 |
Utah Administrative Code (Current through November 1, 2019) |
 |
R337. Financial Institutions, Credit Unions |
|
|
R337-2. Conversion from a Federal to a State-Chartered Credit Union |
| R337-2-1. Authority, Scope and Purpose |
|
Latest version.
|
|
(1) This rule is issued pursuant to Sections 7-1-301 and 7-1-706, and Subsection 7-1-713(4). (2) This rule applies to federally chartered credit union converting to a state chartered credit union. (3) This rule establishes the requirements and procedures for converting from a federally chartered credit union to a state chartered credit union. |
| R337-2-2. Definitions |
|
Latest version.
|
|
(1) "Applicant" means the federally chartered credit union converting to a credit union charter issued by the state. (2) "Commissioner" means the Commissioner of Financial Institutions. (3) "Federally chartered credit union" means a credit union organized under the laws of the United States. (4) "State chartered credit union" means a credit union chartered by the state of Utah. |
| R337-2-3. Conversion Application |
|
Latest version.
|
|
(1) The applicant must file an application on a form acceptable to the department. (2) As part of the application the following documents or information must be provided: (a) Year to date financial statements for the most recent month end: (b) Delinquent loan schedule annotated to reflect collection problems as of the most recent month end; (c) Explanation and appropriate documents relative to any changes in insurance of member accounts; (d) Resolution of the board of directors approving the proposed conversion; (e) Sample of the Notice of Special Meeting of the Members; (f) Sample of the ballot to be sent to members; and (g) Approval of the conversion from the National Credit Union Administration. |
| R337-2-4. Conversion Procedure |
|
Latest version.
|
|
(1) The procedure set forth in Section 7-1-706 shall be followed. (2) The effective date of the conversion will be the date on which the commissioner issued an order approving the conversion. If a later effective date is desired, the credit union board of directors must request that effective date as part of the application. |