Arizona Laws 6-510. Principal place of business; branch office; automated teller machines
A. A credit union may change its principal place of business or branch within this state with the prior approval of the deputy director and the payment of the fee provided in section 6-126.
Terms Used In Arizona Laws 6-510
- Automated teller machine: means an automated device that is established by a bank, savings and loan association or credit union and that facilitates customer-bank communications activities, including taking deposits and disbursing cash drawn against a customer's deposit account or a customer's preapproved loan account, at a location separate from the home office or a branch. See Arizona Laws 6-101
- Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
- Branch office: means a place of business of a credit union, other than a principal office, at which deposits are received and checks are paid, but does not include premises used for computer operations, recordkeeping, accounting, storage, maintenance or other administrative or service functions. See Arizona Laws 6-501
- 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
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
B. A credit union may establish a branch office with the prior approval of the deputy director.
C. A credit union may establish or maintain automated teller machines at locations other than its places of business. The credit union must send a notification letter to the deputy director at least thirty days before the automated teller machine is established pursuant to this subsection. A credit union may join through contractual agreement with one or more other credit unions or other financial organizations in the operation of automated teller machine networks.
D. A credit union organized under this chapter may conduct business in other states or territories of the United States where it is allowed to do so on approval of the deputy director, if it is reasonably necessary to service its members.