7-9-55 - Nonexempt credit unions.
7-9-55. Nonexempt credit unions.
(1) (a) A credit union organized under this chapter is a nonexempt credit union under thissection on the day on which:
(i) on or after May 5, 2003 the credit union has a field of membership as evidenced bythe 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 firstor 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 aresult of a supervisory action under Chapter 2 or 19 are not considered to be within the field ofmembership of that credit union; and
(ii) residents of a city of the third, fourth, or fifth class or a town that are added to thefield of membership of a credit union in accordance with Section 7-9-52 are not considered to bewithin the field of membership of that credit union unless all residents of the county in whichthat 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 nonexemptcredit 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 becomesa 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 morecounties in this state, a credit union organized under this chapter does not become a nonexemptcredit union if the field of membership of the credit union as evidenced by the bylaws of thecredit union does not meet the requirements of Subsection (1).
Enacted by Chapter 327, 2003 General Session