Section 32-2-701 - Examination and supervision by department - duties - rulemaking(1) The department shall: (a) exercise constant supervision over the books and affairs of all mutual associations doing business in this state; and(b) investigate the methods of operation and conduct of business of the mutual associations and their systems of accounting to ascertain whether the methods and systems are in accordance with law and sound principles of mutual associations.(2) Except as provided in subsection (3), the department shall: (a) examine, at least once every 24 months, each mutual association and verify the assets and liabilities of each and investigate the character and value of the assets of each to ascertain with reasonable certainty that the values are correctly carried on the books; and(b) submit in writing to the examined mutual association a report of the examination's findings no later than 60 days after the completion of the examination.(3) The department may accept as the examination required by subsection (2) the findings or results of an examination of a mutual association that was made by a federal or state regulatory agency or insuring agency of the United States authorized to make the examination.(4) Whenever a mutual association is subject to examination by the department that causes any of the services listed for a service provider in 32-2-603 to be performed by itself, by contract or otherwise, the performance is subject to regulation and examination by the department to the same extent as if the services were performed by the mutual association itself.(5) The department may: (a) enter into joint examination or joint enforcement actions with other regulatory agencies having concurrent jurisdiction over a mutual association or service provider;(b) enter into agreements with any depository institution regulatory agency that has concurrent jurisdiction over a mutual association or service provider to: (i) engage the services of the agency's examiners at a reasonable rate of compensation; or(ii) provide the services of the department's examiners to the agency at a reasonable rate of compensation; and(c) disclose to a mutual association information about a service provider of the mutual association.(6) The department may in the performance of its official enforcement duties: (a) examine under oath any of the officers, directors, agents, clerks, customers, or depositors of a mutual association regarding the affairs and business of the mutual association; and(b) issue subpoenas and administer oaths.(7) In the case of a refusal to obey a subpoena issued by the department, the refusal may be reported to the district court of the district in which the mutual association is located. The court shall enforce obedience to the subpoena in the manner provided by law for enforcing obedience to the process of the court.(8) In all matters relating to its official duties, the department has the same power possessed by courts of law to issue subpoenas and have them served and enforced.(9) All officers, directors, agents, and employees of mutual associations doing business under this chapter and all persons having dealings with or knowledge of the affairs or methods of a mutual association shall: (a) at all times afford reasonable facilities for examinations;(b) provide responses and reports to the department as required by the department;(c) attend hearings and answer under oath the department's inquiries;(d) produce and exhibit any books, accounts, documents, and property the department desires to inspect; and(e) in all things aid the department in the performance of its duties.(10) The provisions of 32-1-212 apply to this chapter.(11) The department may adopt rules to implement this section.Added by Laws 2021, Ch. 431,Sec. 6, eff. 10/1/2021.