Arizona Laws 6-203. Application for banking permit; organizational application; final application
A. Except as otherwise provided in this section, an application for a banking permit or amendment to a banking permit shall be in writing, in such form as the deputy director may prescribe, and shall be supported by such information, data and records as the deputy director may require to make the findings necessary for the issuance or amendment of the permit.
Terms Used In Arizona Laws 6-203
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
- Writing: includes printing. See Arizona Laws 1-215
B. The deputy director shall establish an organizational application process and a final application process for new banking permit applications. The organizational application must include:
1. The historical description of the organizing group.
2. The proposed type of regulatory filing for the bank.
3. The proposed committee structure and its membership.
4. The completed biographical and financial report for each organizer.
5. The completed background permission form for each organizer.
6. The business plan summary.
7. The financial plan reflecting both the objectives of the strategic plan and the bank’s capital adequacy under the current capital guidelines.
8. The projected organizational budget for the project.
9. The articles of incorporation and the bylaws of the organizing corporation.
10. The proposed offering circular, escrow account information and stock certificate.
C. The department may accept an organizational application for a new banking permit without simultaneously filing with the federal deposit insurance corporation.
D. The final application for a new banking permit may begin at any time during the organizational phase. The required capital must be raised during the final application process.