reglab/statecodes huggingface dataset:
2023 Arizona Revised Statutes › Title 5 - Amusements and Sports › § 5-1476 - Effect of changing circumstances on bonds; agreement of state

5-1476.
Effect of changing circumstances on bonds;  agreement of state
A. Bonds issued under this article remain valid and binding obligations of the authority,  notwithstanding that before the delivery of the bonds any person whose signature appears on the bonds ceases to be an officer of the authority.
B. An amendment of this chapter does not diminish or impair the validity of bonds issued under this article or the remedies and rights of bondholders.
C. This state pledges to and agrees with the holders of the bonds authorized by this article that this state will not limit,  alter or impair the rights vested in the authority to receive the monies necessary to fulfill the terms of any agreements made with the holders of the bonds,  or in any way impair the rights and remedies of the bondholders,  until all bonds issued under this article,  together with interest on the bonds,  interest on any unpaid installments of principal or interest and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders,  are fully met and discharged. The board,  as agent for this state,  may include this pledge and undertaking in its resolutions and indentures authorizing and securing its bonds.
2023 Arizona Revised Statutes › Title 5 - Amusements and Sports › § 5-1477 - Validity of bonds; legal opinion

5-1477.
Validity of bonds;  legal opinion
A. This article constitutes full authority for authorizing and issuing bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article applies to any proceedings taken or acts done pursuant to this article.
B. The validity of bonds issued under this article does not depend on and is not affected by the legality of any proceeding relating to the acquisition,  construction,  improvement,  operation or maintenance of a stadium or multipurpose facility for which the bonds are issued.
C. The board may submit any bonds to be issued under this article to a nationally recognized bond counsel after all proceedings for authorizing the bonds have been completed. On submission,  the counsel shall examine and pass on the validity of the bonds and the regularity of the proceedings. If the proceedings comply with this article and if the bonds,  when delivered and paid for,  will constitute binding and legal obligations of the authority,  the counsel shall certify on the back of each bond,  in substance,  that it is issued according to the constitution and laws of this state and that the interest on the bonds will be exempt from state taxes as provided by law.
D. The bonds shall recite that they are regularly issued pursuant to this article. That recital,  together with the legal opinion under subsection C of this section,  constitutes prima facie evidence of the legality and validity of the bonds. From and after the sale and delivery of the bonds,  they are incontestable by this state or the authority.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-110 - Financial institutions division; deputy director

6-110.
Financial institutions division;  deputy director
The financial institutions division is established in the department. The director shall appoint a deputy director of the financial institutions division of the department to assist the director with the execution of the laws of this state relating to financial institutions and enterprises. The deputy director serves at the pleasure of the director and reports directly to the director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-112 - Assistant director; examiners; personnel

6-112.
Assistant director;  examiners;  personnel
Subject to title 41,  chapter 4,  article 4,  the director:
1. Shall appoint an assistant director who shall have the power and perform the duties of the deputy director of the financial institutions division of the department. The assistant director shall hold the appointment at the will and pleasure of the director.
2. May appoint other assistants as the director deems necessary whose powers are limited to the powers,  duties or functions set forth in the appointment.
3. Shall appoint examiners and other personnel as necessary.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-113 - Acts prohibited; officers; employees

6-113.
Acts prohibited;  officers;  employees
A. The director,  the deputy director,  the assistant director and any personnel of the department may not do any of the following with respect to any financial institution or enterprise under the jurisdiction of the department:
1. Be indebted,  directly or indirectly,  as borrower,  accommodation endorser,  surety or guarantor,  to any financial institution or enterprise unless the indebtedness was contracted before becoming employed by the department and is fully disclosed to the department,  except that an employee of the department,  other than the director,  the deputy director or the assistant director,  may become so indebted if the indebtedness is both:
(a) Incurred on terms not more favorable than those available to the general public.
(b) Fully disclosed to and approved by the director before funding,  including the following information:
(i) The date of the indebtedness.
(ii) The amount.
(iii) The interest rate.
(iv) Other obligors.
(v) Security.
(vi) The purpose for which the monies are to be used. The borrower shall not participate in any examination of the lender conducted by the department.
2. Be an officer,  director or employee of any financial institution or enterprise.
3. Own or deal in,  directly or indirectly,  the shares or obligations of any financial institution or enterprise.
4. Be interested in,  directly or indirectly,  or receive from any financial institution or enterprise,  or any officer,  director or employee of the financial institution or enterprise,  any salary,  fee,  compensation or other valuable thing by way of gift,  credit,  compensation for services or otherwise.
5. Be interested in or engage in the negotiation of any loan to,  obligation of,  or accommodation for another person to or with any financial institution or enterprise.
B. Notwithstanding subsection A of this section,  the director,  the deputy director,  the assistant director and any personnel of the department may:
1. Maintain demand,  savings,  time,  share and trust accounts in any financial institution.
2. Become a beneficiary of any trust or estate administered by any fiduciary under the jurisdiction of the division.
3. Become indebted to and own and deal in shares and obligations of national banks,  federal savings and loan associations and federal credit unions.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-114 - Balloon payments prohibited; applicability; exemptions

6-114.
Balloon payments prohibited;  applicability;  exemptions
A. A person engaged in the business of lending money or negotiating a loan between parties shall not make or arrange a loan in violation of this section.
B. On a loan in an amount of ten thousand dollars or less for a term up to three years which is secured by a lien on real property comprising an owner-occupied dwelling,  an installment payment,  whether providing for payment of principal,  interest or principal and interest,  shall not be greater than twice the amount of the smallest installment.
C. This section applies only to mortgages,  trust deeds or other evidences of indebtedness secured by a lien other than a primary or first lien on real property.
D. This section does not apply to transactions involving the purchase or sale or the proposed purchase or sale of real property or to a financial institution licensed or chartered by this state or the federal government.
E. Pursuant to the provisions of 12 United States Code section 3804,  this section shall not be superseded by the provisions of 12 United States Code section 3803.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-115 - Insurance premium transmitters; timely payment required; civil penalty

6-115.
Insurance premium transmitters;  timely payment required;  civil penalty
A. A person who contracts to receive a payment that includes an amount for payment of a mortgage,  deed of trust or any other obligation secured by real estate and any amounts to be tendered for payment of an insurance policy premium,  a property tax assessment or any other collateral obligation shall make timely payment of those amounts,  except as provided in subsection C of this section.
B. Monies collected for payment of an insurance policy premium,  a property tax assessment or any other collateral obligation shall be such that the total of the payments collected for each category during the insurance,  tax or other period will approximate the actual insurance premium,  tax or other payment when due.
C. A person who contracts to receive and tender monies as described in subsection A of this section and who receives a delinquent payment from the payor shall exercise reasonable diligence in tendering those payments and is not subject to a penalty for failure to make a timely payment of those monies when first due.
D. A person who violates this section is subject to a civil penalty under section 6-132.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-116 - Sale of securities; disclosure

6-116.
Sale of securities;  disclosure
A. A financial institution doing business in this state or any other person shall not sell or offer to sell equity securities or debt instruments to the public in a financial institution's retail office where deposits are accepted without the prior written approval of the deputy director.
B. A financial institution or any other person that receives written approval as prescribed by subsection A of this section and that sells or offers to sell equity securities or debt instruments of the financial institution or the holding company of a financial institution shall disclose to the purchaser prior to any sale that the equity security or debt instrument is not a federally insured deposit and shall provide to the purchaser a disclosure form that is approved by the deputy director. The deputy director may by rule prescribe requirements for the disclosure form.
C. A financial institution's or a holding company of the financial institution's application for approval of the disclosure form required by subsection B of this section shall include information describing the policies and procedures that the financial institution or any other person authorized to offer or sell the securities has adopted to ensure that it is marketing the securities with appropriate disclosures regarding the nature of the investment.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-117 - Assumed business name; trade name; notification; definition

6-117.
Assumed business name;  trade name;  notification;  definition
A. Unless otherwise required by this title or rules adopted by the department,  an enterprise or a consumer lender is not required to obtain a separate license when doing business under an assumed name or a trade name if the enterprise or consumer lender notifies the department in writing,  on a form prescribed by the director,  before using the assumed name or trade name.
B. A licensee may not use an assumed name or trade name that either:
1. Is so substantially similar to the assumed name or trade name of another department licensee that it may cause uncertainty or confusion among the public.
2. Tends to deceive or mislead the public as to the nature of business that the licensee conducts.
C. An individual may not use an assumed name or a trade name if the individual is licensed,  certified or registered pursuant to either:
1. Chapter 9,  article 4 of this title.
2. Title 32,  chapter 36,  article 2 or 4.
D. A person using an assumed name or a trade name shall notify the director within fifteen days after any material change to the information provided in subsection A of this section.
E. For the purposes of this section,  " consumer lender"  has the same meaning prescribed in section 6-601.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-122 - Deputy director; authority; duties

6-122.
Deputy director;  authority;  duties
A. The deputy director has the authority and responsibility for the discharge of all duties imposed by law on the division.
B. The deputy director shall:
1. Examine or cause to be examined each financial institution annually,  except financial institution holding companies,  banks,  savings and loan associations,  credit unions and consumer lenders,  and more frequently if the deputy director considers it necessary.
2. Examine or cause to be examined each bank,  credit union and savings and loan association at the deputy director's discretion but at least once in every twenty-four month period.
3. Examine or cause to be examined the business and affairs of any enterprise and any consumer lender for the purpose of administering and enforcing this title at the deputy director's discretion.
4. Examine or cause to be examined financial institution holding companies as frequently as the deputy director considers necessary to administer and enforce this title.
5. Notwithstanding paragraph 3 of this subsection,  examine or cause to be examined the accounts held in trust by each escrow agent at least once in every two-year period and examine or cause to be examined each escrow agent at least once in every four-year period or more frequently if the deputy director considers it necessary.
6. Publish a consumer information brochure that includes:
(a) The finance charges allowed by this state.
(b) The types of insurance that may be offered but that are not required by law to be purchased with the granting of a loan.
(c) Interest rate limitations on all lenders including amounts that may not be charged to borrowers.
(d) Consumer rights and means of recourse from unfair practitioners.
7. Make it a priority to encourage the growth of state-chartered financial institutions in this state and by February 1 of each calendar year notify the governor,  the president of the senate and the speaker of the house of representatives if the total number of state-chartered banks or state-chartered credit unions decreases during the prior calendar year.
C. Notwithstanding subsection B,  paragraph 5 of this section,  an escrow agent shall be examined within twelve months when an escrow agent's license is transferred or assigned pursuant to section 6-813 or when control of the license is otherwise acquired.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-124 - Investigations; compelling testimony and the production of documents; self-incrimination

6-124.
Investigations;  compelling testimony and the production of documents;  self-incrimination
A. The deputy director may conduct examinations and investigations within or outside this state to determine whether any person has engaged,  is engaging or is about to engage in any act,  practice or transaction which constitutes an unsafe or unsound practice or a violation of any law or rule applicable to persons subject to the jurisdiction of the deputy director or any order of the deputy director or to aid in the enforcement of this title or to aid in adopting rules.
B. The deputy director and any examiner or administrative law judge,  in the performance of the deputy director's,  examiner's or administrative law judge's duties,  may take evidence,  examine on oath any person and compel the attendance of witnesses and the production of documents,  books and papers. On refusal to appear or produce,  the deputy director may apply to the superior court in Maricopa county to compel appearance or production.
C. All financial institutions and enterprises shall,  on request of the deputy director,  make their books and records available for inspection and examination by the deputy director or the deputy director's examiners.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-125 - Annual examination assessment of financial institutions and enterprises; costs of foreign examination; payment

6-125.
Annual examination assessment of financial institutions and enterprises;  costs of foreign examination;  payment
A. Before August 31 of each year the deputy director shall make the following annual assessments:
1. On banks,  the annual assessment set by the deputy director.
2. On savings and loan associations,  a charge not to exceed the annual assessment set for state banks under paragraph 1 of this subsection.
3. On credit unions,  the annual assessment set by the deputy director.
B. The deputy director shall assess against the institution or enterprise examined a charge at the rate set by the deputy director but not to exceed $65 per hour for each examiner employed in the following examinations:
1. Any examination of a trust company.
2. Any examination of the trust operation of a bank or a savings and loan association.
3. Any examination of a financial institution ordered by the deputy director in addition to the regular examination required under section 6-122.
4. Any examination of an enterprise ordered by the deputy director.
5. Any examination of a financial institution holding company or international banking facility.
6. Any examination of a consumer lender.
C. For a financial institution or enterprise maintaining an office outside this state,  in addition to the annual assessment or examination assessment,  the deputy director shall make an assessment equal to the travel and subsistence expense incurred in the examination of the office in the foreign state or country. Notwithstanding any other limitation prescribed by law,  examiners engaged in examination of a foreign office shall be reimbursed for their necessary travel and subsistence expenses. Reimbursement for examiners' expenses shall be credited to the appropriation account of the department.
D. Assessments under this section are due and payable to the department within thirty days after notice of the assessment is mailed by the department. The deputy director shall assess a penalty of $50 for each day after the thirty-day period that the financial institution or enterprise fails to remit the assessment,  unless,  on good cause shown,  a written request for an extension is approved by the deputy director prior to the expiration of the specified time. In no event shall the total penalty exceed the examination assessment.
E. The deputy director shall set the amount of the annual assessment to be charged to banks and credit unions. In setting the annual assessment on banks,  the deputy director shall consider the annual assessment set by the comptroller of currency for national banks. In setting the annual assessment on credit unions the deputy director shall consider the annual assessment set by the national credit union administration for federal credit unions.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-127 - Disposition of revenue

6-127.
Disposition of revenue
All fees,  charges,  fines and assessments received by the department shall be deposited,  pursuant to sections 35-146 and 35-147,  in the state general fund except as provided in sections 6-135 and 6-135.01.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-128 - Joint examinations; acceptance of federal regulatory and other authorized examinations

6-128.
Joint examinations;  acceptance of federal regulatory and other authorized examinations
A. The examination of a financial institution or enterprise may be made in coordination with any authorized federal examination or an examination by another state. The deputy director in the deputy director's discretion may accept the examination report or other information compiled or generated by a federal regulatory authority or by another state regulatory authority that has jurisdiction over the financial institution or enterprise in lieu of any examination authorized or required by the laws of this state. Acceptance of the examination reports shall not be a waiver of the examination assessments provided by law,  and reports so accepted are considered for all purposes as an official report of the department.
B. The deputy director may take any reasonable and lawful action to coordinate the examination of financial institutions or enterprises,  including:
1. Negotiating and entering into cooperative agreements with an agency of another state or of the federal government.
2. Sharing information and reports with persons as prescribed by section 6-129.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-129.01 - Enterprise documents open to public inspection

6-129.01.
Enterprise documents open to public inspection
All papers,  documents,  reports and other written instruments filed with the deputy director pursuant to the requirements of this title by an enterprise shall be open to public inspection,  except that the deputy director may withhold from public inspection for such time as the deputy director considers necessary any information which in the deputy director's judgment the public welfare or the welfare of the financial enterprise requires to be so withheld.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-129.02 - Records destruction; personal information

6-129.02.
Records destruction;  personal information
Notwithstanding any other law and except as provided by an applicable law that requires a retention period that exceeds ten years,  a bank or financial institution shall destroy,  in a manner prescribed by law,  all personal information belonging to a former customer or client not later than ten years after the business relationship ends.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-131 - Right to sue and defend in actions; liability limitation; award of fees and other expenses

6-131.
Right to sue and defend in actions;  liability limitation;  award of fees and other expenses
A. The director may sue and prosecute or defend in any action or proceeding in any court of this state or any other state or territory and in any court of the United States for the enforcement or protection of any right or pursuit of any remedy necessary or proper in connection with the matters committed to the director for administration or in connection with any financial institution or enterprise under the director's supervision,  or the rights,  liabilities,  property or assets thereof,  and may obtain without bond any order necessary to enforce or protect such rights or remedies,  including any of the following:
1. An order impounding records,  books,  documents,  accounts,  monies,  negotiable instruments or papers and placing such articles in the possession of the director until completion of all proceedings undertaken pursuant to this title.
2. An order appointing a receiver.
3. An order restoring to any person in interest any monies or property,  real or personal,  that may have been acquired or transferred in violation of this title.
B. This section does not render the director as such director or otherwise liable to suit except as any other department or agency of the state may be liable under the general law.
C. In addition to any costs that are awarded as prescribed by statute,  a court shall award fees and other expenses to the department if the department prevails by an adjudication on the merits in any action brought by the department to enforce the provisions of this title or any rule adopted under this title. The department may apply pursuant to the applicable procedural rules for an award of attorney fees and other expenses authorized under this section and shall include as part of the application evidence of the department's eligibility for the award and the amount sought,  including an itemized statement from the attorneys and experts stating the actual time expended in representing the department and the rate at which the fees were computed. For the purposes of this subsection,  " fees and other expenses"  includes the reasonable expenses of expert witnesses,  the reasonable cost of any study,  analysis,  report,  test or project that is found by the court to be necessary for the preparation of the department's case and reasonable and necessary attorney fees. The department shall deposit any fees or other expenses awarded by a court in the revolving fund established by section 6-135.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-131.01 - Appointment of deputy director as receiver; award of property, fees and costs

6-131.01.
Appointment of deputy director as receiver;  award of property,  fees and costs
A. The deputy director may be appointed as a receiver of a financial institution or enterprise under the deputy director's supervision. No bond is required of the deputy director for acting as a receiver.
B. All reasonable expenses of the department relating or apportioned to a receivership,  including receiver fees and attorney fees,  costs of preliminary or other examinations of the person placed into receivership and expenses relating to the management of any office or other asset of the person placed in receivership,  shall be awarded by the court for payment to the department out of the assets of the receivership. The department shall assess those expenses against the receivership quarterly and shall deposit those amounts in the department receivership revolving fund,  as provided in section 6-135.01. Those assessments have priority over the other creditors of the receivership. Notwithstanding the other provisions of this subsection,  on request by the deputy director,  the court may award personal property of the receivership to the department as partial compensation for the services rendered during the administration of the receivership.
C. The deputy director shall maintain a complete accounting of each receivership in which the deputy director is appointed as receiver.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-132 - Violation of title; civil penalty

6-132.
Violation of title;  civil penalty
The deputy director may assess a civil penalty in an amount of not more than $5, 000 against a person,  including any officer,  director,  employee,  agent or other person who participates in the conduct of the affairs of the person,  for any knowing violation of any provision of this title or of any rule or order adopted or issued pursuant to this title. If the assessment is not paid in full within thirty days after the service of the notice of the assessment on the person,  the attorney general,  on request of the deputy director,  shall bring an action in the superior court in the county in which a violation of this section is alleged to have occurred in the same manner as the filing of other actions. On the finding of a knowing violation of this section by the defendant in any such action,  the court may enforce the civil penalty imposed by the deputy director or may impose a different civil penalty in an amount as it deems appropriate for each violation. Each day of violation constitutes a separate offense.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-133 - Violations; classification

6-133.
Violations;  classification
A. Any person who knowingly violates any provision of this title for which a different penalty is not specifically provided or knowingly violates any rule,  regulation or order issued or promulgated pursuant to this title is guilty of a class 6 felony. Each day of violation shall constitute a separate offense.
B. Any person who knowingly makes any false statement,  misrepresentation or false certification in any application,  record,  report,  plan or other document filed or required to be maintained pursuant to this title or under any license,  certificate,  rule,  regulation or order issued pursuant to this title with intent to deceive the deputy director is guilty of a class 3 felony.
C. Any person who knowingly makes any false entry or omits a material entry in any record,  report or statement of a financial institution with intent to injure or defraud the financial institution or to deceive the deputy director or any agent or examiner appointed by the deputy director to examine the affairs of the financial institution is guilty of a class 3 felony.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-134 - False statements as to financial condition; classification

6-134.
False statements as to financial condition;  classification
Any person who knowingly makes,  circulates or transmits to another a false statement or rumor,  written,  printed or by word of mouth,  which is,  directly or by inference,  derogatory of the financial condition or solvency of any bank,  savings and loan association or credit union is guilty of a class 2 misdemeanor.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-135 - Department revolving fund; use of fund

6-135.
Department revolving fund;  use of fund
A. There is established a department revolving fund to be administered by the deputy director under the conditions and for the purposes provided by this section. Monies in the fund are exempt from the provisions of section 35-190,  relating to lapsing of appropriations.
B. Any investigative costs,  attorney fees or civil penalties recovered for the state by the attorney general or the deputy director as a result of actions brought pursuant to this title,  whether by final judgment,  settlement or otherwise,  shall be deposited in the department revolving fund. If the unencumbered portion of the fund exceeds $200, 000 at the end of the fiscal year,  all unencumbered monies in excess of $200, 000 shall be deposited in the department receivership revolving fund,  pursuant to section 6-135.01.
C. The monies in the fund shall be used by the deputy director and the attorney general for investigative proceedings or for purposes of instituting and prosecuting civil actions pursuant to this title.
D. On or before the fifteenth day of February,  May,  August and November of each year,  the deputy director shall file with the governor,  with copies to the director of the department of administration,  the president of the senate and the speaker of the house of representatives,  a full and complete account of the receipts and disbursements from the fund in the previous calendar quarter.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-135.01 - Department receivership revolving fund; use of fund

6-135.01.
Department receivership revolving fund;  use of fund
A. The department receivership revolving fund is established to be administered by the deputy director. The fund shall consist of monies from the following sources:
1. Monies awarded and received as fees and costs in receiverships in which the deputy director was the receiver,  as provided in section 6-131.01.
2. Monies received from the department revolving fund,  as provided in section 6-135,  subsection B.
B. Monies in the fund may be used to pay any costs incurred by the division arising out of the administration of a receivership in which the deputy director is the receiver.
C. The director shall submit to the legislature with the department's annual budget request a full and complete account of the department receivership revolving fund through the end of its most recent fiscal year.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-136 - Violation of order or injunction; penalty

6-136.
Violation of order or injunction;  penalty
Any person who violates any order or injunction issued by a court of competent jurisdiction pursuant to this title shall,  in addition to any other penalty or remedy for contempt of court,  forfeit and pay to this state a civil penalty of not more than ten thousand dollars for each violation as such court may deem just and proper. For the purpose of this section,  the superior court issuing any order or injunction shall retain jurisdiction and the cause shall be continued. The attorney general acting in the name of this state may petition for recovery of civil penalties pursuant to this section.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-138 - Hearings

6-138.
Hearings
The deputy director or an administrative law judge shall conduct hearings,  including hearings relating to orders of the deputy director granting,  denying,  revoking or suspending a permit,  certificate or license provided for under this title,  in accordance with title 41,  chapter 6,  article 10.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-139 - Judicial review

6-139.
Judicial review
Except as provided in section 41-1092.08,  subsection H,  a final decision of the deputy director is subject to judicial review pursuant to title 12,  chapter 7,  article 6 if the complaint seeking review is filed with the superior court in Maricopa county and served on the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-141 - Definitions

6-141.
Definitions
In this article,  unless the context otherwise requires:
1. " Acquisition of control"  means any transaction whereby a person obtains,  directly or indirectly,  control of a bank,  trust company,  savings and loan association or controlling person.
2. " Control"  means direct or indirect ownership of or power to vote twenty-five percent or more of the outstanding voting securities of a bank,  trust company,  savings and loan association or controlling person or to control in any manner the election of a majority of the directors of a bank,  trust company,  savings and loan association or controlling person. For the purposes of determining the percentage of voting securities owned,  controlled or held by a person,  there shall be aggregated with the voting securities attributed to such person the voting securities of any other person directly or indirectly controlling,  controlled by or under common control with such other person or by any officer,  partner,  employee or agent of such person,  or by any spouse,  parent or child of such person.
3. " Controlling person"  means any person directly or indirectly in control of a bank,  trust company or savings and loan association.
4. " Person"  means an individual,  corporation,  partnership,  association,  trust or agency or any similar entity.
5. " Voting security"  means any security presently entitling the owner or holder of such security to vote for the election of directors of a bank,  trust company,  savings and loan association or controlling person,  excluding,  in the case of a savings and loan association,  votes attributable to savings accounts. A specified percentage of outstanding voting securities means such amount of the outstanding voting securities as entitles the holder or holders of such securities to cast that specified percentage of the aggregate votes that the holders of all the outstanding voting securities are entitled to cast.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-143 - Exempt persons and transactions

6-143.
Exempt persons and transactions
A. This article shall not apply to the following persons or transactions of the type specified:
1. A person who controls a bank,  trust company or savings and loan association or controlling person on the date this article becomes law and who continues to control such bank,  trust company,  or savings and loan association.
2. A registered dealer who acts as an underwriter or member of a selling group in a public offering of the voting securities of a bank,  trust company,  savings and loan association or controlling person.
3. A person who acts as proxy for the sole purpose of voting at a designated meeting of the security holders of a bank,  trust company,  savings and loan association or controlling person.
4. A person who acquires control of a bank,  trust company,  savings and loan association or controlling person by devise or descent.
5. A person who acquires control of a bank,  trust company,  savings and loan association or controlling person as a personal representative,  custodian,  guardian or conservator appointed by a court or as a trustee,  receiver or other officer appointed by a court.
6. A pledgee of a voting security of a bank,  trust company,  savings and loan association or controlling person who does not have the right,  as pledgee,  to vote such voting security.
7. A transaction approved pursuant to chapter 2,  article 7 of this title.
B. There shall be exempted from the provisions of this article any person or transaction that the deputy director by rule or order exempts as not being necessary or appropriate in the public interest or for the protection of a bank,  trust company,  savings bank or savings and loan association,  or the depositors,  beneficiaries,  creditors or shareholders of such bank,  trust company,  savings bank or savings and loan association.
C. A person,  prior to filing an application for approval,  may request in writing a determination from the deputy director as to whether the person,  on consummation of a proposed transaction,  will be in control. On such a request,  the deputy director may enter an order that the person will not be in control,  in which event the proposed transaction will be an exempt transaction under this article.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-144 - Acquisition of control; approval of deputy director

6-144.
Acquisition of control;  approval of deputy director
A person shall not,  directly or indirectly,  make a tender offer for,  request or invite a tender offer for,  offer to exchange securities for or acquire in the open market or otherwise,  any voting security or any security convertible into a voting security of a bank,  trust company,  savings and loan association or controlling person if such a transaction would result in the person acquiring control of a bank,  trust company or savings and loan association or controlling person unless the deputy director has approved such acquisition of control,  except that 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.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-145 - Application for approval

6-145.
Application for approval
A. An application for approval of the deputy director shall be in writing in such form as the deputy director may prescribe and shall be accompanied by such information,  data and records as the deputy director may require. For such purpose the deputy director shall adopt rules prescribing the form and the information,  data or records that may be required.
B. On receipt of any initial application for approval or any amendment or supplement to the application,  the deputy director shall cause copies of the application,  amendment or supplement to be given to the bank,  trust company or savings and loan association concerned within three business days.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-146 - Material change of fact; filing amended statements

6-146.
Material change of fact;  filing amended statements
If any material change occurs in the facts set forth in the application,  or if for any other reason the acquiring party desires to amend such application,  an amendment setting forth such change,  together with copies of all documents and other material relevant to such change,  shall be filed with the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-147 - Denial of application; grounds

6-147.
Denial of application;  grounds
A. With respect to the proposed acquisition of control of a bank,  trust company,  savings and loan association or controlling person,  an application shall be denied if the deputy director finds any of the following:
1. That the financial condition of any person who would acquire control is such as may jeopardize the financial stability of the bank,  trust company or savings and loan association,  or prejudice the interests of the depositors,  beneficiaries,  creditors and shareholders of the bank,  trust company or savings and loan association.
2. That a plan or proposal to liquidate the bank,  trust company or savings and loan association,  to merge or consolidate the bank,  trust company or savings and loan association or to make any other major change in the business,  corporate structure or management of the bank,  trust company or savings and loan association is not fair and reasonable to the depositors,  beneficiaries,  creditors or shareholders of the bank,  trust company or savings and loan association.
3. That the applicant neglects,  fails or refuses to furnish to the deputy director any information required by the deputy director.
4. That the proposed acquisition is contrary to law.
B. The deputy director,  in approving a proposal to acquire control of a bank,  trust company or savings and loan association,  may impose such conditions as the deputy director deems reasonable,  necessary or advisable in the public interest.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-148 - Failure to act on application as approval

6-148.
Failure to act on application as approval
A. Notwithstanding any other provision of this article,  any application for approval to acquire control of a bank,  trust company,  savings and loan association or controlling person that is not denied or approved by the deputy director within a period of sixty days after such application is filed with the deputy director or if the applicant consents to an extension of the period within which the deputy director may act,  within such extended period,  shall be deemed to be approved by the deputy director as of the first day after such period of sixty days or such extended period. If the deputy director gives notice of a hearing,  the sixty-day period shall be extended to such date as may be fixed by order of the deputy director.
B. For purposes of this section,  an application for approval is deemed to be filed with the deputy director at the time when the complete application,  including any amendments or supplements,  containing all the information in the form required by the deputy director,  is received by the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-149 - Determination of control of one person by another; hearing; notice

6-149.
Determination of control of one person by another;  hearing;  notice
Before determining whether a person controls another person or before denying or approving an application for approval to acquire control of a bank,  trust company,  savings and loan association or controlling person the deputy director may hold a hearing. Notice of such hearing shall be given by the deputy director to the applicant,  the bank,  trust company,  savings and loan association or controlling person concerned and to such other persons as the deputy director determines appropriate. The date for commencement of the hearing shall not be later than thirty days after the date of the notice,  unless the applicant consents to an extension of such period.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-150 - Appointment of deputy director as agent for service of process; forwarding of process; consent to jurisdiction

6-150.
Appointment of deputy director as agent for service of process;  forwarding of process;  consent to jurisdiction
Any person who is not a resident of this state,  domiciled in this state or authorized to do business in this state and who files an application is deemed to have:
1. Consented to the jurisdiction of the courts of this state for all actions arising under the provisions of this article.
2. Appointed the deputy director as the person's lawful agent for the purpose of accepting service of process in any action,  suit or proceeding that may arise under this article. Copies of all such lawful process accepted by the deputy director as an agent shall be transmitted by the deputy director by registered mail to the person's last known address.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-151 - Injunctions

6-151.
Injunctions
If it appears to the deputy director that any person has committed or is about to commit a violation of any provision of this article or of any rule or order of the deputy director,  the deputy director may apply to the superior court for an order enjoining such person from violating or continuing to violate this article or any regulation or order and for injunctive or other relief as the nature of the case or the interests of the bank,  trust company or savings and loan association,  the depositors,  beneficiaries,  creditors or shareholders of such bank,  trust company or savings and loan association may require.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-153 - Acquisition of voting securities in violation of article; limitation on rights as shareholder; injunction

6-153.
Acquisition of voting securities in violation of article;  limitation on rights as shareholder;  injunction
A. With respect to any voting security acquired in violation of this article or any rule or order of the deputy director,  a person shall not be entitled to vote or give a written proxy or consent for a period of five years after such acquisition except with the written consent of the deputy director. If a voting security of a bank,  trust company,  savings and loan association or controlling person is acquired in violation of this article or any rule or order,  any shareholder of such bank,  trust company,  savings and loan association,  or controlling person or the deputy director may apply to the superior court for injunctive or other equitable relief,  including costs and reasonable attorney fees,  to enjoin prospectively any person from voting or giving any written proxy or consent with respect to such voting security for a period of five years after such acquisition except with the written consent of the deputy director. The deputy director may apply to the superior court for injunctive or other relief,  including costs,  to void any vote or any giving of a written proxy or consent with respect to such security that has occurred since such acquisition,  except that no vote may be voided if the court finds that to void such vote would not be in the interest of the depositors,  beneficiaries,  creditors or shareholders of the bank,  trust company,  savings and loan association or controlling person,  or in the public interest.
B. An application for consent of the deputy director may be filed with the deputy director by any person and shall be granted or denied within thirty days. In giving consent,  the deputy director may require such conditions as the deputy director deems reasonable,  necessary or otherwise in the public interest. Except as provided in section 41-1092.08,  subsection H,  the action of the deputy director shall be an order subject to judicial review pursuant to title 12,  chapter 7,  article 6 if the complaint seeking review is filed with the superior court in Maricopa county.
C. A civil action shall not be brought to void any vote pursuant to subsection A of this section unless commenced within one year after the transaction which constituted a violation of this article or any rule or order of the deputy director.