7-7-32 - Agreements committing assets to lines of credit -- Stock ownership or affiliation with credit card companies. - Utah Statutes

7-7-32. Agreements committing assets to lines of credit -- Stock ownership oraffiliation with credit card companies.
An association may, subject to Section 7-7-33, commit its assets to lines of credit undercredit agreements and credit card agreements with its credit card holders and with other creditcard issuers, and pay and agree to pay obligations incurred in connection with those agreements,and become a member or stockholder of, or become otherwise affiliated with, any credit cardcorporation, association, or other issuer. The commissioner may, by rule, limit the percentage ofassets that may be invested in such lines of credit, but the limitation may not be more restrictivethan that of the Office of Thrift Supervision or successor federal agency for federally charteredassociations.

Amended by Chapter 378, 2010 General Session