State Codes and Statutes
Statutes > Utah > Title-07 > Chapter-07 > 7-7-197-7-19. Record and accounting requirements -- Valuation of assets.
(1) Every association shall keep at the home office correct and complete books ofaccounts, membership or stockholder records, and minutes of the proceedings of members,stockholders, and directors. Complete records of all business transacted at the home office shallbe maintained at the home office. Control records of all business transacted at each branch officeor agency shall be maintained at the home office.
(2) Each branch office shall keep detailed records of all transactions at that branch officeand shall furnish full control records to the home office.
(3) Each agent of an association shall prepare an original record of each businesstransaction of the association conducted by the agent and shall report promptly to the homeoffice. Complete detailed permanent records of the transactions are not required to bemaintained at the agency, but may be maintained at a branch or home office of the association.
(4) Every association shall close its books at the close of business at least annually ormore often if required for all associations by the commissioner.
(5) No association by any system of accounting or any device of bookkeeping shall,either directly or indirectly, enter any of its assets upon its books in the name of any other person,partnership, association, or corporation or under any title or designation that is not fairlydescriptive of the assets.
(6) The commissioner, after a determination of value made in accordance with thischapter, may order that assets, individually or in the aggregate, to the extent that the assets areovervalued on an association's books, be charged off, or that a special reserve or reserves equal tothe overvaluation be set up by transfers from undivided profits or reserves.
(7) An association may not carry any real estate on its books at a sum in excess of thetotal amount invested by the association on account of that real estate, including advances, costs,and improvements but excluding accrued but uncollected interest.
(8) Every association shall have appraised each parcel of real estate acquired at the timeof acquisition. The report of each such appraisal shall be submitted in writing to the board ofdirectors and shall be kept in the records of the association.
(9) Every association shall maintain complete loan and investment records in a mannersatisfactory to the commissioner. Each record of a real estate loan or other secured loan orinvestment shall contain documentation to the satisfaction of the commissioner of the type,adequacy and complexion of the security.
(10) Every mutual association shall maintain membership records, which shall show thename and address of the members, the status of each member as a savings account holder, or anobligor, or a savings account holder and obligor, and the date membership began. In the case of amember holding a savings account, the association shall obtain a savings account contract, whichmay be a signature card, containing the signature of each holder of the account or his dulyauthorized representative, and shall preserve the contract in the records of the association.
(11) Every capital stock association shall maintain a register of investors and stocktransfers which shows the name and address of the stockholder, the type of stock and votingstatus of the stockholder, and the date each share of stock was acquired.
(12) Every association shall use such forms and keep such records, including withoutlimitation, those of its members or stockholders, as the commissioner may from time to timerequire.
Amended by Chapter 378, 2010 General Session
