6-511. Out-of-state credit union

239 words·~1 min read·/az/title-6/6-511

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. A credit union organized under the laws of another state or territory of the United States may conduct business as a credit union in this state, subject to all laws and rules governing the operation of credit unions under this title, with the prior approval of the deputy director if credit unions organized under this chapter are allowed to do business in such other state or territory under conditions substantially similar to the provisions of this section. Before granting approval, the deputy director must find that the out-of-state credit union:

1. Is organized under laws substantially similar to this chapter.

2. Is financially solvent.

3. Has account insurance equivalent to that required for credit unions organized under this chapter.

4. Is examined and supervised by a regulatory agency of the state in which it is organized.

5. Needs to conduct business in this state to furnish services to its members in this state.

6. Furnishes the deputy director with a copy of the most recent audit or examination conducted by its regulatory agency.

B. In addition to any other powers provided by law, the deputy director may revoke the approval of such a credit union to conduct business in this state if the deputy director finds that the credit union no longer meets the requirements of subsection A of this section or has violated the laws of this state or rules or orders issued by the deputy director.