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Can you summarize UTAC R337?
Financial Institutions > Credit Unions
Short Summary
The provided legal document content covers various aspects of credit unions’ operations, record retention requirements, accounts and loans to parties other than individuals, securities brokerage services, allowance account for loan and lease losses, establishment and operation of credit union service organizations (CUSOs), and the conversion process from a federally chartered credit union to a state chartered credit union in Utah. The federal laws mentioned in the first document govern lending practices, credit reporting, funds availability, and electronic fund transfers for credit unions subject to the jurisdiction of the Department of Financial Institutions in Utah. The second document establishes the schedule for the retention or destruction of records for credit unions, specifying the types of records and the period for which they should be preserved. The third document allows state-chartered credit unions to maintain accounts in the name of businesses or entities other than individual members, with certain restrictions on loans to entities. The fourth document governs the provision of ‘discount brokerage’ services by state-chartered credit unions, outlining the limitations and requirements for offering such services. The fifth document establishes the requirements for maintaining an allowance account for loan and lease losses by state-chartered credit unions, including the calculation methodology and validation process. The sixth document provides a comprehensive framework for the establishment and operation of credit union service organizations (CUSOs) in Utah, covering various services and requirements for capital, net worth, and approval. The seventh document outlines the requirements and procedures for converting from a federally chartered credit union to a state chartered credit union in Utah. It specifies the application process, required documents, and the role of the Commissioner of Financial Institutions in approving the conversion. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Credit unions subject to the jurisdiction of the Department of Financial Institutions in Utah, credit unions under the jurisdiction of the Department of Financial Institutions, state-chartered credit unions, state-chartered credit unions providing securities brokerage services, state-chartered credit unions maintaining an allowance account for loan and lease losses, credit unions establishing and operating credit union service organizations (CUSOs), federally chartered credit unions converting to a state chartered credit union in Utah
What does it govern?
Applicable federal laws for credit unions subject to the jurisdiction of the Department of Financial Institutions in Utah, retention or destruction of records for credit unions, accounts and loans to parties other than individuals in state-chartered credit unions, governance of securities brokerage services offered by state-chartered credit unions, establishment and maintenance of an allowance account for loan and lease losses by state-chartered credit unions, establishment and operation of credit union service organizations (CUSOs) in Utah, conversion process from a federally chartered credit union to a state chartered credit union in Utah
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Utah