No. 36875 (5-year Review): Rule R337-7. Discount Securities Brokerage Service by State-Chartered Credit Unions  

  • DAR File No.: 36875
    Filed: 09/28/2012 08:35:22 AM

    NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

    Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

    Subsection 7-1-301(3) authorizes the commissioner with powers, duties, and responsibilities of all institutions subject to the jurisdiction of the department and he may authorize the activities state-chartered depository institutions may engage in as if they were chartered under the laws of the United States.

    Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

    No supporting or opposing written comments have been received by the agency concerning this rule.

    Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

    The rule allows securities activities limited to "discount brokerage" services by state-chartered credit unions, similar to the discount brokerage services allowed state-chartered banks and industrial loan corporations, and should be continued.

    The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

    Financial Institutions
    Credit UnionsRoom 201
    324 S STATE ST
    SALT LAKE CITY, UT 84111-2393

    Direct questions regarding this rule to:

    Authorized by:

    Edward Leary, Commissioner

    Effective:

    09/28/2012


Document Information

Effective Date:
9/28/2012
Publication Date:
10/15/2012
Filed Date:
09/28/2012
Agencies:
Financial Institutions,Credit Unions
Authorized By:
Edward Leary, Commissioner
DAR File No.:
36875
Related Chapter/Rule NO.: (1)
R337-7. Discount Securities Brokerage Service by State-Chartered Credit Unions.