reglab/housing_qa huggingface dataset:
UT Code § 7-9-18 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 18 - Expulsion of member.

7-9-18. Expulsion of member.    (1) The board of directors or board-designated representatives may expel from the credit union any member who has not carried out his engagements with the credit union, or neglected or refused to comply with the credit union board policies, provisions of this chapter, or of the credit union bylaws.     (2) If the member whose expulsion is under consideration is a member of the board of directors or credit committee, the supervisory committee shall call a special meeting of the members to hear the facts and act upon the proposed expulsion.    Amended by Chapter 182, 1996 General Session
UT Code § 7-9-19 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 19 - Payments to expelled members -- Liability of member not relieved by expulsion.

7-9-19. Payments to expelled members -- Liability of member not relieved by expulsion.    (1) Except in the case of liquidation or dissolution, the amount paid in on shares or deposited by members who have been expelled shall be paid to them with all accrued interest, in the order of expulsion.     (2) Payment shall be made only as funds become available.     (3) All amounts due the credit union by the expelled member shall be deducted by the credit union before any amounts are paid to the expelled member.     (4) Expulsion does not relieve a member from any liability to the credit union.    Amended by Chapter 378, 2010 General Session
UT Code § 7-9-21 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 21 - Executive officers -- Election -- Power -- Terms.

7-9-21. Executive officers -- Election -- Power -- Terms.    (1) At their first meeting held within 30 days following each annual meeting of the members, the board of directors shall elect from their own number a board chairman, one or more vice chairmen, and a secretary. These officers shall be the executive officers of the credit union.     (2) The executive officers may act for the board in matters delegated to them by the board, as provided in the bylaws, however, the president appointed by the board, who may be a member of the board, shall take active direction of the credit union's operation, as prescribed in this chapter or in the bylaws.     (3) The terms of the executive officers shall be one year or until their successors are chosen by the board of directors and have been duly qualified.    Enacted by Chapter 16, 1981 General Session
UT Code § 7-9-22 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 22 - Credit committee -- Credit manager.

7-9-22. Credit committee -- Credit manager.    (1) A credit union's bylaws shall provide for a credit committee, credit manager, or combination of both to be responsible for credit functions of the credit union. The bylaws shall prescribe the duties and responsibilities of the credit committee, credit manager, or combination of both.     (2) A director may not be a member of the credit committee.     (3) The credit union president may be appointed as credit manager. If the president is appointed as the credit manager, the president may not receive dual compensation for serving in both capacities.    Amended by Chapter 182, 1996 General Session
UT Code § 7-9-24 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 24 - Compensation of directors, committee members, and president -- Expense reimbursement.

7-9-24. Compensation of directors, committee members, and president -- Expense reimbursement.    (1) A member of the board of directors, credit committee, or supervisory committee may not receive any compensation for services as such, except that the reimbursement of reasonable expenses incurred in the execution of the duties of the position may not be considered compensation.     (2) Any member of a credit union who incurs any expenses or performs any service authorized by the board of directors may be compensated or reimbursed for the expenses or services in an amount approved by the board of directors.     (3) The board of directors shall determine the compensation for a president appointed as general manager.    Amended by Chapter 182, 1996 General Session
UT Code § 7-9-25 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 25 - Shares -- Number unlimited -- Subscription and payment -- Par value -- Ownership required for membership -- Dormant accounts.

 Effective 5/13/2014  7-9-25. Shares -- Number unlimited -- Subscription and payment -- Par value -- Ownership required for membership -- Dormant accounts.    (1) The capital of the credit union shall be unlimited in amount.     (2) Shares of the credit union may be subscribed and paid for in cash or its equivalent in a manner prescribed in the bylaws.     (3) The par value of each share of a credit union shall be determined by the board of directors in multiples of $5 as prescribed in the bylaws.     (4) Each member of the credit union shall subscribe to at least one share and pay the initial installment thereon. The par value of the share shall be paid for within six months.     (5) The board of directors may close a member's account when the share par value is not paid within the required period or the par value is not maintained. Notice in writing shall be mailed to the member at the last known address and shall contain a statement that the member may increase payment or voluntarily close the account within 60 days of receipt of the notice.     (6) When a member's account becomes dormant or is reasonably presumed to be dormant and abandoned, as provided in Chapter 1, General Provisions, the credit union by resolution of the board of directors may close the account and transfer the credits of the account to an account for unclaimed shares. Thereafter the credit union may not pay dividends or interest on the account, as provided in the bylaws, until the funds in the account escheat to the state of Utah. Prior to transferring the member's dormant and abandoned account to the credit union unclaimed shares account, the credit union shall mail a written notice to the member at the member's last known address stating that this action will be taken within 30 days of the date of the notice.    Amended by Chapter 189, 2014 General Session
UT Code § 7-9-26 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 26 - Loans to members -- Investment officers -- Investments.

7-9-26. Loans to members -- Investment officers -- Investments.    (1) Subject to Subsections 7-9-20(7) and (8) and Section 7-9-58, capital and surplus of the credit union shall be loaned to the members for the purposes and upon the endorsements or security and the terms as the bylaws provide.     (2) Within 30 days after the annual meeting of the members the board of directors may appoint one or more investment officers who shall have responsibilities for the credit union investment portfolio based upon policy established by the board of directors and as provided in this chapter or in the bylaws.     (3) The credit union by action of its board of directors may invest its funds as follows:   (a) in securities, obligations, or other instruments of, or issued by, or fully guaranteed as to principal and interest by, the United States of America or any of its agencies, or in any trusts established by investing directly or collectively in these instruments;     (b) in obligations of any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories organized by Congress, or any of their political subdivisions;     (c) in certificates of deposit or accounts issued by a federally insured state or national depository institution;     (d) in loans to, or in shares or deposits of, other federally insured credit unions, central credit unions, corporate credit unions, or a central liquidity facility established under state or federal law;     (e) in shares, stocks, loans, or other obligations of any organization, corporation, or association, if the membership or ownership of the organization, corporation, or association is primarily confined or restricted to credit unions, and if the purpose for which it is organized is to strengthen or advance the development of credit unions or credit union organizations; and     (f) in other investments that are reasonable and prudent.      Amended by Chapter 327, 2003 General Session
UT Code § 7-9-27 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 27 - Dividends -- Interest refunds.

7-9-27. Dividends -- Interest refunds.    (1) After allocations to required reserves, a credit union may declare and pay a dividend from current earnings and undivided earnings at the discretion of the board of directors and as provided in its bylaws.     (2) Dividends may be paid at different rates on different types or sizes of accounts.     (3) The board of directors may authorize any interest refunds on such classes of loans and under such conditions as the board authorizes.     (4) A credit union need not pay a dividend on any account less than the par value of one share.    Amended by Chapter 8, 1983 General Session
UT Code § 7-9-28 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 28 - Loan to credit union official.

7-9-28. Loan to credit union official.  The board of directors shall review and either approve or deny a loan application on which a member of the board of directors, credit committee, supervisory committee, president, or credit manager is a direct obligor, or endorser, cosigner, or guarantor.  Amended by Chapter 182, 1996 General Session
UT Code § 7-9-29 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 29 - Allowance account for loan losses.

7-9-29. Allowance account for loan losses.  As of January 1, 1984, a credit union shall establish an allowance account for loan losses subject to regulation as the commissioner may prescribe.  Enacted by Chapter 8, 1983 General Session
UT Code § 7-9-30 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 30 - Reserve requirements -- "Risk assets" defined.

7-9-30. Reserve requirements -- "Risk assets" defined.    (1) As used in this section, the words "risk assets" means all assets except the following:   (a) cash on hand;     (b) deposits and shares in federal or state banks, savings and loan associations, and credit unions;     (c) assets which are insured by any agency of the federal government, the Federal National Mortgage Association, or the Government Mortgage Association;     (d) loans to students insured under Title IV, Part B of the Higher Education Act of 1965, 20 U.S.C. Sections 1071 et seq. or similar state insurance programs;     (e) loans insured under Title 1 of the National Housing Act, 12 U.S.C. Sections 1702 et seq. by the Federal Housing Administration;     (f) shares or deposits in corporate credit unions as provided in Section 7-9-44, or of any other state act, or of the Federal Credit Union Act;     (g) accrued interest on nonrisk investments; and     (h) loans fully guaranteed by shares or deposits.       (2) At the end of each accounting period, after payment of any interest refunds, the credit union shall determine the gross income from member loans and from this amount shall set aside a regular reserve in accordance with Subsections (2)(a), (b), and (c).   (a) A credit union in operation for more than four years and having assets of $500,000 or more shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 4% of the total of outstanding loans and risk assets, then a minimum of 5% of gross income from member loans until the regular reserve equals at least 6% of the total of outstanding loans and risk assets.     (b) A credit union in operation for less than four years or having assets of less than $500,000 shall set aside a minimum of 10% of gross income from member loans until the regular reserve equals at least 7-1/2% of the total of outstanding loans and risk assets, then a minimum of 5% of gross income from member loans until the regular reserve equals at least 10% of the total of outstanding loans and risk assets.     (c) The regular reserve belongs to the credit union and shall be used to build equity and to meet contingencies or losses when authorized by the commissioner or the supervisor of credit unions.     (d) The commissioner may temporarily reduce or waive the requirements for the regular reserve placement if he finds it to be in the best interest of the credit union.      Amended by Chapter 324, 2010 General Session
UT Code § 7-9-31 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 31 - Shares held in trust.

7-9-31. Shares held in trust.    (1) Shares may be issued to and deposits received in the name of a minor, and these shares and deposits may, in the discretion of the board of directors, be withdrawn by the minor or by his parent or guardian.     (2) A credit union share account, share certificate, deposit, or deposit certificate may be held in trust provided that the trustor, trustee, or primary beneficiary is a member of the credit union.     (3) The trustee of the trust meeting the requirements of Subsection (2) shall exercise the rights of the trust as a member of the credit union.    Amended by Chapter 182, 1996 General Session
UT Code § 7-9-33 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 33 - Lien and right of set off of credit union.

7-9-33. Lien and right of set off of credit union.    (1) A credit union shall have a lien and right of set off on a member's individual, joint, multiple party, or transaction accounts, including any accumulated dividend or interest, for any sum due the credit union from the member.     (2) All funds in the account at any time are subject to the lien and right of set off.     (3) A security interest in the funds shall be perfected by restricting withdrawals of the funds.     (4) A lien under this section does not apply if:   (a) the application of the lien will cause a loss of a tax incentive for the customer or member; or     (b) is prohibited by law.      Amended by Chapter 182, 1996 General Session
UT Code § 7-9-34 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 34 - Tax exemption of credit unions.

7-9-34. Tax exemption of credit unions.    (1) Except as otherwise provided in this section, credit unions organized under this chapter or prior law are exempt from taxation.     (2) Any real property or any tangible personal property owned by the credit union shall be subject to taxation to the same extent as other similar property is taxed.     (3) For purposes of the corporate tax, credit unions shall be governed by Section 59-7-102.     (4) This section does not exempt credit unions from sales or use taxes, or fees owed to the department in accordance with this title and rules of the department.    Amended by Chapter 178, 1994 General Session
UT Code § 7-9-36 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 36 - Dissolution.

 Effective 5/13/2014  7-9-36. Dissolution.    (1) A credit union may be dissolved upon a majority vote of the entire membership.     (2) A copy of a notice of a special meeting to consider the matter shall be mailed to the members of the credit union at least 10 days before the date of the meeting.     (3) Any member not present at the meeting may within the following 20 days vote for or against dissolution by signing a statement approved by the commissioner. A vote cast in this manner has the same force and effect as if cast at the meeting. A member not voting within the 20-day period is considered to be in favor of the dissolution.     (4) The officers of the credit union may appoint a liquidating agent, subject to the approval of the commissioner, who has the right to exercise all the powers of the dissolved credit union to wind up its affairs. If the liquidating agent is other than a bona fide trade association of authorized credit unions recognized by the commissioner, or the National Credit Union Administration, the liquidator shall provide a bond or other security, as required by the commissioner, for the faithful discharge of duties in connection with the liquidation, including accounting for all money collected.     (5) Upon the vote required under this section, a certificate of dissolution, signed by the chair of the board and the secretary, shall be filed with the commissioner and shall state the vote cast in favor of dissolution, the proposed date upon which the credit union will cease to do business, the names and addresses of the directors and officers of the credit union and the name and address of the liquidating agent appointed by the officers of the credit union. The commissioner shall approve the dissolution unless he finds that the procedures set forth in this section have not been properly followed.     (6) Upon approval, the credit union shall cease to do business except for the purpose of discharging its debts, collecting and distributing assets, and doing all acts required to adjust, wind up, and dissolve its business and affairs. It may sue and be sued for the purpose of enforcing debts or obligations until its affairs are fully adjusted.     (7) If the board or the liquidating agent determines that all assets from which a reasonable return could be expected have been liquidated and distributed, it shall execute a certificate of dissolution in a form approved by the commissioner and file it with the department and the Division of Corporations and Commercial Code. After the certificate has been filed, the credit union is dissolved.    Amended by Chapter 97, 2014 General Session
UT Code § 7-9-37 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 37 - Transfer of members of dissolved, merged, consolidated, transferred, or acquired credit union.

7-9-37. Transfer of members of dissolved, merged, consolidated, transferred, or acquired credit union.  Members of a dissolved, merged, consolidated, transferred, or acquired credit union may become members of another existing credit union with a related field of membership as approved by the commissioner.  Amended by Chapter 327, 2003 General Session
UT Code § 7-9-39.5 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 39.5 - Supervisory merger.

 Effective 5/13/2014  7-9-39.5. Supervisory merger.  If a credit union is merged with another 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, the commissioner may permit the surviving credit union to have a field of membership that is larger than a field of membership permitted under Section 7-9-51. Amended by Chapter 189, 2014 General Session
UT Code § 7-9-42 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 42 - Record requirements.

 Effective 5/13/2014  7-9-42. Record requirements.    (1) A credit union shall maintain all books, records, accounting systems, and procedures in accordance with rules the commissioner may prescribe or in accordance with Chapter 1, General Provisions.     (2) In prescribing these rules, the commissioner shall consider the size of a credit union and its ability to comply.     (3) A credit union is not liable for destroying records after the expiration of the record retention time prescribed by the rules.     (4) A photostatic or photographic reproduction of any credit union records shall be admissible as evidence of transactions with the credit union.    Amended by Chapter 189, 2014 General Session
UT Code § 7-9-43 (2021)
2021 Utah Code|Title 7 - Financial Institutions Act|Chapter 9 - Utah Credit Union Act|Section 43 - Board of Credit Union Advisors.

 Affected by 63I-1-207 on 7/1/2023  Effective 5/13/2014  7-9-43. Board of Credit Union Advisors.    (1)   (a) There is created a Board of Credit Union Advisors of five members to be appointed by the governor.     (b) Members of the advisory board shall be individuals who are familiar with and associated in the field of credit unions.     (c) At least three of the members of the advisory board shall be persons who have had three or more years of experience as a credit union officer and shall be selected from a list submitted to the governor by a bona fide trade association of authorized credit unions recognized by the commissioner.       (2) The advisory board shall meet quarterly.     (3) A chair of the advisory board shall be chosen each year from the membership of the advisory board by a majority of the members present at the advisory board's first meeting each year.     (4)   (a) Except as required by Subsection (4)(b), as terms of current board members expire, the governor shall appoint each new member or reappointed member to a four-year term.     (b) Notwithstanding Subsection (4)(a), the governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of board members are staggered so that approximately half of the advisory board is appointed every two years.       (5) When a vacancy occurs in the membership for any reason, the governor shall appoint a replacement for the unexpired term.     (6) A member shall serve until the member's successor is appointed and qualified.     (7) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with:   (a) Section 63A-3-106;     (b) Section 63A-3-107; and     (c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.       (8) Meetings of the advisory board shall be held on the call of the chair. A majority of the members of the advisory board shall constitute a quorum.     (9) The advisory board has the duty to advise the governor and commissioner on problems relating to credit unions and to foster the interest and cooperation of credit unions in the improvement of their services to the people of the state.    Amended by Chapter 97, 2014 General Session