credit unions; certificates; powers; committee
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill amends Arizona Revised Statutes related to credit unions, primarily focusing on the organization process, certificate requirements, and operational powers. It clarifies procedures for establishing credit unions, including name changes and branch offices, and expands the powers available to these institutions, such as entering into contracts and acquiring assets. The bill also addresses credit committee responsibilities and share account requirements.
Key provisions
- Clarifies the requirements for establishing a credit union, including the certificate of organization and bylaws.
- Establishes procedures for changing a credit union’s principal place of business or branch offices.
- Defines rules for credit union names, preventing misleading or confusing use of the term ‘credit union’.
- Expands the powers of credit unions, allowing them to engage in a wider range of activities.
- Details the responsibilities of a credit committee in reviewing and approving loans.
- Specifies requirements for share accounts, including subscription methods and limitations.
- Outlines the process for a credit union to acquire assets and liabilities from other financial institutions.
- Mandates the deputy director’s approval for borrowing in excess of 50% of the credit union’s capital.
Who is affected
- Credit Unions
- Members of Credit Unions
Bill text
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Sponsors
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1 on record
Primary sponsor
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