Utah Admin. Code R337-4-9 - Loan Limitations
(1) The individual
and aggregate loan limitations set forth in Section
7-9-20 shall apply to all loans and
extensions of credit and member business loans made by a credit union and its
wholly owned credit union service organization as if they were one entity.
(a) A credit union service organization may
extend a member business loan to a person if the person is a business entity, and
at least one individual having a controlling interest in that business entity has
been a member of the credit union for at least six months prior to the date of
the extension of the member business loan; or
(b) A credit union service organization may
extend a member business loan to a person if the person is an individual, and the
individual is a member of the credit union for at least six months prior to the
date of the extension of the member business loan.
(2) The individual and aggregate loan
limitations for a credit union service organization that is a non wholly owned
subsidiary of a credit union shall be the same as set forth in Section 7-9-20.
The limitation shall be determined by allocating loans made by the non wholly
owned credit union service organization to its member credit unions on a pro-rata
ownership basis.
(a) A credit union service
organization that is a non wholly owned subsidiary of a credit union may extend a
member business loan to a person if the person is a business entity, and at least
one or more of the individuals having a controlling interest in that business
entity has been a member of each of the credit unions participating in the credit
union service organization for at least six months prior to the date of the
extension of the member business loan; or
(b) A credit union service organization that is
a non wholly owned subsidiary of a credit union may extend a member business loan
to a person if the person is an individual, and the individual is a member of
each of the credit unions participating in the credit union service organization
for at least six months prior to the date of the extension of the member business
loan.
(3) Loan limitations
shall be determined using the last quarterly report of condition filed with the
Department.
Notes
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