Arizona Laws 6-502. Reports and examinations
A. The deputy director shall examine or cause to be examined each credit union at periodic intervals as provided by section 6-122. The deputy director shall forward a report of the examination to the board of directors of the credit union examined within thirty days after completion of the report. Within thirty days after the receipt of the report the directors shall meet to consider matters contained in the report.
Terms Used In Arizona Laws 6-502
- Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
- 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
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Organization: means any corporation, association, partnership, society, firm, syndicate, trust or other legal entity. See Arizona Laws 6-501
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
B. In lieu of the examination required by subsection A of this section, the deputy director may accept an examination or audit report of the condition of a credit union made by the national credit union administration or by a certified public accountant who is licensed in this state or who has a limited reciprocity privilege pursuant to section 32-725 or other qualified person or organization approved by the deputy director. The credit union shall bear the cost of any such examination or audit. A certified public accountant or other qualified person or organization making an audit to be submitted in lieu of an examination by the deputy director shall obtain prior approval from the deputy director before conducting such an audit. In approving such an audit the deputy director may prescribe minimum requirements for the audit, including the date by which the audit must be completed and a copy filed with the deputy director.
C. Within thirty days after the end of each calendar quarter a credit union shall report to the deputy director, on forms supplied by the deputy director for that purpose, its financial condition and the results of its operation for the quarter.
D. Unless excused for cause before or after the due date, a credit union that fails to file a report when due shall pay the department, as assessed, up to $100 for each day of delinquency.