Arizona Revised Statutes Title 6 - Banks And Financial Institutions

Chapter 1 DEPARTMENT OF FINANCIAL INSTITUTIONS
Article 1 Definitions

  • § 6-101 Definitions
    In this title, unless the context otherwise requires: 1. " Automated teller machine" means an automated device that is established by a bank, savings...

Article 2 Department of Financial Institutions

Article 3 Powers and Duties

Article 4 Acquisition of Control of a Bank, Trust Company or Savings and Loan Association

Article 5 Proceedings for Officer Removal

Chapter 2 BANK ORGANIZATION AND REGULATION
Article 1 General Provisions

Article 2 Banking Permit

Article 3 Merger, Consolidation and Conversion of National and State Banks

Article 4 Accounts

Article 5 Regulation of Conduct of Business

Article 6 Reserves

Article 7 Arizona Interstate Bank and Savings and Loan Association Act

Article 9 Loans

Article 11 Trust Business

Article 12 Prohibited Practices; Penalties

Article 13 Liquidation and Dissolution

Chapter 3 SAVINGS AND LOAN ASSOCIATIONS
Article 1 General Provisions

  • § 6-401 Definitions
    In this chapter, unless the context otherwise requires: 1. " Account" means withdrawable capital deposited with or invested in an association in accordance with...
  • § 6-402 Scope Of Chapter; Application To Federal Associations And Federal Savings Banks
    A. This chapter applies to all existing savings and loan associations, and other similar associations and savings banks by whatever name called, organized under...
  • § 6-403 Prohibitions
    Except as authorized under this title: 1. No person or group of persons shall transact business within the scope of this chapter or do...
  • § 6-404 General Corporate Powers
    An association operating under this chapter shall be a body corporate and politic and shall have all of the specific powers conferred by this...
  • § 6-405 Power To Borrow
    A. No insured institution shall borrow an aggregate amount exceeding one half the amount paid in and credited on accounts, except that with prior...
  • § 6-405.01 Capital Notes And Debentures
    A. With prior approval of the superintendent an association may issue and sell its capital notes or debentures. B. Capital notes and debentures legally...
  • § 6-406 Incidental Powers
    An association also shall have any power conferred on a corporation by the general corporation laws of the state, and any power not prohibited...

Article 2 Formation and Licensing

Article 3 Membership and Management

  • § 6-414 Members
    A. The membership of an association shall consist of: 1. Every holder of an account or one or more shares of guaranty capital issued...
  • § 6-415 Members' Meetings
    A. Each annual meeting of the members shall be held at the time specified in the articles of incorporation; but the failure to hold...
  • § 6-416 Record Date For Voting, Dividend And Other Purposes
    For the purpose of determining the holders of accounts and of shares of guaranty capital, and membership entitled to notice of or to vote...
  • § 6-417 Directors
    The business affairs of the association shall be exercised by its board of directors, which shall be elected, and shall exercise its powers, as...
  • § 6-418 Waiver Of Notice
    Whenever notice is required to be given under this chapter, a waiver thereof in writing signed by the person or persons entitled to said...
  • § 6-419 Officers
    A. The officers of an association shall consist of a president, one or more vice presidents, secretary, treasurer, and such other officers as the...
  • § 6-420 Bonds Of Officers And Employees
    A. Every person appointed or elected to any position requiring the receipt, payment, management or use of money belonging to an association, or whose...
  • § 6-421 Access To Books And Records; Communication With Members
    A. Every member or holder of capital shall have the right to inspect such books and records of the association as pertain to his...

Article 4 Capital

Article 5 Investments and Powers

Article 6 Voluntary Corporate Changes

Article 7 Voluntary Liquidation

Article 8 Supervision

Article 9 Rehabilitation and Reorganization

Article 10 Miscellaneous Provisions

Chapter 4 CREDIT UNIONS
Article 1 General Provisions

  • § 6-501 Definitions
    A. In this chapter, unless the context otherwise requires: 1. " Branch office" means a place of business of a credit union, other than...
  • § 6-502 Reports And Examinations
    A. The superintendent shall examine or cause to be examined each credit union at periodic intervals as provided by section 6-122. The superintendent shall...
  • § 6-503 Accounting And Records
    A. A credit union shall keep and use in its business those books, accounts and records that will enable the superintendent to readily ascertain...
  • § 6-504 Advertising
    A credit union shall not make, advertise, display, distribute, broadcast or televise, or cause or permit to be made, advertised, displayed, distributed, broadcast or...

Article 2 Formation of Credit Union

Article 3 Powers of Credit Union

  • § 6-516 General Powers
    A. In addition to the powers prescribed elsewhere in this chapter and except as prohibited by law, a credit union may: 1. Enter into...
  • § 6-517 Federal Parity
    In addition to all other rights, powers and privileges, a credit union organized under the laws of this state whose accounts are insured by...

Article 4 Membership

  • § 6-521 Membership
    A. The membership of a credit union consists of the incorporators and other persons who are within the field of membership as prescribed in...
  • § 6-522 Organization Members
    A. An organization comprised primarily of individuals who are eligible for membership in the credit union, and a corporation a majority of whose stockholders,...
  • § 6-523 Membership Applications
    A. The board of directors shall act on applications for membership or appoint one or more membership officers to approve applications for membership. A...
  • § 6-524 Termination Of Membership
    A. A member may withdraw from a credit union at any time on giving notice of withdrawal as required in the bylaws. The credit...
  • § 6-525 Meetings Of Members
    A. The members of the credit union shall hold the annual meeting and any special meetings as provided in the bylaws. B. At all...
  • § 6-526 Calling Of Special Meetings
    The bylaws shall prescribe the manner in which the members or the board of directors, or both, may call a special meeting of the
  • § 6-527 Liability Of Members
    The members of the credit union are not personally or individually liable for the payment of its debts solely by virtue of holding membership.

Article 5 Direction of Affairs

  • § 6-531 Authority And Responsibility Of Directors; Voting
    A. The board of directors has the authority and responsibility for directing the business affairs, monies and records of the credit union. B. Directors...
  • § 6-532 Election Of Board
    A. The board shall consist of at least five directors, to be elected by and from the members. Elections shall be held at the...
  • § 6-533 Compensation Of Officials
    An officer, director or committee member, other than an employee, may not be compensated for services, except that reasonable life, health, accident and similar...
  • § 6-534 Conflicts Of Interest
    A director, committee member, officer, agent or employee of the credit union shall not in any manner participate, directly or indirectly, in the deliberation...
  • § 6-535 Officers
    A. At the organization meeting held within thirty days after each annual election, the board of directors shall elect from its own number a...
  • § 6-536 Executive Committee
    The board of directors may elect from its own number an executive committee, consisting of not fewer than three directors, which may be authorized...
  • § 6-537 Certain Duties Of Directors; Insurance
    A. In addition to the duties prescribed in this chapter, the board of directors shall meet at least monthly and shall: 1. Purchase adequate...
  • § 6-538 Credit Committee
    A. The credit committee has the general supervision of all loans to members, unless it is replaced by a credit manager as provided in...
  • § 6-539 Credit Manager
    If the bylaws so provide, the board may elect a credit manager to serve in place of a credit committee. The credit manager may...
  • § 6-540 Loan Officers
    A. The president may appoint one or more loan officers and delegate the power to approve or disapprove loans, subject to those limitations or...
  • § 6-541 Audits
    A. The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union....
  • § 6-542 Suspension And Removal Of Officials
    A. Both the supervisory committee and the board may suspend for cause by a two-thirds vote of their entire membership any director, officer or...

Article 6 Accounts

  • § 6-551 Share Accounts
    A. Share accounts shall be subscribed to and paid for in such manner as the bylaws prescribe. A credit union may require its members...
  • § 6-552 Dividends
    A. After provision for the required reserves, the board of directors may declare dividends to be paid on share accounts from the undivided earnings....
  • § 6-553 Deposit Accounts
    A. A credit union may only accept deposit accounts from its members, employers of members, sponsors of profit or pension trusts of those members,...
  • § 6-554 Withdrawals
    A. A person may withdraw monies in share and deposit accounts for payment to the account holder or to third parties in the manner...
  • § 6-555 Minors' Accounts
    The credit union may receive payment on share and deposit accounts from a minor, who may withdraw monies from the accounts, including any dividends...
  • § 6-556 Multiple Party Accounts
    A. A credit union may enter into multiple party accounts, as provided in title 14, chapter 6, article 1. No multiple party owner, unless...
  • § 6-557 Liens
    A. A credit union has a lien on the share and deposit accounts and accumulated dividends of a member for any amount owed the...
  • § 6-558 Member Account Insurance
    A. Before the incorporators of a credit union forward the organization documents to the superintendent, as required by section 6-506, they shall apply for...

Article 7 Loans

Article 8 Other Member Services

  • § 6-571 Insurance For Members
    A credit union may purchase or provide insurance on the lives or credit disability of its members in an amount equal to their respective...
  • § 6-572 Group Purchasing
    A credit union may enter into marketing arrangements and joint ventures with other credit unions, credit union organizations or other organizations to facilitate its...
  • § 6-573 Money Type Instruments
    A credit union may collect, receive and disburse monies in connection with the providing of negotiable instruments, money orders, traveler's checks, credit or debit...
  • § 6-574 Retirement Accounts
    A credit union may act as trustee or custodian of any form of retirement, pension, profit sharing or deferred income accounts for its members,...

Article 9 Investments

  • § 6-576 Investment Authority
    A. The board of directors has charge of the investment of credit union monies, except that the board may designate an investment committee or...
  • § 6-577 Authorized Investments
    A. Monies not used in loans to members may be invested in: 1. Securities, obligations or other instruments of or issued by or fully...

Article 10 Reserves

  • § 6-581 Transfers To Regular Reserve
    A. At the end of each accounting period, but not less frequently than quarterly, the credit union shall set aside, as a regular reserve...
  • § 6-582 Use Of Regular Reserve
    Losses on risk assets, but not operating losses, shall be promptly charged against the regular reserve when those losses occur. The credit union shall...
  • § 6-583 Special Reserves
    In addition to the regular reserve, special reserves for losses shall be established if required by rule or if the superintendent or the board...

Article 11 Dissolutions

Article 12 Change in Corporate Status

Article 13 Corporate Credit Union

  • § 6-591 Organization
    A corporate credit union shall be organized in the manner provided for the organization of a credit union in section 6-506.
  • § 6-592 Purposes; Membership
    A. The purposes of a corporate credit union are to: 1. Accumulate and prudently manage the liquidity of its member credit unions through inter-lending...
  • § 6-593 Powers Of Corporate Credit Union; Federal Parity
    A. A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this chapter and in addition may:...
  • § 6-594 Participation In Central System
    A corporate credit union may enter into agreements and subscribe to any required shares for the purpose of participation in the national credit union...
  • § 6-595 Reserves
    A. A corporate credit union shall establish and maintain a corporate reserve in accordance with the reserve requirements of the national credit union administration...

Chapter 5 CONSUMER LENDERS
Article 1 General Provisions

Article 2 Requirements for Consumer Lender Loans

Chapter 6 DEBT MANAGEMENT COMPANIES
Article 1 In General

  • § 6-701 Definitions
    In this chapter, unless the context otherwise requires: 1. " Agency" means any business serving the public, which as part of its services accepts...
  • § 6-702 Exemptions
    The provisions of this chapter shall not be applicable to: 1. Attorneys at law, whose principal activities are other than debt management, when debt...
  • § 6-703 License Required
    No person shall engage in the business for compensation of receiving money as agent of a debtor for the purpose of distributing the same...
  • § 6-704 Application For License; Bonds; Contract
    A. An application for a license shall be in writing, under oath and in a form prescribed by the superintendent, and shall contain the...
  • § 6-705 Branch Offices And Agencies
    A licensee may establish branch offices or agencies only if it expressly assumes responsibility for the acts of any person accepting money in its...
  • § 6-706 Fees
    A. An applicant at the time of filing an application for a license under the terms of this article shall pay to the superintendent...
  • § 6-707 Issuance Of License; Display; Cancellation On Termination
    A. Upon the filing of the application and the payment of the fees and the approval of the bond, or bonds, the superintendent shall...
  • § 6-708 Denial; Revocation Or Suspension Of License
    A. If the superintendent finds that the applicant fails to meet any of the conditions set forth in this article, he shall deny the...
  • § 6-709 Requirements
    A. A licensee at all times shall maintain minimum liquid assets of at least two thousand five hundred dollars in excess of his business...
  • § 6-710 Prohibitions
    It is unlawful for a licensee to: 1. Accept an account unless it appears on the basis of a reasonable budget analysis, reduced to...
  • § 6-714 Advertising
    The rules and regulations of the superintendent shall include standards and criteria for proper advertising and may include specific prohibitions as to improper advertising...
  • § 6-715 Prohibitions
    No person may engage in the business of a debt management company without the license required by this article.
  • § 6-716 Fees Collected
    All fees collected under the provisions of this article shall be deposited, pursuant to sections 35-146 and 35-147, in the state general fund.

Chapter 7 ESCROW AGENTS
Article 1 Administration

  • § 6-801 Definitions
    In this chapter, unless the context otherwise requires: 1. " Account servicing" means the holding of documents or written instruments and the receipt and...
  • § 6-802 Acknowledgment Of Report Of Examination; Penalty
    A. The superintendent shall examine or cause to be examined each escrow agent as prescribed by section 6-122. The superintendent shall forward a report...

Article 2 Licensing

  • § 6-811 Exemptions
    A. The provisions of this chapter do not apply to and the term " escrow agent" does not include: 1. Any person who is...
  • § 6-812 Foreign Corporations
    No foreign corporation without a valid grant of authority to do business under title 10, chapter 15, article 1 shall transact any escrow business...
  • § 6-813 License Of Agent; Nontransferable; Posting
    A. A person, except those exempt under section 6-811, shall not engage in or carry on, or hold himself out as engaging in or...
  • § 6-814 Procedure For Licensing; Surety Bond
    A. Every escrow agent before engaging in the escrow business shall file with the superintendent an application for a license, in writing, verified by...
  • § 6-815 Renewal Of License
    A licensee shall make application for renewal as prescribed by the superintendent and pay the renewal fee prescribed in section 6-126 not later than...
  • § 6-816 Fees
    A. Each application for a new license or a renewal license shall be accompanied by the fee prescribed in section 6-126. B. For each...
  • § 6-817 Refusal To License; Suspension; Revocation
    A. The superintendent may upon investigation refuse to license any applicant, or may suspend or revoke any license pursuant to title 41, chapter 6,...

Article 3 Regulations

Article 4 Escrow Rates

Chapter 8 TRUST COMPANIES
Article 1 General Provisions

Article 2 Uniform Common Trust Fund Act

Article 3 Authorization to Accept Savings Accounts and Time Deposits

Chapter 9 MORTGAGE BROKERS, MORTGAGE BANKERS AND LOAN ORIGINATORS
Article 1 Mortgage Brokers

Article 2 Mortgage Bankers

Article 3 Commercial Mortgage Bankers

Article 4 Loan Originators

Chapter 10 SAFE DEPOSIT AND SAFEKEEPING
Article 1 General Provisions

Chapter 11 FINANCIAL INSTITUTION HOLDING COMPANIES
Article 1 General Provisions

Chapter 12 TRANSMITTERS OF MONEY
Article 1 Licenses and Regulation

Article 2 Money Laundering

Chapter 12 DEFERRED PRESENTMENT COMPANIES
Article 1 General Provisions

Chapter 13 ADVANCE FEE LOAN BROKERS
Article 1 General Provisions

  • § 6-1301 Definitions
    In this chapter, unless the context otherwise requires: 1. " Advance fee" means a fee, interest or other consideration directly or indirectly received by...
  • § 6-1302 Scope Of Chapter; Exemptions
    A. Any person who acts as an advance fee loan broker shall register with the superintendent as provided in this chapter. A person who...
  • § 6-1303 Application For Registration
    A. Application for registration as an advance fee loan broker may be made by any person. An application for registration shall be signed by...
  • § 6-1304 Fees
    Each original application shall be accompanied by a nonrefundable fee of fifty dollars. Each supplemental statement shall be accompanied by a nonrefundable fee of...
  • § 6-1305 Registration; Renewal; Reporting Requirements
    A. The superintendent shall register the applicant as an advance fee loan broker when an applicant has fully complied with this chapter and the...
  • § 6-1306 Register Of Advance Fee Loan Brokers
    The names and addresses of all persons who have been registered as advance fee loan brokers shall be recorded in a register of advance...
  • § 6-1307 Records
    Advance fee loan brokers shall maintain books, records and accounts in connection with transactions involving the receipt and disbursement of funds received by the...
  • § 6-1308 Denial, Revocation Or Suspension Of Registration
    A. The superintendent may deny, revoke or suspend the registration of an advance fee loan broker if the superintendent finds that: 1. The application...
  • § 6-1309 Prohibited Acts
    A. An advance fee loan broker shall not advertise, display, distribute, broadcast or televise or cause or permit to be advertised, displayed, distributed, broadcast...
  • § 6-1310 Noncompliance Not To Affect Validity Of Loan
    Failure to comply with the provisions of this chapter does not affect the validity or enforceability of any loan or extension of credit.

Chapter 14 PREMIUM FINANCE COMPANIES
Article 1 General Provisions

Chapter 15 TAXES ON FINANCIAL INSTITUTIONS
Article 1 General Provisions

Chapter 16 FINANCIAL INSTITUTIONS DATA MATCH AND DATA EXCHANGE
Article 1 General Provisions

Chapter 17 REVERSE MORTGAGES
Article 1 General Provisions

Last modified: October 13, 2016