REFERENCE TITLE: credit unions; branches; ATMs

State of Arizona House of Representatives Forty-ninth Legislature Second Regular Session 2010

HB 2616

Introduced by Representative McLain

 

AN ACT

 

repealing section 6‑140, Arizona Revised Statutes; amending section 6‑510, Arizona Revised Statutes; relating to credit UNIONS.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

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

Section 1.  Repeal

Section 6-140, Arizona Revised Statutes, is repealed.

Sec. 2.  Section 6-510, Arizona Revised Statutes, is amended to read:

START_STATUTE6-510.  Principal place of business; branch office; automated teller machines

A.  A credit union may change its principal place of business or branch within this state with the prior approval of the superintendent and the payment of the fee provided in section 6‑126.

B.  A credit union may establish a branch office with the prior approval of the superintendent.

C.  A credit union may establish or maintain automated teller machines at locations other than its places of business on approval of the superintendent.  The credit union must send a notification letter to the superintendent and pay the fees prescribed by section 6‑126 at least thirty days before the automated teller machine is established pursuant to this subsection.  A credit union may join through contractual agreement with one or more other credit unions or other financial organizations in the operation of automated teller machine networks.

D.  A credit union organized under this chapter may conduct business outside of this state in other states or territories of the United States where it is permitted to do so on approval of the superintendent, if it is reasonably necessary to service its members. END_STATUTE