"Immediate family" means parents, spouse, surviving spouse, children, and siblings of the member.
(8)
(a)
"Member-business loan" means any loan, line of credit, or letter of credit, the proceeds of which will be used for:
(i)
a commercial purpose;
(ii)
other business investment property or venture purpose; or
(iii)
an agricultural purpose.
(b)
"Member-business loan" does not include an extension of credit:
(i)
that is fully secured by a lien on a one- to four- family dwelling that is the primary residence of a member;
(ii)
that is fully secured by:
(A)
shares or deposits in the credit union making the extension of credit; or
(B)
deposits in other financial institutions;
(iii)
the repayment of which is fully insured or fully guaranteed by, or where there is an advance commitment to purchase in full by, an agency of:
(A)
the federal government;
(B)
a state; or
(C)
a political subdivision of a state; or
(iv)
that is granted by a corporate credit union to another credit union.
(9)
"Nonexempt credit union" means a credit union that is a nonexempt credit union under Section 7-9-55.
(10)
"Share drafts," "deposit drafts," and "transaction accounts" mean accounts from which owners are permitted to make withdrawals by negotiable or transferable instruments or other orders for the purpose of making transfers to other persons or to the owner.
(11)
"Shares" means that portion of the capital paid into the credit union by members on which dividends may be paid.
Section 7-9-3 ("Definitions.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 7-9-3?
A common citation format is "Utah Code § 7-9-3" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 7-9-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
