Arizona Revised Statutes § 6-148 Failure To Act On Application As Approval

6-148. Failure to act on application as approval

A. Notwithstanding any other provision of this article, any application for approval to acquire control of a bank, trust company, savings and loan association or controlling person which is not denied or approved by the superintendent within a period of sixty days after such application is filed with the superintendent or if the applicant consents to an extension of the period within which the superintendent may act, within such extended period, shall be deemed to be approved by the superintendent as of the first day after such period of sixty days or such extended period. If the superintendent gives notice of a hearing, the sixty-day period shall be extended to such date as may be fixed by order of the superintendent.

B. For purposes of this section, an application for approval is deemed to be filed with the superintendent at the time when the complete application, including any amendments or supplements, containing all the information in the form required by the superintendent, is received by the superintendent.

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Last modified: October 13, 2016