The Arizona Revised Statutes have been updated to include the revised sections from the 55th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 2nd Regular Session, which convenes in January 2022.
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.
6-113. Acts prohibited; officers; employees
A. The director, the deputy director, the assistant director and any personnel of the department may not do any of the following with respect to any financial institution or enterprise under the jurisdiction of the department:
1. Be indebted, directly or indirectly, as borrower, accommodation endorser, surety or guarantor, to any financial institution or enterprise unless the indebtedness was contracted before becoming employed by the department and is fully disclosed to the department, except that an employee of the department, other than the director, the deputy director or the assistant director, may become so indebted if the indebtedness is both:
(a) Incurred on terms not more favorable than those available to the general public.
(b) Fully disclosed to and approved by the director before funding, including the following information:
(i) The date of the indebtedness.
(ii) The amount.
(iii) The interest rate.
(iv) Other obligors.
(vi) The purpose for which the monies are to be used. The borrower shall not participate in any examination of the lender conducted by the department.
2. Be an officer, director or employee of any financial institution or enterprise.
3. Own or deal in, directly or indirectly, the shares or obligations of any financial institution or enterprise.
4. Be interested in, directly or indirectly, or receive from any financial institution or enterprise, or any officer, director or employee of the financial institution or enterprise, any salary, fee, compensation or other valuable thing by way of gift, credit, compensation for services or otherwise.
5. Be interested in or engage in the negotiation of any loan to, obligation of, or accommodation for another person to or with any financial institution or enterprise.
B. Notwithstanding subsection A of this section, the director, the deputy director, the assistant director and any personnel of the department may:
1. Maintain demand, savings, time, share and trust accounts in any financial institution.
2. Become a beneficiary of any trust or estate administered by any fiduciary under the jurisdiction of the division.
3. Become indebted to and own and deal in shares and obligations of national banks, federal savings and loan associations and federal credit unions.