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ARIZONA HOUSE OF REPRESENTATIVES57th Legislature, 2nd Regular Session |
House: COM DPA 11-0-0-0 |
HB 2979: credit unions; certificates; powers; committee
Sponsor: Representative Wilmeth, LD 2
House Engrossed
Overview
Includes requirements relating to approval of a credit union's bylaws, name changes, and changes to the principal place of business.
History
The Department of Insurance and Financial Institutions (DIFI) is a multifaceted agency that regulates the insurance industry, financial institutions and enterprises as well as the distribution of Arizona Automobile Theft Authority Fund monies to combat auto theft.
DIFI regulates such industries through licensure of financial and insurance professionals such as collection agencies, mortgage bankers and brokers, insurers and insurance producers, registering and certifying state-chartered banks and credit unions and conducting scheduled examinations and investigating complaints of licensed professionals and businesses (Title 6, A.R.S.).
Provisions
Credit Union; Amendments to Bylaws
1. Instructs the Deputy Director to submit an acknowledgment of receipt or request additional information within 10 business days after receiving a completed proposed amendment request. (Sec. 2)
2. Requires Deputy Director to make a decision within 30 business days after the date that the acknowledgment of receipt is submitted to the credit union. (Sec. 2)
3. Allows the Deputy Director to extend the response time for good cause shown. (Sec. 2)
Credit Union; Name Change
4. Instructs the Deputy Director to submit an acknowledgment of receipt or request additional information within 10 business days after receiving a completed request for a name change. (Sec. 3)
5. Requires the Deputy Director to make a decision within 30 business days after the date that the acknowledgment of receipt is submitted to the credit union. (Sec. 3)
Credit Union; Change in Principal Place of Business
6. Instructs the Deputy Director to submit an acknowledgment of receipt or request additional information within 10 business days after receiving a completed request for a change in the principal place of business or branch. (Sec. 4)
7. Requires the Deputy Director to make a decision within 60 days after the date that the acknowledgment of receipt is submitted to the credit union. (Sec. 4)
8. Allows the Deputy Director to extend the response time for good cause shown. (Sec. 4)
Miscellaneous
9. Deletes the prohibition for a credit union to delegate the exercise of any specified power to certain persons without prior written approval. (Sec. 5)
10. Authorizes a credit union, with prior approval of the Deputy Director, to exercise all of the rights, powers and privileges of any out-of-state credit union. (Sec. 6)
11. Requires a credit union to submit a request and reference the specific statutory or regulatory source of the rights, powers or privileges to be exercised. (Sec. 6)
12. Removes the prohibition for making a loan unless it is approved by a majority of the committee members. (Sec. 7)
13. Specifies appeals to the credit committee relating to loans must be approved or denied by a majority of the committee members. (Sec. 7)
14. Makes a technical and conforming changes. (Sec. 1, 2, 6, 8)
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18. Initials PB HB 2979
19. 2/25/2026 Page 0 House Engrossed
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