A. Except as prescribed by subsection B of this section, a person shall not establish or operate a deposit production office or similar office in this state for the purpose of soliciting deposits or similar evidence of indebtedness or participation interests in indebtedness.

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Terms Used In Arizona Laws 6-329

  • Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215

B. This section does not apply to activities conducted at the main office or a branch of an affiliated financial institution that is acting as an agent as prescribed by section 6-184.

C. In determining whether an activity is prohibited by this section, the deputy director shall consider the factors specified in the Riegle-Neal interstate banking and branching efficiency act of 1994, section 109 (c)(2) (P.L. 103-328; 108 Stat. 2338; 12 United States Code § 1835a(c)(2)).

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