The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
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 superintendent 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 superintendent must find that the out-of-state credit union:
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 superintendent 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 superintendent may revoke the approval of such a credit union to conduct business in this state if the superintendent finds that the credit union no longer meets the requirements of subsection A or has violated the laws of this state or rules or orders issued by the superintendent.