Arizona Laws 6-511. Out-of-state credit union
A. A credit union organized under the laws of another state or territory of the United States may conduct business as a credit union in this state, subject to all laws and rules governing the operation of credit unions under this title, with the prior approval of the deputy director if credit unions organized under this chapter are allowed to do business in such other state or territory under conditions substantially similar to the provisions of this section. Before granting approval, the deputy director must find that the out-of-state credit union:
Terms Used In Arizona Laws 6-511
- Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. Is organized under laws substantially similar to this chapter.
2. Is financially solvent.
3. Has account insurance equivalent to that required for credit unions organized under this chapter.
4. Is examined and supervised by a regulatory agency of the state in which it is organized.
5. Needs to conduct business in this state to furnish services to its members in this state.
6. Furnishes the deputy director with a copy of the most recent audit or examination conducted by its regulatory agency.
B. In addition to any other powers provided by law, the deputy director may revoke the approval of such a credit union to conduct business in this state if the deputy director finds that the credit union no longer meets the requirements of subsection A of this section or has violated the laws of this state or rules or orders issued by the deputy director.