reglab/statecodes huggingface dataset:
2023 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
2023 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
2023 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
2023 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
2023 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 7/1/2033
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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 16a - Automated Teller Machine Act › Part 1 - General Provisions › Section 102 - Definitions.

7-16a-102.
Definitions.
As used in this chapter:
(1) "Automated teller machine" means an electronic information processing device that:
(a) is readily accessible to the general public; and
(b) on behalf of an issuer:
(i) dispenses currency or coin; or
(ii) accepts deposits or payments.
(2) "Customer" means a user of a device for access.
(3) "Device for access" means a card, code, or other means of access to a customer's account, or any combination of these, that may be used to deposit or withdraw cash through an automated teller machine.
(4) "Electronic information processing device" means equipment activated by a device for access that transmits electronic impulses to a depository institution on a real-time or delayed-time basis.
(5) "Issuer" means:
(a) a depository institution that issues a device for access, whether or not the depository institution is an operator; or
(b) a state or federal governmental agency that issues a device for access that allows a person to receive benefits from or through the state or federal governmental agency.
(6) "Point-of-sale terminal" means an electronic information processing device controlled by or accessible to a merchant or other provider of goods or services that authorizes:
(a) in payment for goods or services, a debit or credit to a customer's account at:
(i) a depository institution; or
(ii) a state or federal governmental agency; and
(b) the merchant or other provider of goods or services to dispense currency or coin to a customer.
(7) "Operator" means an institution that:
(a)
(i) is a depository institution;
(ii) is a depository institution holding company; or
(iii) is an institution directly or indirectly owned or controlled by one or more depository institutions or depository institution holding companies; and
(b) owns or contracts with an owner of an automated teller machine to operate the automated teller machine.
Enacted by Chapter 111, 1997 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 16a - Automated Teller Machine Act › Part 1 - General Provisions › Section 103 - Application of chapter.

7-16a-103.
Application of chapter.
(1) This chapter does not:
(a) authorize a depository institution, or any other person, to engage in any transaction not otherwise specifically permitted by applicable law; or
(b) apply to the use of any device capable of transmitting electronic impulses that is not readily accessible to the general public for the primary purpose of initiating transactions with depository institutions.
(2) Use of an automated teller machine to effect a transaction is only an additional means of effecting the transaction and this chapter does not limit or enlarge the rights of persons under state or federal statute or under any rules or regulations made under those statutes that govern credit or deposit account relationships.
Enacted by Chapter 111, 1997 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 16a - Automated Teller Machine Act › Part 2 - Authority, Powers, Contractual Waiver, and Notification Requirements › Section 201 - Authority to operate an automated teller machine.

7-16a-201.
Authority to operate an automated teller machine.
An automated teller machine located in this state shall be operated only by:
(1) a depository institution;
(2) a depository institution holding company; or
(3) an institution directly or indirectly owned or controlled by one or more depository institutions or depository institution holding companies.
Enacted by Chapter 111, 1997 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 16a - Automated Teller Machine Act › Part 2 - Authority, Powers, Contractual Waiver, and Notification Requirements › Section 202 - Powers of depository institutions operating automated teller machines -- Fees or surcharges.

7-16a-202.
Powers of depository institutions operating automated teller machines -- Fees or surcharges.
(1) An operator may:
(a) make an automated teller machine available for use by customers of one or more issuers;
(b) connect the automated teller machine with an electronic consumer funds transfer system connecting one or more depository institutions to one or more automated teller machines; and
(c) impose a transaction fee for the use of the automated teller machine, if the imposition of the transaction fee is disclosed at a time and in a manner that allows a user to terminate or cancel the transaction without incurring the transaction fee.
(2) Except for the dispensing of currency or coin or accepting deposits or payments, any service provided by an operator to a customer at the automated teller machine is not governed by this chapter.
(3) The transaction fee permitted in Subsection (1)(c) may be in addition to any other charges imposed by any of the following entities involved in the transaction:
(a) an electronic consumer funds transfer system;
(b) a depository institution; or
(c) an issuer.
(4)
(a) Any of the following entities may charge any or all customers any transaction fee allowed or not prohibited by state or federal law:
(i) a depository institution;
(ii) an owner;
(iii) an operator;
(iv) an issuer; or
(v) an electronic consumer funds transfer system.
(b) A transaction fee allowed under this section includes a charge to a customer conducting a transaction using an account from an institution providing financial services that is located outside of the United States.
(c)
(i) Subject to Subsection (4)(c)(ii) and to the extent not prohibited by federal law, an agreement to operate or share an automated teller machine may not prohibit, limit, or otherwise restrict a person described in Subsection (4)(a) from charging a customer for use of or access to the automated teller machine on the basis of the customer using an account from an institution providing financial services that is located outside of the United States if the charge is not otherwise prohibited under state or federal law.
(ii) Notwithstanding Subsection (4)(c)(i), nothing in this section may be construed to prohibit, limit, or otherwise restrict the ability of a person described in Subsection (4)(a) from voluntarily entering into an agreement to participate in a surcharge free network.
Amended by Chapter 17, 2007 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 16a - Automated Teller Machine Act › Part 2 - Authority, Powers, Contractual Waiver, and Notification Requirements › Section 203 - Contractual waiver of Uniform Commercial Code provisions.

7-16a-203.
Contractual waiver of Uniform Commercial Code provisions.
(1)
(a) Subject to Subsections (1)(b) and (2), if the application of Title 70A, Uniform Commercial Code, is inconsistent with the operation of an automated teller machine, a point-of-sale terminal, or both, the requirements of Title 70A, Uniform Commercial Code, may be varied by contractual agreement of any:
(i) depository institution;
(ii) switching facility; or
(iii) clearinghouse as defined by Section 70A-4-104.
(b) A contractual agreement under Subsection (1)(a) may not disclaim responsibility for or limit the measure of damages for a depository institution's, switching facility's, or clearing house's:
(i) lack of good faith; or
(ii) failure to exercise ordinary care.
(2) Notwithstanding Subsection (1)(a), the commissioner may, after notice and hearing, require rescission or modification of any provision of a contractual agreement permitted by Subsection (1)(a) if:
(a) that provision relates to the rights and obligations of:
(i) account holders of depository institutions;
(ii) merchants;
(iii) merchant customers; or
(iv) others using or having access to automated teller machines, point-of-sale terminals, or both; and
(b) the commissioner finds the provision is unconscionable or contrary to the public interest.
Enacted by Chapter 111, 1997 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 16a - Automated Teller Machine Act › Part 2 - Authority, Powers, Contractual Waiver, and Notification Requirements › Section 204 - Department notification requirements.

7-16a-204.
Department notification requirements.
(1)
(a) Except as provided in Subsection (3), an operator may not operate, relocate, or discontinue operating an automated teller machine unless the operator provides notice to the department in accordance with this section.
(b) An operator may operate, relocate, or discontinue operating an automated teller machine 30 days from the day the department accepts the notice filed under this section as complete.
(c) No later than 30 days before operating, relocating, or discontinuing the operation of an automated teller machine located in this state, the operator shall notify the department of the intent to operate, relocate, or discontinue the operation of the automated teller machine.
(d) The notice required under Subsection (1)(a) shall state:
(i) if operating or relocating an automated teller machine:
(A) the proposed location of the automated teller machine;
(B) whether the proposed location is permanent or temporary; and
(C) the period the automated teller machine will be at the proposed location, if the location is temporary; and
(ii) any information requested on a form prescribed by the department.
(e) The department may not require the operator to pay a fee for filing the notice required under this Subsection (1).
(2) The failure to provide notice to the department as required in Subsection (1) is a violation against which the commissioner may exercise the general enforcement powers set forth in Section 7-1-320.
(3) This section does not apply to automated teller machines located at the main office or at a branch of a depository institution authorized to transact business in this state.
(4) For purposes of this section, "discontinue" or "discontinuing" means an interruption in the operation of an automated teller machine of 30 days or more.
Enacted by Chapter 111, 1997 General Session
2023 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
2023 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
2023 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
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 17 - Interest on Mortgage Loan Reserve Accounts › Section 4 - Options in lieu of reserve account -- Notice by lender -- Selection by borrower -- Noninterest-bearing reserve account -- Exemption.

7-17-4.
Options in lieu of reserve account -- Notice by lender -- Selection by borrower -- Noninterest-bearing reserve account -- Exemption.
(1) A lender not requiring the establishment and maintenance of a reserve account shall offer the borrower the following options:
(a) the borrower may elect to maintain a noninterest-bearing reserve account to be serviced by the lender at no charge to the borrower; or
(b) the borrower may manage the payment of insurance premiums, taxes and other charges for the borrower's own account.
(2)
(a) The lender shall give written notice of the options to the borrower:
(i) with respect to real estate loans existing on July 1, 1979, by notice mailed not more than 30 days after July 1, 1979; or
(ii) with respect to real estate loans made on or after July 1, 1979, by notice given at or prior to the closing of the loan.
(b) The notice required by this Subsection (2) shall:
(i) clearly describe the options; and
(ii) state that:
(A) a reserve account is not required by the lender;
(B) the borrower is legally responsible for the payment of taxes, insurance premiums, and other charges; and
(C) the notice is being given pursuant to this chapter.
(c) For real estate loans in existence on July 1, 1979, the borrower shall select one of the options prior to 60 days after July 1, 1979.
(d) If no option is selected prior to 60 days after July 1, 1979, the borrower will be considered to have selected the option described in Subsection (1)(a), provided, however, that the borrower at a later time may select the option described in Subsection (1)(b).
(e) For loans made on or after July 1, 1979, the borrower shall select one of the options at the closing.
(f) If the borrower selects the option described in Subsection (1)(a), the lender may not be required to account for earnings, if any, on the account.
(3)
(a) Subject to Subsection (3)(b), if the borrower who selects the option described in Subsection (1)(b), or the borrower's successors or assigns, fails to pay the taxes, insurance premiums, or other charges pertaining to the property securing the loan prior to the delinquency date for such payments, the lender may require a reserve account without interest or other compensation for the use of the funds.
(b) Notwithstanding Subsection (3)(a), the lender may not require a reserve account without interest or other compensation if:
(i) the borrower pays any delinquency within 30 days; and
(ii) the borrower has not previously been delinquent in payment of taxes, insurance premiums, or other charges.
(4) This section does not apply to a loan made, renewed, or modified on or after May 6, 2002.
Amended by Chapter 378, 2010 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 17 - Interest on Mortgage Loan Reserve Accounts › Section 5 - Statements.

7-17-5.
Statements.
Every lender shall furnish to the borrower, or his successors or assigns, without charge, within 60 days after the end of each calendar year, an itemized statement showing money (1) received for interest and principal repayment and (2) received and held in or disbursed from a reserve account, if any.
Enacted by Chapter 124, 1979 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 17 - Interest on Mortgage Loan Reserve Accounts › Section 6 - Liability of lender for failure to pay taxes, insurance premiums, or other charges.

7-17-6.
Liability of lender for failure to pay taxes, insurance premiums, or other charges.
A lender administering a reserve account shall make timely payments of taxes, insurance premiums and other charges for which the account is established, if funds paid into the account by the borrower, his successors or assigns, are sufficient for the payments. Negligent failure to make the payments required for taxes, insurance premiums and other charges as they become due, from available funds in the reserve account, shall subject the lender to liability for all damages directly resulting from the failure; provided that this sentence does not deprive the lender of the right to present any defense it may have in any action brought to enforce the liability. Failure of the borrower or his successors or assigns to deliver promptly to the lender all notices of tax assessments and insurance premiums or other charges, received by the borrower, his successors or assigns, shall relieve the lender from liability under this section.
Amended by Chapter 378, 2010 General Session
2023 Utah Code › Title 7 - Financial Institutions Act › Chapter 17 - Interest on Mortgage Loan Reserve Accounts › Section 7 - Limit on amount borrower required to pay into account -- Deficiency -- Method of recouping and remedies for default.

7-17-7.
Limit on amount borrower required to pay into account -- Deficiency -- Method of recouping and remedies for default.
A lender in connection with a real estate loan may not require a borrower, the borrower's successors or assigns, or a prospective borrower:
(1) to deposit in any reserve account established in connection with the loan, prior to or upon closing, a sum exceeding the estimated total payments for taxes, insurance premiums, or other charges which will be due and payable on the date of closing, and the pro rata portion thereof which has accrued, plus 1/6th of the estimated total taxes, insurance premiums, and other charges which will become due and payable during the 12-month period beginning on the date of closing; or
(2) to deposit in any reserve account in any month beginning after closing a sum exceeding 1/12th of the total estimated taxes, insurance premiums, or other charges which will become due and payable during the 12-month period beginning on the first day of the month plus an amount necessary to maintain the additional balance permitted in Subsection (1) in the reserve account not to exceed 1/6th of the total estimated taxes, insurance premiums, or other charges that will become due and payable during the 12-month period beginning on the first day of the month, except that:
(a) if the lender determines there will be a deficiency on the due date, it may require additional monthly deposits in the reserve account of pro rata portions of the deficiency corresponding to the number of months from the date of the lender's determination of the deficiency to the date upon which the charges become due and payable;
(b) if the lender determines there is a deficiency on or after the due date, it may:
(i) bill the borrower, the borrower's successors or assigns, for the deficiency, which bill shall promptly be paid;
(ii) add the deficiency to the principal; or
(iii) charge the reserve account, and require additional monthly deposits in the reserve account for up to 12 months to recoup the deficiency;
(c) if the borrower, the borrower's successors or assigns, fails to pay any amount billed by the lender to meet the deficiency as permitted under Subsection (2)(b)(i), the lender may exercise any remedies for default contained in the real estate loan document. If such failure to pay continues for 30 days after written notice to borrower, the lender may also terminate any obligation to pay interest or to otherwise pay compensation for the use of the funds in the reserve account.
Amended by Chapter 182, 1996 General Session