REFERENCE TITLE: banking permits; application process

 

 

 

State of Arizona

Senate

Fifty-second Legislature

First Regular Session

2015

 

 

SB 1336

 

Introduced by

Senators Farnsworth D, Begay: Allen, Burges, Dial, Farley, Griffin, Ward

 

 

AN ACT

 

amending section 6-203, Arizona Revised Statutes; relating to banking permits.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 


Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 6-203, Arizona Revised Statutes, is amended to read:

START_STATUTE6-203.  Application for banking permit; organizational application; final application

A.  Except as otherwise provided in this section, an application for a banking permit or amendment to a banking permit shall be in writing, in such form as the superintendent may prescribe, and shall be supported by such information, data and records as the superintendent may require to make the findings necessary for the issuance or amendment of the permit.

B.  The superintendent shall establish an organizational application process and a final application process for new banking permit applications. The organizational application must include:

1.  The historical description of the organizing group, the reasons for organizing and the organizers' skill sets that are necessary to implement a strategic plan.

2.  The proposed type of regulatory filing for the bank.

3.  The proposed committee structure and its membership.

4.  The completed interagency biographical and financial report for each organizer.

5.  The completed name check form and fingerprint card for each organizer.

6.  The business plan summary, including a general market area description, demographic analysis and competitive information.

7.  The financial form reflecting both the objectives of the strategic plan and the bank's capital adequacy under the current capital guidelines.

8.  The projected organizational budget for the project.

9.  The articles of incorporation and the bylaws of the organizing corporation.

10.  The proposed offering circular, escrow account information and stock certificate.  The proposed offering circular must clearly state that the department has not approved a state permit for the bank.

C.  The department may accept an organizational application for a new banking permit without simultaneously filing with the federal deposit insurance corporation.

D.  The final application for a new banking permit may begin if at least sixty-five percent of the proposed capital of the bank is raised and in an escrow account.  The rest of the capital must be raised during the final application process.  The department must simultaneously file the final application with the federal deposit insurance corporation. END_STATUTE