2010 Arizona Revised Statutes
Title 6 - Banks and Financial Institutions

Article 1 Definitions
6-101 Definitions
Article 2 State Banking Department
6-110 Department of financial institutions
6-111 Superintendent; appointment; term; qualifications; salary
6-112 Deputy superintendent; examiners; personnel
6-113 Acts prohibited; officers; employees
6-114 Balloon payments prohibited; applicability; exemptions
6-115 Insurance premium transmitters; timely payment required; civil penalty
6-116 Sale of securities; disclosure
Article 3 Powers and Duties
6-121 Examination; supervision
6-122 Superintendent; authority; duties; exemption
6-123 Superintendent; powers
6-123.01 Fingerprint requirements; fees
6-124 Investigations; compelling testimony and the production of documents; self‑incrimination
6-125 Annual examination assessment of financial institutions and enterprises; costs of foreign examination; payment
6-126 Application fees for financial institutions and enterprises
6-127 Disposition of revenue
6-128 Joint examinations; acceptance of federal regulatory and other authorized examinations
6-129 Records; disclosure and limitations on disclosure; evidentiary effect
6-129.01 Enterprise documents open to public inspection
6-130 Limitation of personal liability
6-131 Right to sue and defend in actions; liability limitation; award of fees and other expenses
6-131.01 Appointment of superintendent as receiver; award of property, fees and costs
6-132 Violation of title; civil penalty
6-133 Violations; classification
6-134 False statements as to financial condition; classification
6-135 Department revolving fund; use of fund
6-135.01 Department receivership revolving fund; use of fund
6-136 Violation of order or injunction; penalty
6-137 Cease and desist orders; injunctions; public inspection
6-138 Hearings
6-139 Judicial review
Article 4 Acquisition of Control of a Bank, Trust Company or Savings and Loan Association
6-141 Definitions
6-142 Unlawful control
6-143 Exempt persons and transactions
6-144 Acquisition of control; approval of superintendent
6-145 Application for approval
6-146 Material change of fact; filing amended statements
6-147 Denial of application; grounds
6-148 Failure to act on application as approval
6-149 Determination of control of one person by another; hearing; notice
6-150 Appointment of superintendent as agent for service of process; forwarding of process; consent to jurisdiction
6-151 Injunctions
6-153 Acquisition of voting securities in violation of article; limitation on rights as shareholder; injunction
Article 5 Proceedings for Officer Removal
6-161 Suspension, removal or prohibition; hearing; notice
6-162 Temporary prohibition; injunction
6-163 Judicial review
6-164 Attorney fees and expenses
6-165 Enforcement of order
Article 1 General Provisions
6-181 Declaration of purposes
6-182 Transition
6-183 Rights, powers and privileges of national banks
6-184 General corporate and banking powers; incidental powers; deposit insurance; federal reserve and home loan bank membership; agency relationship
6-185 Board of directors' meetings; review; report of failure of quorum to meet
6-186 Annual audit and report
6-187 Authority to declare dividends; limitation
6-188 Bonds and insurance; coverage
6-189 Capital obligations; approval; convertibility
6-190 Bank offices; standards and term of approval; closing; automated teller machines
6-191 Foreign banking offices; additional powers; separate accounts; additional offices; definition
6-192 Investments in international and foreign banking and financing corporations; limitation; consent; exceptions
6-193 Bank and holding company subsidiaries; powers
Article 2 Banking Permit
6-201 Authority to engage in banking business; exception
6-202 Existing banks
6-203 Application for banking permit
6-204 Issuance of banking permit; trust business; conditional approval; hearing; banker's bank; definitions
6-205 Term of permit; surrender; revocation
Article 3 Merger, Consolidation and Conversion of National and State Banks
6-211 Definitions
6-212 Resulting national bank
6-215 Retention of nonconforming assets; permission; maximum value
6-216 Continuation of business and corporate entity
6-217 Emergency acquisition of in‑state financial institution
Article 4 Accounts
6-231 Deposit accounts
6-232 Powers of attorney; notice of revocation; payment after notice
6-233 Adverse claim to bank deposit; court order required; definitions
6-234 Deposit of minor; school saving plan
6-235 Bank deposits in two or more names; payment to survivor
6-236 Payment of deposits in trust
6-237 Payment of deposit to foreign personal representative
Article 5 Regulation of Conduct of Business
6-241 Banking days; notice; closing
6-242 Preservation of bank records; regulations; disposal
6-243 Acquisition of property to satisfy or protect loans
6-244 Borrowing by bank; treatment as capital
6-245 Pledge of assets; rediscount; exception to requirement of security
6-246 Permitted investments; limitations
Article 6 Reserves
6-271 Reserves against deposits; rule; limitations
6-272 Deposits exempt from reserve requirement
6-273 Form of reserves; limitations
6-275 Computation of reserves
Article 7 Arizona Interstate Bank and Savings and Loan Association Act
6-321 Definitions
6-322 Interstate acquisitions; approval of superintendent; exception
6-324 De novo entry by certain financial institutions
6-325 Failure to act on application as approval
6-326 Denial of application; grounds
6-327 Applicable laws and rules; cooperative agreements; contracting exemption
6-328 Deposit concentration limits
6-329 Deposit production offices
6-330 Rights, powers and privileges of out‑of‑state banks
6-331 Enforcement
Article 9 Loans
6-351 Definitions
6-352 Limitations of obligations to a bank; exceptions; definitions
6-353 Obligations of directors, officers and employees; reports
6-354 Loans on capital stock or capital obligations of a bank
6-355 Change loans
Article 11 Trust Business
6-381 Authority of bank to engage in the trust business
6-382 Powers of bank as fiduciary
6-383 Identification and segregation of fiduciary assets
6-384 Deposit of fiduciary funds
6-385 Substitution of corporate fiduciary
6-386 Investment by fiduciaries; governmental obligations
Article 12 Prohibited Practices; Penalties
6-391 Unauthorized conduct of banking business; false representation
6-394 Prohibited ownership or control of a financial institution and interest in insurer insuring deposits; assets and reserves of insurer
Article 13 Liquidation and Dissolution
6-395 Possession by superintendent and receivership
6-395.01 Powers of superintendent in possession
6-395.02 Federal deposit insurance corporation as receiver
6-395.03 Federal deposit insurance corporation power pending judicial proceedings
6-395.04 Right of subrogation of federal deposit insurance corporation
6-395.05 Effect of receivership proceedings on liens and limitations
6-395.06 Rights, powers and duties of a receiver
6-395.07 Sale of bank assets; authority to borrow monies; injunction; hearing
6-395.08 Rejection of contracts and leases on liquidation
6-395.09 Notice to claimants on liquidation
6-395.10 Disposition of unclaimed property
6-395.11 Priority of claims; interest
6-395.12 Payment of claims and distribution to stockholders on liquidation
6-395.13 Voluntary liquidation and dissolution
6-395.14 Voidable transactions
6-395.15 Notice of taking; effect
Article 1 General Provisions
6-401 Definitions
6-402 Scope of chapter; application to federal associations and federal savings banks
6-403 Prohibitions
6-404 General corporate powers
6-405 Power to borrow
6-405.01 Capital notes and debentures
6-406 Incidental powers
Article 2 Formation and Licensing
6-407 Applicants and initial capital
6-408 Application for permit to organize
6-409 Findings and hearings
6-410 Superintendent's approval and issuance of permit to organize
6-411 Subscription to capital and temporary organization
6-412 Completion of organization
6-413 Contents of articles of incorporation
Article 3 Membership and Management
6-414 Members
6-415 Members' meetings
6-416 Record date for voting, dividend and other purposes
6-417 Directors
6-418 Waiver of notice
6-419 Officers
6-420 Bonds of officers and employees
6-421 Access to books and records; communication with members
Article 4 Capital
6-422 Types of capital; personal property
6-423 Accounts
6-424 Shares of guaranty capital; nature; consideration
6-425 Shares of guaranty capital; authorization of issuance; minimum amount
6-426 Shares of guaranty capital; rights of existing shareholders
6-427 Shares of guaranty capital; advertisement; sales; collection of subscription
6-428 Retirement or reduction of shares of guaranty capital
6-429 Issuance, delivery, and transfer of certificates and account books
6-430 Who may hold capital and membership
6-432 Effect of payment to minor or fiduciary
6-433 Payment on disability or death of holder in his own right of account
6-434 Shares and accounts of certain associations as legal investments; deposit of fiduciary monies
6-435 Voluntary withdrawal of accounts
6-436 Maturity of shares
6-437 Enforced retirement of accounts
6-438 Authorized charges applicable to members
6-439 Accounts subject to liens
6-440 Apportionment of profits
6-442 Dividends and interest
6-443 Bonus plans
6-444 Promotional activities prohibited
Article 5 Investments and Powers
6-446 Other investments and powers
6-449 General loan contract provisions
6-450 Modification agreements
6-451 Servicing of loans
6-452 Purchase of real or personal property at forced sale
6-453 Purchase of real estate for office and rental purposes
6-454 Appraisal of real estate owned
6-456 Effect of unauthorized investments and loans; liability of officers
6-457 Appraisals
6-458 Acknowledgments
Article 6 Voluntary Corporate Changes
6-459 Amendment of articles of incorporation
6-460 Procedure to amend articles of incorporation
6-461 Existing associations; adoption of articles and by‑laws
6-462 Conversion from state to federal association
6-463 Conversion from federal to state association
6-464 Effect of conversion
6-465 Merger of associations or corporations
6-466 Effect of merger
Article 7 Voluntary Liquidation
6-467 Authority to liquidate
6-468 Decision as to liquidation; adoption of plan
6-469 Election of liquidators; report; supervision
6-470 Protection and liquidation of assets
6-471 Filing and payment of claims
6-472 Final distribution and dissolution
Article 8 Supervision
6-474 Accounting practices and records
6-475 Branch office
6-476 Examination
6-477 Audit by public accountant
6-478 Reports to superintendent and members
6-479 Information to federal authorities
6-482 Receiver; appointment; transfer of assets; powers; liability
6-483 Procedure for liquidation; rights of share transferor
6-484 Illegal use of name; classification
Article 9 Rehabilitation and Reorganization
6-486 Rehabilitation of associations; definition of plan
6-487 Proposal of plan; petition; notice of hearing
6-488 Hearing; fairness of plan
6-489 Consents required for plan to operate; exceptions
6-490 Time of giving consents; jurisdiction of court
6-491 Effect of approval and consents
6-492 Appeals
6-493 Securities defined; power to issue under plan
6-494 Authority of fiduciaries
Article 10 Miscellaneous Provisions
6-495 Reservation of powers to legislature
6-496 Applicability of other statutes
6-497 Effect on existing associations
Article 1 General Provisions
6-501 Definitions
6-502 Reports and examinations
6-503 Accounting and records
6-504 Advertising
Article 2 Formation of Credit Union
6-506 Organization procedure
6-507 Certificate of approval; filing with corporation commission; certificate of incorporation
6-508 Certificate of organization and bylaws
6-509 Exclusive use of name; exception
6-510 Principal place of business; branch office; automated teller machines
6-511 Out‑of‑state credit union
6-512 Fiscal year
Article 3 Powers of Credit Union
6-516 General powers
6-517 Federal parity
Article 4 Membership
6-521 Membership
6-522 Organization members
6-523 Membership applications
6-524 Termination of membership
6-525 Meetings of members
6-526 Calling of special meetings
6-527 Liability of members
Article 5 Direction of Affairs
6-531 Authority and responsibility of directors; voting
6-532 Election of board
6-533 Compensation of officials
6-534 Conflicts of interest
6-535 Officers
6-536 Executive committee
6-537 Certain duties of directors; insurance
6-538 Credit committee
6-539 Credit manager
6-540 Loan officers
6-541 Audits
6-542 Suspension and removal of officials
Article 6 Accounts
6-551 Share accounts
6-552 Dividends
6-553 Deposit accounts
6-554 Withdrawals
6-555 Minors' accounts
6-556 Multiple party accounts
6-557 Liens
6-558 Member account insurance
Article 7 Loans
6-561 Purpose and conditions of loans; prepayment penalties
6-562 Interest rates and other charges
6-563 Other loan programs
6-564 Loans to officials
Article 8 Other Member Services
6-571 Insurance for members
6-572 Group purchasing
6-573 Money type instruments
6-574 Retirement accounts
Article 9 Investments
6-576 Investment authority
6-577 Authorized investments
Article 10 Reserves
6-581 Transfers to regular reserve
6-582 Use of regular reserve
6-583 Special reserves
Article 11 Dissolutions
6-584 Voluntary dissolution
6-585 Involuntary dissolution
6-586 Distribution of assets of liquidating credit union
Article 12 Change in Corporate Status
6-587 Merger or consolidation of credit unions
6-588 Conversion of credit union
Article 13 Corporate Credit Union
6-591 Organization
6-592 Purposes; membership
6-593 Powers of corporate credit union; federal parity
6-594 Participation in central system
6-595 Reserves
Article 1 General Provisions
6-601 Definitions
6-602 Exemptions
6-603 License; contents of application; fees; nontransferable
6-604 Issuance of license; license year; requirements
6-605 Denial of renewal; suspension; revocation
6-606 Business limited to licensed locations; restrictions
6-607 Books; accounts; records; access
6-608 Annual report of licensee; civil penalty for failure to file
6-609 Reporting rates; change in rates; quarterly report of superintendent
6-610 Effect of revocation, suspension or surrender on preexisting contract; impairment of contracts
6-611 Prohibited acts
6-612 Rules
6-613 Restrictions; voidable loans
6-614 Noncompliance
6-615 Foreign loans; reciprocity
Article 2 Requirements for Consumer Lender Loans
6-631 Disclosures; penalty
6-632 Finance charges
6-633 Computation of finance charges
6-634 Precomputation of consumer loan
6-635 Other allowable fees
6-636 Insurance securing loan; cancellation; notice
6-637 Term; payments
6-638 Other insurance
Article 1 In General
6-701 Definitions
6-702 Exemptions
6-703 License required
6-704 Application for license; bonds; contract
6-705 Branch offices and agencies
6-706 Fees
6-707 Issuance of license; display; cancellation on termination
6-708 Denial; revocation or suspension of license
6-709 Requirements
6-710 Prohibitions
6-714 Advertising
6-715 Prohibitions
6-716 Fees collected
Article 1 Administration
6-801 Definitions
6-802 Acknowledgment of report of examination; penalty
Article 2 Licensing
6-811 Exemptions
6-812 Foreign corporations
6-813 License of agent; nontransferable; posting
6-814 Procedure for licensing; surety bond
6-815 Renewal of license
6-816 Fees
6-817 Refusal to license; suspension; revocation
Article 3 Regulations
6-831 Records
6-832 Annual audit; report
6-833 Seizure of property of impaired escrow agent
6-833.01 Priority of distribution during receivership
6-834 Deposit of monies; definition
6-835 Limit of legal action
6-836 Commissions; other considerations prohibited
6-837 Duty of escrow agent to produce escrow records for inspection; violation; classification
6-838 Surrender of license
6-839 Continuing jurisdiction
6-840 Prohibitions; definitions
6-841 Internal control structure; definition
6-841.01 Fiduciary duty; notice of returned check
6-841.02 Liability of title insurer; closing protection letter; definition
6-841.03 Notice of uninsured monies; rules
6-843 Disbursements; applicability
Article 4 Escrow Rates
6-846 Making of escrow rates
6-846.01 Filing of escrow rates
6-846.02 Justification for escrow rates
6-846.03 Disapproval of escrow filings
6-846.04 Deviations in escrow rates; civil penalty
Article 5 Escrow Recovery Fund
6-847 Definitions
6-847.01 Arizona escrow recovery fund
6-847.02 Payments to the fund
6-847.03 Investment of monies
6-847.04 Obligations of the fund
6-847.05 Limitation on claims
Article 1 General Provisions
6-851 Definitions
6-852 Exemptions and permitted activities
6-853 Certificate required; exceptions
6-854 Application for certificate
6-854.01 Articles of incorporation; approval; changes
6-854.02 Board of directors; number; bylaws
6-855 Fees
6-856 Minimum capital; dividends; other requirements
6-857 Issuance of certificate; hearing
6-859 Records; audits; preservation of records; protection; insurance; bond; contingency plan
6-860 Duty of trustee, escrow officer or agent to produce trust or escrow records for inspection; violation; classification
6-861 Reports
6-862 Trust funds
6-863 Suspension or revocation of certificate
6-864 Continuing jurisdiction
6-865 Unsafe condition; receivership
6-866 Limit of legal action
6-867 Trust company name
6-868 Fidelity bond; requirements
6-869 Meetings; reports; report of examination; response; penalties
6-870 Trust committee
6-870.01 Acceptance of other examinations; cooperative agreements
6-870.02 Prohibited acts
Article 2 Uniform Common Trust Fund Act
6-871 Establishment of common trust funds
6-872 Court accountings
6-873 Uniformity of interpretation
6-874 Short title
Article 3 Authorization to Accept Savings Accounts and Time Deposits
6-881 Definitions
6-882 Savings accounts and time deposits; insurance; withdrawal; notice
Article 1 Mortgage Brokers
6-901 Definitions
6-902 Exemptions
6-903 Licensing of mortgage brokers required; qualifications; application; bond; fees; renewal
6-904 Issuance of license; renewal; inactive status; branch office license; application; fee
6-905 Denial, suspension or revocation of licenses
6-906 Required accounting practices and records; escrow of monies; disclosure
6-907 Required disclosure to investors
6-908 Testing committee; testing of applicants; approval by superintendent; definition
6-909 Prohibited acts
6-910 Noncompliance not to affect validity of loan
6-911 Active military duty; compensation
Article 2 Mortgage Bankers
6-941 Definitions
6-942 Exemptions
6-943 Licensing of mortgage bankers required; qualifications; application; bond; fees; renewal
6-944 Issuance of license; renewal; branch office license; application; fee
6-945 Denial, suspension or revocation of licenses
6-946 Required accounting practices and records; refundable deposits; periodic impoundment payments; disclosure
6-947 Prohibited acts
6-948 Noncompliance not to affect validity of loan
6-949 Conversion to mortgage broker license
Article 3 Commercial Mortgage Bankers
6-971 Definitions
6-972 Exemptions
6-973 Licensing commercial mortgage bankers required; qualifications
6-974 Application for license; issuance or denial; fees
6-975 Bond or other security
6-976 Responsible individual; employees
6-977 Displaying and using license number
6-978 Consent of superintendent for transferring, assigning or acquiring control of licensee; definition
6-979 Principal place of business; branch office license; change of address
6-980 Annual renewal; expiration on failure to renew
6-981 Inactive status
6-982 Denial, suspension or revocation of licenses
6-983 Required accounting practices and records; escrow of monies; disclosure
6-984 Prohibited acts
6-985 Noncompliance not to affect validity of loan
Article 4 Loan Originators
6-991 Definitions
6-991.01 Exemptions
6-991.02 Prohibited acts
6-991.03 Licensing; renewal; qualifications; application; fees
6-991.04 Issuance of license; notice from employing mortgage broker, mortgage banker or consumer lender; renewal; inactive status; address change; fee
6-991.05 Denial, suspension or revocation of licenses
6-991.06 Loan originator examination committee; membership
6-991.07 Examination; fee; definition
6-991.08 Reasonable efforts to secure advantageous loan for borrower
6-991.09 Mortgage recovery fund; liability limits
6-991.10 Payments to the mortgage recovery fund
6-991.11 Statute of limitations; service of summons; application for payment; insufficient monies; definition
6-991.12 Notice of claim to judgment debtor; response
6-991.13 Correction of deficiencies in the application
6-991.14 Investigation and discovery
6-991.15 Final decision and order on claim; notice
6-991.16 Claimant's right to appeal denial of claim; service of notice of appeal; response; failure to file response
6-991.17 Superintendent's standing in court
6-991.18 Subrogation of rights; collection
6-991.19 Waiver of rights
6-991.20 Effect of article on disciplinary action
6-991.21 Financial services fund; use of fund
6-991.22 Noncompliance not to affect validity of loan
Article 1 General Provisions
6-1001 Definitions
6-1002 Legal relationship in use of safe deposit facilities
6-1003 Change of location of repositories
6-1004 Tenancy in two or more names
6-1005 Lease to a minor
6-1006 Adverse claims to repository; definitions
6-1007 Lessee's death or incompetency; revocation of power of attorney
6-1008 Procedure on death of lessee
6-1009 Lessor's lien; default of lessee; or failure to surrender
Article 1 General Provisions
6-1101 Definitions
6-1102 Prohibitions
6-1103 Exempt persons and transactions
6-1104 Acquisition of control; approval by superintendent
6-1105 Application for approval
6-1106 Material change of fact; filing amended statements
6-1107 Denial of application; grounds
6-1108 Failure to act on application as approval
6-1109 Determination of control of one person by another; hearing; notice
6-1110 Appointment of superintendent as agent for service of process; forwarding of process; consent to jurisdiction
6-1112 Acquisition of voting securities in violation of article; limitation on rights as shareholder; injunction
6-1113 Reports; examination; costs
Article 1 Licenses and Regulation
6-1201 Definitions
6-1202 License required
6-1203 Exemptions
6-1204 Application for license; fees
6-1205 Bond required; conditions; notice; cancellation; substitution
6-1205.01 Net worth requirements
6-1206 Issuance of license; renewal
6-1207 Principal and branch offices; notices
6-1208 Authorized delegates of licensee; reports
6-1209 Cease and desist orders; examinations
6-1210 Suspension or revocation of licenses
6-1211 Reports
6-1212 Permissible investments
6-1213 Records
6-1214 Liability of licensees
6-1215 Notice of source of instrument; transaction records
6-1216 Acquisition of control
6-1217 Appointment of superintendent as agent for service of process; forwarding of process; consent to jurisdiction
6-1218 Prohibited transactions
Article 2 Money Laundering
6-1241 Reports to the attorney general; investigation; violation; classification
6-1242 Investigations
Article 1 General Provisions
6-1251 Definitions
6-1252 Exemptions
6-1253 Application for license; financial statement
6-1254 Qualifications of applicants
6-1255 Issuance of licenses
6-1256 Annual renewal of license
6-1257 Duties of licensees
6-1258 Denial, revocation or suspension of license
6-1259 Prohibited acts
6-1260 Deferred presentment; amount; fees; loans to members of military service
6-1261 Books, accounts and records; examinations; costs
6-1262 Violation; classification; individual liability
6-1263 Program termination
Article 1 General Provisions
6-1301 Definitions
6-1302 Scope of chapter; exemptions
6-1303 Application for registration
6-1304 Fees
6-1305 Registration; reporting requirements
6-1306 Register of advance fee loan brokers
6-1307 Records
6-1308 Denial, revocation or suspension of registration
6-1309 Prohibited acts
6-1310 Noncompliance not to affect validity of loan
Article 1 General Provisions
6-1401 Definitions
6-1402 Licensure required; contents of application; fees; nontransferable; branch office permit
6-1403 Exemptions
6-1404 Denial, suspension or revocation of licenses and branch office permits
6-1405 Issuance of license or branch office permit; license year; requirements
6-1406 Books and records of premium finance company; access to records
6-1407 Removal of place of business
6-1408 Annual report of licensee; civil penalty for failure to file
6-1409 Effect of revocation, suspension or surrender on preexisting contracts; impairment of contracts
6-1410 Form of premium finance agreement; notice
6-1411 Disclosure requirements
6-1412 Limitation on interest and other charges
6-1413 Other charges allowed
6-1414 Splitting of premium finance agreement prohibited
6-1415 Cancellation of insurance contract upon default
6-1416 Return premiums
6-1417 Servicing of premium finance agreements
6-1418 Exemption from any filing requirements
6-1419 Rules
Article 1 General Provisions
6-1501 Method of taxing national banking associations
6-1502 Method of taxing banks, investment companies and savings and loan associations
Article 1 General Provisions
6-1601 Financial institutions data match and data exchange; surrender of assets of delinquent taxpayer; nonliability
Article 1 General Provisions
6-1701 Definitions
6-1702 Financial counseling; counselor requirements
6-1703 Required disclosures; counseling
6-1704 Reverse mortgage; provisions
6-1705 Prepayment; repayment conditions
6-1706 Borrower liability; prohibited practices; investments; annuities
6-1707 Enforcement
6-1708 Lien priority and validity

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