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ARIZONA HOUSE OF REPRESENTATIVESFifty-fifth Legislature Second Regular Session |
House: COM DPA/SE 10-0-0-0 |
HB
2203: technical correction; cosmetology schools; contracts
NOW: special purpose banks; comparable; rights
Sponsor: Representative Weninger, LD 17
House Engrossed
Overview
Grants special purpose depository institutions the same rights and immunities as comparable in-state banks.
History
Pursuant to A.R.S. § 6-330, out-of-state banks with banking offices in Arizona are granted all the rights, powers and privileges and are entitled to the same exemptions and immunities as comparable in-state financial institutions.
Statue states depository institution has the same meaning prescribed in the federal law as any bank or savings association (12 United States Code Section 1813) and includes credit unions (A.R.S. § 6-991).
Provisions
1. Clarifies an out-of-state bank doing business, rather than having a banking office, in Arizona has all of the rights, powers and privileges and the same exemptions and immunities as a comparable in-state financial institution. (Sec. 1)
2. Affords special purpose depository institutions that are chartered as a bank the same rights, powers, privileges and entitlements as a comparable in-state financial institution. (Sec. 1)
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HB 2203
Initials PRB/TH Page 0 House Engrossed
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