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Savings & Loan

SAVINGS & LOAN

Pursuant 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.

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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

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Arizona Department of Financial Institutions
100 N 15th Ave Suite 261
Phoenix, AZ 85007
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Phone: 602-771-2800
Fax: 602-381-1225
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