Savings & Loan
SAVINGS & LOANPursuant to Arizona Administrative Code R20-4-104, the Superintendent has the discretion to accept alternative application forms, but it does not limit the Superintendent's power to require additional information necessary to complete an application. For a savings and loan association, the applicant may submit a copy of the FDIC Forms that the applicant files with the Federal Deposit Insurance Corporation; plus any additional application/information that DFI may require under State law. Please refer to Arizona Revised Statutes §§6-401 through 6-497 and Arizona Administrative Code R20-4-301 through 331 for Arizona Law. AZDFI is not authorized to give or offer legal advice. If you need help with a legal matter, you may want to consider contacting a private attorney. Inquiries should be directed to Financial Institutions at [email protected]. For more information, see the “Contact Us” tab. If your application requires a finger print card, AZDFI requires a separate submission from the one you will submit to the FRB or FDIC. Please request we send you a card and instructions, there will be a $22.00 processing fee for each card in lieu of a fingerprint card submission, the Department may only request that you go to a secure website at https://screen.lexisnexis.com/pub/l/prospects/AZDFI/Standard and complete a background check. |
FORMS & FEES
Arizona Revised Statues §6-126 et seq.
| The following nonrefundable fees are payable to the department with the filing of the following applications: | Fees | Forms |
| To apply for a savings and loan association permit, five thousand dollars. | $5,000 | |
| To establish each savings and loan association branch office, one thousand five hundred dollars. | $1,500 | |
| To move an office of a savings and loan association to other than an established office, one thousand dollars. | $1,000 | |
| To organize and establish any other financial institutions for which an application or investigation fee is not otherwise provided by law, two thousand five hundred dollars. | $2,500 | |
| To acquire control of a financial institution, other than a consumer lender, five thousand dollars. | $5,000 | |
| To apply for approval of the articles of incorporation of a business development corporation, five hundred dollars. | $500 | |
| To apply for approval for the merger or consolidation of two or more financial institutions, five thousand dollars per institution. | $5,000 | |
| To apply for approval to convert from a national bank or federal savings and loan charter to a state chartered institution, five thousand dollars. | $5000 | |
|
To change the licensee name on a financial institution or enterprise license, two hundred fifty dollars. |
$250 | |
| On issuance of a license or permit for a financial institution or enterprise, the superintendent shall collect the first year's annual assessment or renewal fee for the financial institution or enterprise prorated according to the number of quarters remaining until the date of the next annual assessment or renewal. | Based on assets | |
| Fingerprint Card Background Check |
$22.00 ------------- $0.00 |
LAWS, RULES, SUBSTANTIVE POLICY STATEMENT AND REGULATORY ALERTS
Arizona Revised Statutes
Chapter 3 SAVINGS AND LOAN ASSOCIATIONS
Article 1 General Provisions
6-401 Definitions
6-402 Scope of chapter; application to federal associations and federal savings banks
6-403 Prohibitions
6-404 General corporate powers
6-405 Power to borrow
6-405.01 Capital notes and debentures
6-406 Incidental powers
Article 2 Formation and Licensing
6-407 Applicants and initial capital
6-408 Application for permit to organize
6-409 Findings and hearings
6-410 Superintendent's approval and issuance of permit to organize
6-411 Subscription to capital and temporary organization
6-412 Completion of organization
6-413 Contents of articles of incorporation
Article 3 Membership and Management
6-414 Members
6-415 Members' meetings
6-416 Record date for voting, dividend and other purposes
6-417 Directors
6-418 Waiver of notice
6-419 Officers
6-420 Bonds of officers and employees
6-421 Access to books and records; communication with members
Article 4 Capital
6-422 Types of capital; personal property
6-423 Accounts
6-424 Shares of guaranty capital; nature; consideration
6-425 Shares of guaranty capital; authorization of issuance; minimum amount
6-426 Shares of guaranty capital; rights of existing shareholders
6-427 Shares of guaranty capital; advertisement; sales; collection of subscription
6-428 Retirement or reduction of shares of guaranty capital
6-429 Issuance, delivery, and transfer of certificates and account books
6-430 Who may hold capital and membership
6-432 Effect of payment to minor or fiduciary
6-433 Payment on disability or death of holder in his own right of account
6-434 Shares and accounts of certain associations as legal investments; deposit of fiduciary monies
6-435 Voluntary withdrawal of accounts
6-436 Maturity of shares
6-437 Enforced retirement of accounts
6-438 Authorized charges applicable to members
6-439 Accounts subject to liens
6-440 Apportionment of profits
6-442 Dividends and interest
6-443 Bonus plans
6-444 Promotional activities prohibited
Article 5 Investments and Powers
6-446 Other investments and powers
6-449 General loan contract provisions
6-450 Modification agreements
6-451 Servicing of loans
6-452 Purchase of real or personal property at forced sale
6-453 Purchase of real estate for office and rental purposes
6-454 Appraisal of real estate owned
6-456 Effect of unauthorized investments and loans; liability of officers
6-457 Appraisals
6-458 Acknowledgments
Article 6 Voluntary Corporate Changes
6-459 Amendment of articles of incorporation
6-460 Procedure to amend articles of incorporation
6-461 Existing associations; adoption of articles and by‑laws
6-462 Conversion from state to federal association
6-463 Conversion from federal to state association
6-464 Effect of conversion
6-465 Merger of associations or corporations
6-466 Effect of merger
Article 7 Voluntary Liquidation
6-467 Authority to liquidate
6-468 Decision as to liquidation; adoption of plan
6-469 Election of liquidators; report; supervision
6-470 Protection and liquidation of assets
6-471 Filing and payment of claims
6-472 Final distribution and dissolution
Article 8 Supervision
6-474 Accounting practices and records
6-475 Branch office
6-476 Examination
6-477 Audit by public accountant
6-478 Reports to superintendent and members
6-479 Information to federal authorities
6-482 Receiver; appointment; transfer of assets; powers; liability
6-483 Procedure for liquidation; rights of share transferor
6-484 Illegal use of name; classification
Article 9 Rehabilitation and Reorganization
6-486 Rehabilitation of associations; definition of plan
6-487 Proposal of plan; petition; notice of hearing
6-488 Hearing; fairness of plan
6-489 Consents required for plan to operate; exceptions
6-490 Time of giving consents; jurisdiction of court
6-491 Effect of approval and consents
6-492 Appeals
6-493 Securities defined; power to issue under plan
6-494 Authority of fiduciaries
Article 10 Miscellaneous Provisions
6-495 Reservation of powers to legislature
6-496 Applicability of other statutes
6-497 Effect on existing associations
Arizona Administrative Code Title 20
ARTICLE 1. GENERAL
Section
R20-4-101. Scope of Article
R20-4-102. Definitions
R20-4-103. Fingerprints
R20-4-104. Acceptance of Other Forms
R20-4-105. Claims Against a Deposit in Place of Bond
R20-4-106. Bankruptcy
R20-4-107. Licensing Time-frames
Table A. Licensing Time-frames
ARTICLE 3. SAVINGS AND LOAN ASSOCIATIONS
Section
R20-4-301. Fidelity Bond -- A.R.S. § 6-420
R20-4-302. Repealed
R20-4-303. Separate Trust Account -- A.R.S. § 6-449(C)(3)
R20-4-304. Publication of Intent to Organize -- A.R.S. § 6-123
R20-4-305. Repealed
R20-4-306. Repealed
R20-4-307. Repealed
R20-4-308. Repealed
R20-4-309. Sale and Servicing of Loans -- A.R.S. §§ 6-451, 6-402
R20-4-310. Reserved
R20-4-311. Repealed
R20-4-312. Repealed
R20-4-313. Reserved
R20-4-314. Repealed
R20-4-315. Repealed
R20-4-316. Repealed
R20-4-317. Repealed
R20-4-318. Service Corporations -- A.R.S. § 6-446(5)
R20-4-319. Repealed
R20-4-320. Repealed
R20-4-321. Repealed
R20-4-322. Repealed
R20-4-323. Repealed
R20-4-324. Give-aways -- A.R.S. § 6-444
R20-4-325. Appraisal Requirements -- A.R.S. § 6-457
R20-4-326. Capital Notes and Debentures -- A.R.S. § 6-405.01
R20-4-327. Application for Permit to Organize a New Association -- A.R.S. § 6-408
R20-4-328. Application for Approval to Establish a Branch Office -- A.R.S. § 6-475
R20-4-329. Repealed
R20-4-330. First Payment Date on Loans -- A.R.S. § 6-449(E)
R20-4-331. Repealed
ARTICLE 11. PUBLIC DEPOSITORIES FOR PUBLIC MONIES
Section
R20-4-1102. Capital structure of savings and loan associations; defined
Substantive Policy Statements - N/A
Regulatory Alerts - N/A
Annual ReportS
A.R.S. §6-477. Audit by public accountant
An audit of the affairs of the association shall be made annually as of the end of its fiscal year by or under the direction of the board of directors. The superintendent may prescribe certain minimum requirements of the audit and shall require the filing of a copy of the report covering the audit with the superintendent. The audit shall be filed with the superintendent not more than one hundred twenty days after the end of the association's fiscal year, unless the superintendent extends the time period for good cause shown. The audit is not a substitute for or in lieu of the examination by the superintendent required by section 6-122.
A.R.S. §6-478. Reports to superintendent and members
A. Every association operating under this chapter shall file with the superintendent within sixty days following the close of each fiscal year of such association, a statement showing its financial condition at the close of the fiscal year and its operations for the year then ended. Each such statement shall be on forms prescribed by the superintendent and in conformity with generally accepted accounting principles, and shall be verified under oath by the secretary and certified by a committee of three or more members who are not officers of the association, or by a licensed certified public accountant appointed by the board of directors, or by two officers of the association.
B. Every association shall file also such other reports as the superintendent may require from time to time.
C. Within sixty days after the date of such statement, the association either shall mail to each member the annual statement of condition, or a condensed form thereof approved by the superintendent, or shall publish the same at least once.
Currently there are no AZDFI State regulated savings and loan companies operating in Arizona
Encrypted Email
AZDFI has adopted a new internet-based encryption e-mail system called Virtru. Virtru will keep your submissions confidential. Click HERE for more information.
