment to the articles of incorporation.    Amended by Chapter 200, 1994 General Session
UT Code § 7-9-50 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 50 - General limitation on liability.

7-9-50. General limitation on liability.  A director, supervisory committee member, credit committee member, or officer is not liable to the credit union, its members, its depositors, any conservator or receiver, or any assignee or successor-in-interest thereof, for any action taken, or any failure to take any action, as a director, supervisory committee member, credit committee member, or officer, as the case may be, unless:  (1) he has breached or failed to perform the duties of the office in compliance with this title; and     (2) the breach or failure to perform constitutes gross negligence, willful misconduct, or intentional infliction of harm on the credit union or its members.    Enacted by Chapter 200, 1994 General Session
UT Code § 7-9-51 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 51 - Field of membership.

 Effective 5/13/2014  7-9-51. Field of membership.    (1) Except as provided in Subsection (3) or (5), the field of membership of a credit union may include only the following:   (a) the immediate family of a member of the credit union;     (b) the employees of the credit union;     (c) residents of a single county;     (d) one or more associations; and     (e) residents of a city of the third, fourth, or fifth class or a town as classified in Section 10-2-301 if:   (i) the city or town is located in a county of the fourth through sixth class as classified in Section 17-50-501;     (ii) at the time the residents of the city or town are included in the field of membership of a credit union, the credit union has not become a nonexempt credit union under Section 7-9-55; and     (iii) approved by the commissioner in accordance with Subsection 7-9-52(6).         (2) A credit union may have a field of membership that is more restrictive than the field of membership described in Subsection (1).     (3) A credit union may have a field of membership that is less restrictive than the field of membership described in Subsection (1) if the field of membership of the credit union:   (a) is determined under Subsection 7-9-53(2)(c);     (b) is approved by the commissioner after a merger under Subsection 7-9-39(5); or     (c) is permitted by the commissioner after a merger in accordance with Section 7-9-39.5.       (4) If a credit union includes the residents of one county in its field of membership, the credit union may not change its field of membership to include a different county than the county that is first included in the field of membership of the credit union.     (5) Notwithstanding the other provisions of this section or any restrictions of Section 7-9-53, a credit union may have a field of membership that is less restrictive than the field of membership described in Subsection (1), under the following conditions:   (a) the field of membership of the credit union may include no more than all the residents of two counties in addition to any association included in the field of membership of the credit union; and     (b) both counties described in Subsection (5)(a) must be a county of the third through sixth class, as classified in Section 17-50-501.      Amended by Chapter 97, 2014 General Session
UT Code § 7-9-55 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 55 - Nonexempt credit unions.

 Effective 5/13/2014  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, Possession of Depository Institution by Commissioner, or Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies, 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).    Amended by Chapter 189, 2014 General Session
UT Code § 7-14-1 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 14 - Credit Information Exchange|Section 1 - Definitions.

 Effective 5/13/2014  7-14-1. Definitions.  As used in this chapter:  (1) "Credit reporting agency" includes any co-operative credit reporting agency maintained by an association of financial institutions or one or more associations of merchants.     (2) "Depository institution" means any institution authorized by state or federal law to accept and hold demand deposits or other accounts which may be used to effect third party payment transactions. The definition of "depository institution" in Chapter 1, General Provisions, does not apply to Chapter 14, Credit Information Exchange.    Amended by Chapter 189, 2014 General Session
UT Code § 7-14-2 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 14 - Credit Information Exchange|Section 2 - Legislative findings.

7-14-2. Legislative findings.  The substantial financial loss to the state and to trade and commerce within this state resulting from the dishonor or other return of checks, drafts, or other orders for the payment of money, including transactions to be consummated by electronic means, requires concerted effort by financial institutions to attempt to minimize the number of such occurrences. The Legislature finds that to facilitate such concerted effort adequate protection against liability of the participating financial institutions is necessary.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-14-3 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 14 - Credit Information Exchange|Section 3 - Information an institution may furnish.

7-14-3. Information an institution may furnish.  Any institution doing business in the state may report to any other financial institution, or credit reporting agency the following:  (1) that an account maintained to effect third party payment transactions has been closed out by the institution, the reasons therefor, and the identity of the depositor or account holder;     (2) upon the request of another financial institution any other information in the files of the institution relating to the credit experience of the reporting institution with respect to a particular person as to whom inquiry is made; and     (3) any information concerning attempted or potential activity to defraud a financial institution or to obtain funds from a financial institution by fraudulent or other unlawful means or other information relating to individuals sought by law enforcement authorities for alleged violations of criminal laws.    Enacted by Chapter 16, 1981 General Session
UT Code § 7-14-4 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 14 - Credit Information Exchange|Section 4 - Immunity from liability.

7-14-4. Immunity from liability.  No depository institution making any report or communication of information authorized by this chapter shall be liable to any person for disclosing such information to any recipient authorized to receive this information under this chapter, or for any error or omission in such report or communication.  Enacted by Chapter 16, 1981 General Session
UT Code § 7-14-5 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 14 - Credit Information Exchange|Section 5 - Reciprocal exchange of information authorized.

7-14-5. Reciprocal exchange of information authorized.  One or more financial institutions may jointly agree with one or more other financial institutions for the reciprocal exchange of any information authorized to be reported by the provisions of this chapter. Such reciprocal exchange of information or the acts or refusals to act of one or more recipients because of such information does not constitute a boycott or blacklist, and is not otherwise a basis for liability to any person on the part of any participant in the reciprocal exchange of information authorized by this chapter.  Amended by Chapter 378, 2010 General Session
UT Code § 7-15-3 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 15 - Dishonored Instruments|Section 3 - Liability of financial institution upon wrongful dishonor.

7-15-3. Liability of financial institution upon wrongful dishonor.  If a person is liable to a holder under Section 7-15-1 or under a contract with a depository institution as provided in Subsection 7-15-1(9), and the liability is proximately caused by a financial institution's wrongful dishonor under Section 70A-4-402, any award against the financial institution under Section 70A-4-402 shall include all amounts awarded against the person to the holder under:  (1) Section 7-15-1; or     (2) the contract with the depository institution as provided in Subsection 7-15-1(9).    Amended by Chapter 9, 2001 General Session
UT Code § 7-17-1 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 17 - Interest on Mortgage Loan Reserve Accounts|Section 1 - Legislative intent.

7-17-1. Legislative intent.  It is the intent of the Legislature that the provisions of this act govern the rights, duties and liabilities of borrowers and lenders with respect to reserve accounts established before and after the effective date of this act.  Enacted by Chapter 124, 1979 General Session
UT Code § 7-17-2 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 17 - Interest on Mortgage Loan Reserve Accounts|Section 2 - Definitions.

7-17-2. Definitions.  As used in this chapter:  (1) "Real estate loan" means any agreement providing for a loan secured by an interest in real estate in this state containing a residential structure of not more than four housing units, at least one of which is the primary residence of the borrower and includes, but is not limited to, agreements secured by mortgages, trust deeds, and conditional land sales contracts.     (2) "Borrower" means any person who becomes obligated on a real estate loan at the time of origination of such loan and includes mortgagors, trustors under trust deeds and vendees under conditional land sales contracts.     (3) "Lender" means any person who regularly makes, extends or holds real estate loans and includes, but is not limited to, mortgagees, beneficiaries under trust deeds and vendors under conditional land sales contracts and who regularly require or maintain reserve accounts.     (4) "Person" includes an individual, a commercial bank, savings bank, building and loan corporation, savings and loan association, credit union, investment company, insurance company, pension fund, mortgage company, trust company, or any other organization making real estate loans.     (5) "Reserve account" means any account, whether denominated escrow, impound, trust, pledge, reserve or otherwise, which is established in connection with a loan secured by an interest in real estate located in this state, whether or not a real estate loan as defined in this chapter, and whether incorporated into the loan agreement or a separate document, whereby the borrower agrees to make periodic prepayment to the lender or its designee of taxes, insurance premiums or other charges pertaining to the property securing the loan and the lender or its designee agrees to pay the taxes, insurance premiums or other charges out of the account on or before their due date.     (6) "Service charge" means any direct fee imposed in connection with the administration of a reserve account.     (7) A loan is "made" when the lender makes its initial disbursement of the loan proceeds.    Amended by Chapter 15, 1981 General Session
UT Code § 7-17-3 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 17 - Interest on Mortgage Loan Reserve Accounts|Section 3 - Lender to pay interest -- Exceptions -- Service charges prohibited.

7-17-3. Lender to pay interest -- Exceptions -- Service charges prohibited.    (1) Except as provided in Subsection (2), each lender requiring the establishment or continuance of a reserve account in connection with an existing or future real estate loan shall, on a yearly basis as of December 31, calculate and credit to the account interest on the average daily balance of funds deposited in the account at a rate equal to:   (a) 5-1/2%;     (b) the average of the 11th District monthly weighted average cost of funds index as calculated and published by the Federal Home Loan Bank of San Francisco during the calendar year, less 1-1/2 percentage points; or     (c) the statement savings rate or share account rate offered to the public for accounts of like size by the depository institution holding the reserve account.       (2) Subsection (1) does not apply to:   (a) a reserve account required by a governmental insurer or guarantor of the loan as a condition of insurance or guaranty;     (b) a reserve account maintained in connection with a real estate loan in an original principal amount exceeding 80% of the lender's appraised value of the property at the time the loan is made, until the principal balance of the loan is paid down to 80% of the lender's appraised value at the time of the loan; or     (c) payment of interest or other compensation to the borrower if this payment is prohibited by federal law or regulations.       (3) A lender may not require or impose a service charge for the administration of a reserve account.    Amended by Chapter 182, 1996 General Session