Amends definitions with technical corrections; amends procedures for organizing credit union; deletes provision regarding CU ATMs; Repeals AZ LEG 6-512 re fiscal year.
Also amends general powers of credit unions, including power to purchase another financial institution and hold membership in other credit unions, associations.
Further amends powers, defining nature of membership of credit union; allows for approval or denial by board of a membership applicant; allows membership fees.
Defines authority and responsibilities of credit union board of directors, voting.
Sets procedures for suspension and removal of officers, directors, committee members of the credit union; defines loan procedures and limits prepayment penalties.
Legislative History
On Jan. 30, 2024, bill introduced in Senate; on Feb. 19, 2024, bill passed Senate.
On Feb. 21, 2024, bill introduced in House; on Mar. 28, 2024, bill passed House.
On Apr. 1, 2024, bill transmitted to governor; on Apr. 3, 2024, governor signed bill.
Effectiveness)
Bill effective on Sep. 14, 2024 (91 days after Jun. 15 adjournment).
