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Can you summarize 20 AZAC Chapter 4 Article 4?
Department of Insurance and Financial Institutions - Financial Institutions > CREDIT UNIONS
Short Summary
The provided legal document content pertains to the fidelity bond requirements for credit unions. According to the document, a credit union is required to have a fidelity bond in order to maintain federal insurance on its accounts. The fidelity bond must include faithful-performance-of-duty coverage. Additionally, the credit union is required to purchase the fidelity bond from an insurer that holds a certificate of authority from the Arizona Director of Insurance to transact surety business in Arizona. The document does not mention any specific exemptions or penalties related to the fidelity bond requirements for credit unions.
Whom does it apply to?
Credit unions
What does it govern?
Fidelity bond requirements for credit unions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Arizona