Ask Reggi Your Question Now
Can you summarize 6 AZRS Chapter 4?
Banks and Financial Institutions > CREDIT UNIONSSec: 6-501-6-595
Short Summary
The provided legal document governs the examination and reporting requirements for credit unions in Arizona. It mandates that credit unions must not make any false, misleading, or deceptive statements or representations. Credit unions are required to keep and use books, accounts, and records that allow the deputy director to assess their true financial condition and compliance with the chapter. The deputy director has full access to all relevant information under the control of the credit union. The books and records of the credit union must be maintained at the address filed with the deputy director. The deputy director is responsible for conducting periodic examinations of each credit union and providing a report to the board of directors within thirty days. Alternatively, examination or audit reports from approved entities may be accepted. Credit unions must report their financial condition and operational results to the deputy director within thirty days after the end of each calendar quarter. Failure to file a report on time may result in penalties of up to $100 per day of delinquency, unless excused for cause. The document also provides definitions for various terms related to credit unions and applies to credit unions, organizations or associations owned by or composed of credit unions, and corporations or associations primarily serving credit unions. No specific exemptions or penalties are mentioned in this document. The purpose of this chapter is to ensure that credit unions can compete with each other, as well as with other financial institutions under different laws and in different jurisdictions.
Whom does it apply to?
Credit unions, organizations or associations owned by or composed of credit unions, and corporations or associations primarily serving credit unions
What does it govern?
Examination and reporting requirements for credit unions in Arizona
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
Penalties of up to $100 per day of delinquency for failure to file a report on time, unless excused for cause.
Jurisdiction
Arizona