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Utah Administrative Code (Current through November 1, 2019) |
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R337. Financial Institutions, Credit Unions |
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R337-8. Accounts for Parties Other Than Individual Members in State-Chartered Credit Unions |
| R337-8-1. Authority, Scope, and Purpose |
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Latest version.
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(1) This rule is issued pursuant to Subsection 7-1-301(3). (2) This rule governs accounts and loans to parties other than individuals in state chartered credit unions. (3) The purpose of the rule is to allow state chartered credit unions to maintain accounts in the name of businesses or entities other than individual members to the same extent as credit unions chartered under the laws of the United States. |
| R337-8-2. Business and Other Accounts |
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A state chartered credit union may open a share, draft, certificate or loan account in the name of a party other than an individual member if all equity owners or, in the case of an association or cooperative, all members of the entity are within the credit union's field of membership as defined in the credit union's bylaws if the bylaws have been approved by the Commissioner of Financial Institutions. Loans to an entity other than an individual member may not exceed the entity's unencumbered shares or deposits, or both. |