2006 Utah Code - 7-7-41 — Additional powers of associations belonging to federal home loan bank system.

     7-7-41.   Additional powers of associations belonging to federal home loan bank system.
     (1) Notwithstanding any provision of law to the contrary, any association organized under the laws of this state that is a member of the federal home loan bank system and whose accounts are insured by the federal government or an instrumentality of the federal government shall have, in addition to all rights, powers, privileges, benefits, and immunities expressly granted under this title, all additional rights, powers, privileges, benefits, and immunities possessed, as of May 1, 1989, by federal associations the home offices of which are located in this state.
     (2) Notwithstanding any other provision of law to the contrary, the commissioner may make reasonable rules authorizing an association to exercise any of the powers or enjoy any privileges, benefits, or immunities conferred at the time of the adoption of the rules upon federal associations, the home offices of which are located in this state, or may modify or reduce reserve or other requirements of an association insured by the Federal Deposit Insurance Corporation or successor federal deposit insurance agency, if the commissioner finds that the rule:
     (a) serves the convenience and advantage of depositors and borrowers; and
     (b) maintains the fairness of competition and parity between state chartered associations and federally chartered associations.
     (3) It is the intent and desire of the Legislature, in allowing the acquisition of additional rights, powers, privileges, benefits, and immunities by the associations of this state, to avoid competitive inequalities between federal associations and associations organized under the laws of this state. This section shall be broadly construed in order to give effect to this intent.

Amended by Chapter 200, 1994 General Session