Arizona Laws 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.
Terms Used In Arizona Laws 6-148
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- 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. See Arizona Laws 6-141
- Controlling person: means any person directly or indirectly in control of a bank, trust company or savings and loan association. See Arizona Laws 6-141
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
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.