ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fifth Legislature

Second Regular Session

House: COM DPA/SE 10-0-0-0 | 3rd Read 58-1-1-0

Senate: FIN DP 8-2-0-0 | 3rd Read 18-10-2-0

HB 2203: technical correction; cosmetology schools; contracts

NOW: special purpose banks; comparable; rights

Sponsor: Representative Weninger, LD 17

Transmitted to the Governor

 

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 Transmitted

 

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