DAR File No. 30837

Financial Institutions, Credit Unions

R337-4

Establishment of "Credit Union Service Organizations"

FIVE-YEAR NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

DAR File No.: 30837
Filed: 12/14/2007, 10:00
Received by: NL

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Subsection 7-1-301(15) and Section 7-1-505 authorize the commissioner with the powers, duties, and responsibilities with respect to institutions subject to the jurisdiction of the department and he shall issue appropriate rules and regulations consistent with the purposes and provisions of this title governing the regulation, supervision, and examination of those persons, institutions, or classes of institutions.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

No supporting or opposing written comments have been received by the agency concerning this rule.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

The rule clarifies that the department has jurisdiction over credit union service organizations and the activities of credit union service organizations; and should be continued.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Financial Institutions
Credit Unions
324 S STATE ST
SALT LAKE CITY UT 84111-2393

Direct questions regarding this rule to:

Paul Allred at the above address, by phone at 801-538-8854, by FAX at 801-538-8894, or by Internet E-mail at PALLRED@utah.gov

Authorized by:

Edward Leary, Commissioner