Section 32-2-603 - DefinitionsAs used in this chapter, unless the context requires otherwise, the following definitions apply:
(1) "Capital" means, with respect to a mutual association: (a) retained earnings; or(b) at the discretion of the commissioner, any other form of capital, subject to any applicable federal and state laws.(2) "Commissioner" means the commissioner of banking and financial institutions as provided in 32-1-211.(3) "Department" means the department of administration provided for in 2-15-1001.(4) "Deposit" has the meaning provided in 12 C.F.R. 204.2, as amended. The term includes demand deposits, which includes all deposits, the payment of which may legally be required when demanded.(5) "Division" means the division of banking and financial institutions of the department.(6) "Federal savings association" means a federal savings and loan association or a federal savings bank doing business under authority granted by the office of the comptroller of the currency or the former office of thrift supervision.(7) "Institution-affiliated party" means: (a) any director, officer, or employee of or agent for a mutual association;(b) any other person who has filed or is required to file a change-in-control notice pursuant to this chapter;(c) any consultant, joint venture partner, or other person as determined by the commissioner who participates in the conduct of the affairs of an insured depository institution; and(d) any independent contractor, including any attorney, appraiser, or accountant, who knowingly or recklessly participates in any violation of any law or rule, any breach of fiduciary duty, or any unsafe or unsound practice that caused or is likely to cause more than a minimal financial loss to or a significant adverse effect on the mutual association.(8) "Insured depository institution" means a bank or savings association in which the deposits are insured by the federal deposit insurance corporation.(9) "Member" means all holders of the mutual association's savings, demand, including other authorized members on accounts.(10) "Mutual association" means any corporation that has been incorporated to conduct the business of receiving money on deposit from its members and making substantially all of its loans on one-to-four family real estate mortgage security. The term includes a savings and loan association formed without authority to issue stock.(11) "Portfolio assets" has the same meaning as provided in 12 U.S.C. 1467a, as amended.(12) "Qualified thrift investments" has the same meaning as provided in 12 U.S.C. 1467a, as amended.(13) "Savings association" or "savings and loan association" means a savings association or savings bank organized under the laws of the United States or a building and loan association, savings and loan association, or similar entity organized under the laws of a state. "Savings association" also includes a state mutual association that elects to operate as a savings and loan association under this chapter.(14)(a) "Service provider" means an entity that provides one or more of the following services to a mutual association: (i) data processing services;(ii) activities supporting financial services, including but not limited to lending, funds transfer, fiduciary activities, trading activities, and deposit taking;(iii) internet-related services, including but not limited to web services and electronic bill payments, mobile applications, system and software development and maintenance, and security monitoring; and(iv) activities related to the business of mutual associations.(b) The term does not include: (i) an entity that provides telecommunications service, internet access service, internet transport services, voice-over internet protocol service, or other internet protocol-enabled service; or(ii) a general audience or communications platform.Added by Laws 2021, Ch. 431,Sec. 3, eff. 10/1/2021.