For example, such institutions as banks, credit unions and savings and loan associations are required to have sufficient start-up capital, as determined by the superintendent. Moreover, these companies are subject to a more rigorous review because they hold deposits. Mortgage brokers are the only type of licensee subject to testing. Supervision for the most part refers to examinations. However, it also involves responding to any questions licensees may have and keeping them informed of regulatory changes the Department is planning.
Most industries are subject to examination only of their compliance with statutes.
Banks, credit unions, savings and loan associations and trust companies are examined to determine their safety and soundness. Rankings are on a scale of one to five, with one being the top score. Under the department's supervision, if an enterprise is being operated in such a fashion as to present a significant risk to consumers, the Superintendent must take appropriate action to correct the condition. One of the actions available is to petition the Maricopa County Superior Court to place the enterprise in receivership. The most common reason an enterprise is placed in receivership is insolvency arising from the misappropriation of customer funds held in trust.