6-853. Certificate required; exceptions
194 words·~1 min read·
/az/title-6/6-853A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A person shall not engage in the trust business without first obtaining a certificate from the deputy director except as provided by subsection B or C of this section, or by section 6-852, subsection C.
B. A bank, if a member of the federal deposit insurance corporation and otherwise authorized under the laws of the United States, this state or any other state to engage in the trust business in this state, may engage in that business as a bank without obtaining a certificate under this chapter, and shall not be subject to this article, except for section 6-859, subsection A and section 6-860.
C. If a savings and loan association or savings bank is a member of the federal deposit insurance corporation and is authorized under the laws of the United States, this state or any other state to engage in the trust business in this state, the savings and loan association or savings bank may engage in that business as a savings and loan association or savings bank without obtaining a certificate under this chapter and is not subject to this article, except for section 6-859, subsection A and section 6-860.