AZ Rev Stat § 6-1216 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-1216 - Acquisition of control

6-1216.  Acquisition of control A. A person shall not directly or indirectly acquire control of a licensee or controlling person without the prior written approval of the deputy director,  except as otherwise provided by this section. B. An application for approval to acquire control of a licensee shall be in writing in a form prescribed by the deputy director and shall be accompanied by information as the deputy director may require. The application shall be accompanied by the fee prescribed in section 6-126. The deputy director shall act on the application within one hundred twenty days after the date on which the application is complete,  unless the applicant consents in writing to an extended period. An application that is not denied or approved within that period shall be deemed approved as of the first business day after the expiration of that period. C. The deputy director shall deny the application to acquire control of a licensee if the deputy director finds that the acquisition of control is contrary to law or determines that disapproval is reasonably necessary to protect the interest of the public. In making that determination,  the deputy director shall consider both of the following: 1. Whether the financial condition of the person that seeks to control the licensee might jeopardize the financial condition of the licensee or prejudice the interests of the public in the conduct of the business regulated under this chapter. 2. Whether the competence,  experience,  integrity and overall moral character of the person that seeks to control the licensee,  or the officers,  directors and controlling persons of the person that seeks to control the licensee,  indicate that it would not be in the interest of the public to allow that person to control the licensee. D. This section does not prohibit a person from negotiating or entering into agreements subject to the condition that the acquisition of control will not be effective until approval of the deputy director is obtained. E. This section does not apply to any of the following persons or transactions: 1. A registered dealer who acts as an underwriter or member of a selling group in a public offering of the voting securities of a licensee or controlling person of a licensee. 2. A person who acts as proxy for the sole purpose of voting at a designated meeting of the security holders of a licensee or controlling person of a licensee. 3. A person who acquires control of a licensee or controlling person of a licensee by devise or descent. 4. A person who acquires control of a licensee or controlling person as a personal representative,  custodian,  guardian,  conservator,  trustee or any other officer appointed by a court of competent jurisdiction or by operation of law. 5. A pledgee of a voting security of a licensee or controlling person who does not have the right,  as pledgee,  to vote that security. 6. A person or transaction that the deputy director by rule or order exempts in the public interest. F. Before filing an application for approval to acquire control,  a person may request in writing a determination from the deputy director as to whether that person will be deemed in control on consummation of a proposed transaction. If the deputy director determines in response to that request that the person will not be in control within the meaning of this chapter,  the deputy director shall enter an order to that effect and the proposed transaction is not subject to the requirements of this section.