A. If the deputy director determines that a branch that is maintained in this state by an out-of-state bank is being operated in violation of any law of this state or any rule adopted by this state or that the branch is being operated in an unsafe or unsound manner, the deputy director has authority to take all enforcement actions against that branch as if the branch were regulated pursuant to section 6-201.

Terms Used In Arizona Laws 6-331

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Home state: means the state that has granted the bank its charter, permit or license to operate. See Arizona Laws 6-101
  • Out-of-state bank: means a bank, savings bank or savings and loan association that is approved by the deputy director pursuant to section 6-322 and that has a charter, a permit or any other license to operate that is issued by a state other than this state. See Arizona Laws 6-101

B. The deputy director shall promptly notify the regulatory agency of the out-of-state bank‘s home state of each enforcement action taken against the out-of-state bank and to the extent practicable shall consult and cooperate with the regulatory agencies of the out-of-state bank in pursuing and resolving any enforcement actions.

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