The proposed bill seeks to amend section 6-403 of the Arizona Revised Statutes concerning savings and loan associations. The current law prohibits any person or group from transacting business within the scope of this chapter, as well as from conducting business under any name or title, circulating advertising, or making representations that imply the operation of a business within this scope.

If the bill becomes law, it would simplify the language by removing specific prohibitions on advertising and representations, while maintaining the core restriction against transacting business within the chapter's scope. The updated statute would clarify that no person or group shall conduct business that indicates or reasonably implies operation within the chapter, thereby streamlining the legal language and potentially enhancing compliance.

Statutes affected:
Introduced Version: 6-403