The proposed bill, if enacted, would amend several sections of the Arizona Revised Statutes related to credit unions. Key updates include the introduction of specific timelines for the Deputy Director's responses to credit unions regarding proposed amendments to bylaws, name changes, and changes to the principal place of business. The Deputy Director would be required to acknowledge receipt of requests within ten business days and make decisions within thirty or sixty business days, depending on the request type, with provisions for extending these timelines for good cause. Additionally, the bill would clarify that credit unions can exercise rights and privileges of out-of-state credit unions, provided they submit a request to the Deputy Director.

The bill also proposes to delete the existing prohibition on credit unions delegating certain powers without prior written approval from the Deputy Director, thereby allowing more flexibility in management. Furthermore, it specifies that appeals to the credit committee regarding loans must be approved or denied by a majority of committee members present at the meeting. Other technical and conforming changes are included to ensure clarity and consistency within the statutes.

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