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Can you summarize AZRS 6-328?
Deposit concentration limits
Short Summary
This legal document governs the acquisition of financial institutions in Arizona. It states that neither an out-of-state financial institution nor an in-state financial institution can acquire another out-of-state or in-state financial institution if certain conditions exist. These conditions include the resulting institution or affiliation controlling thirty percent or more of the bank deposits held in the state, or if one of the institutions involved in the acquisition already controls thirty percent or more of the bank deposits. However, this limitation does not apply to interstate acquisitions involving already affiliated entities. The deputy director has the authority to waive the deposit concentration limit after considering certain factors, such as the promotion of financial services, marketability of in-state financial institutions, or other public interests. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Out-of-state financial institutions, in-state financial institutions
What does it govern?
Deposit concentration limits
What are exemptions?
Interstate acquisitions involving already affiliated entities
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Arizona