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

7-7-41. Additional powers of associations belonging to federal home loan banksystem.
(1) Notwithstanding any provision of law to the contrary, any association organized underthe laws of this state that is a member of the federal home loan bank system and whose accountsare 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 thistitle, 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 maymake reasonable rules authorizing an association to exercise any of the powers or enjoy anyprivileges, benefits, or immunities conferred at the time of the adoption of the rules upon federalassociations, the home offices of which are located in this state, or may modify or reduce reserveor other requirements of an association insured by the Federal Deposit Insurance Corporation orsuccessor 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 associationsand federally chartered associations.
(3) It is the intent and desire of the Legislature, in allowing the acquisition of additionalrights, powers, privileges, benefits, and immunities by the associations of this state, to avoidcompetitive inequalities between federal associations and associations organized under the lawsof this state. This section shall be broadly construed in order to give effect to this intent.

Amended by Chapter 200, 1994 General Session