Bill > HB2979

This bill makes several changes to Arizona's laws governing credit unions, primarily focusing on streamlining processes and expanding their operational capabilities. Key provisions include clarifying that the par value of shares, if any, can be set by the credit union, and establishing specific timelines for the deputy director (an official overseeing credit unions) to respond to requests for bylaw amendments, name changes, and changes to principal places of business or branches, requiring acknowledgment within ten business days and a decision within thirty or sixty business days, respectively, with provisions for extensions. The bill also allows credit unions to delegate management and powers with prior written approval from the deputy director, and grants state-chartered credit unions whose accounts are insured by an insuring organization (like the NCUA, National Credit Union Administration) the same rights and privileges as federally chartered credit unions, and allows them to exercise out-of-state credit union powers with the deputy director's approval. Additionally, it modifies the process for loan approvals by the credit committee, stating that loans are approved or denied by a majority of committee members present at a meeting, and clarifies that appeals to the credit committee are handled as provided in another section.

Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/85299