The proposed bill would amend several sections of the Arizona Revised Statutes related to credit unions, introducing new requirements and removing certain restrictions. Specifically, it would require the Deputy Director of the Financial Institutions Division to acknowledge receipt of requests for proposed amendments to bylaws, name changes, or changes in the principal place of business within specified timeframes. For bylaw amendments and name changes, the Deputy Director must respond within 30 business days after acknowledgment, while changes in the principal place of business must be decided within 60 business days. Additionally, the bill allows for extensions of these response times for good cause and removes the prohibition on credit unions delegating authority to individuals who are not officers, directors, or employees without prior approval.

Furthermore, the bill would enable state-chartered credit unions, whose accounts are insured, to exercise the rights and privileges of out-of-state credit unions with the Deputy Director's approval. It also modifies the process for loan approvals by credit committees, allowing appeals to be decided by a majority of present committee members. The amendments clarify that the par value of membership shares may differ from other shares and make technical changes to ensure compliance with the updated provisions. Overall, these changes aim to streamline processes and enhance the operational flexibility of credit unions in Arizona.

Statutes affected:
Introduced Version: 6-506, 6-508, 6-509, 6-510, 6-516, 6-517, 6-538, 6-551, 6-126, 6-507, 6-539, 6-540
House Engrossed Version: 6-506, 6-508, 6-509, 6-510, 6-516, 6-517, 6-538, 6-551, 6-126, 6-507, 6-539, 6-540