Amends Arizona Revised Statutes to update procedures for credit union organization, name changes, and powers.
Amends procedures for credit union organization, including the role of the deputy director in approving changes to the principal place of business or branch. Updates the process for amending the certificate of organization and bylaws, requiring board approval and submission to the deputy director. Expands the powers of credit unions, including the ability to enter into contracts, sue or be sued, and acquire or dispose of property. Establishes the role of the credit committee in supervising loans and reviewing lending activities.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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