6-148. Failure to act on application as approval
176 words·~1 min read·
/az/title-6/6-148A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Notwithstanding any other provision of this article, any application for approval to acquire control of a bank, trust company, savings and loan association or controlling person that is not denied or approved by the deputy director within a period of sixty days after such application is filed with the deputy director or if the applicant consents to an extension of the period within which the deputy director may act, within such extended period, shall be deemed to be approved by the deputy director as of the first day after such period of sixty days or such extended period.
If the deputy director gives notice of a hearing, the sixty-day period shall be extended to such date as may be fixed by order of the deputy director.
B. For purposes of this section, an application for approval is deemed to be filed with the deputy director at the time when the complete application, including any amendments or supplements, containing all the information in the form required by the deputy director, is received by the deputy director.