Pursuant to Arizona Administrative Code R20-4-104, the Director has the discretion to accept alternative application forms, but it does not limit the Director 's power to require additional information necessary to complete an application.
For a savings and loan association, the applicant may submit a copy of the FDIC Forms that the applicant files with the Federal Deposit Insurance Corporation; plus any additional application/information that DIFI may require under State law.
Please refer to Arizona Revised Statutes §§6-401 through 6-497 and Arizona Administrative Code R20-4-301 through 331 for Arizona Law.
DIFI is not authorized to give or offer legal advice. If you need help with a legal matter, you may want to consider contacting a private attorney. Inquiries should be directed to Financial Institutions at [email protected].
If your application requires an electronic finger-print card, DIFI requires a separate submission from the one you will submit to the FRB or FDIC.
Arizona Revised Statues §6-126 et seq.
| The following nonrefundable fees are payable to the department with the filing of the following applications: | Fees |
| To apply for a savings and loan association permit, five thousand dollars. | $5,000 |
| To establish each savings and loan association branch office, one thousand five hundred dollars. | $1,500 |
| To move an office of a savings and loan association to other than an established office, one thousand dollars. | $1,000 |
| To organize and establish any other financial institutions for which an application or investigation fee is not otherwise provided by law, two thousand five hundred dollars. | $2,500 |
| To acquire control of a financial institution, other than a consumer lender, five thousand dollars. | $5,000 |
| To apply for approval of the articles of incorporation of a business development corporation, five hundred dollars. | $500 |
| To apply for approval for the merger or consolidation of two or more financial institutions, five thousand dollars per institution. | $5,000 |
| To apply for approval to convert from a national bank or federal savings and loan charter to a state chartered institution, five thousand dollars. | $5000 |
|
To change the licensee name on a financial institution or enterprise license, two hundred fifty dollars. |
$250 |
| On issuance of a license or permit for a financial institution or enterprise, the Director shall collect the first year's annual assessment or renewal fee for the financial institution or enterprise prorated according to the number of quarters remaining until the date of the next annual assessment or renewal. | Based on assets |
| Fingerprint Card Background Check |
$22.00 ------------- $0.00 |
Arizona Revised Statutes
Chapter 3 SAVINGS AND LOAN ASSOCIATIONS
| Article 1 | General Provisions |
| 6-401 | Definitions |
| 6-402 | Scope of chapter; application to federal associations and federal savings banks |
| 6-403 | Prohibitions |
| 6-404 | General corporate powers |
| 6-405 | Power to borrow |
| 6-405.01 | Capital notes and debentures |
| 6-406 | Incidental powers |
| Article 2 | Formation and Licensing |
| 6-407 | Applicants and initial capital |
| 6-408 | Application for permit to organize |
| 6-409 | Findings and hearings |
| 6-410 | Director 's approval and issuance of permit to organize |
| 6-411 | Subscription to capital and temporary organization |
| 6-412 | Completion of organization |
| 6-413 | Contents of articles of incorporation |
| Article 3 | Membership and Management |
| 6-414 | Members |
| 6-415 | Members' meetings |
| 6-416 | Record date for voting, dividend and other purposes |
| 6-417 | Directors |
| 6-418 | Waiver of notice |
| 6-419 | Officers |
| 6-420 | Bonds of officers and employees |
| 6-421 | Access to books and records; communication with members |
| Article 4 | Capital |
| 6-422 | Types of capital; personal property |
| 6-423 | Accounts |
| 6-424 | Shares of guaranty capital; nature; consideration |
| 6-425 | Shares of guaranty capital; authorization of issuance; minimum amount |
| 6-426 | Shares of guaranty capital; rights of existing shareholders |
| 6-427 | Shares of guaranty capital; advertisement; sales; collection of subscription |
| 6-428 | Retirement or reduction of shares of guaranty capital |
| 6-429 | Issuance, delivery, and transfer of certificates and account books |
| 6-430 | Who may hold capital and membership |
| 6-432 | Effect of payment to minor or fiduciary |
| 6-433 | Payment on disability or death of holder in his own right of account |
| 6-434 | Shares and accounts of certain associations as legal investments; deposit of fiduciary monies |
| 6-435 | Voluntary withdrawal of accounts |
| 6-436 | Maturity of shares |
| 6-437 | Enforced retirement of accounts |
| 6-438 | Authorized charges applicable to members |
| 6-439 | Accounts subject to liens |
| 6-440 | Apportionment of profits |
| 6-442 | Dividends and interest |
| 6-443 | Bonus plans |
| 6-444 | Promotional activities prohibited |
| Article 5 | Investments and Powers |
| 6-446 | Other investments and powers |
| 6-449 | General loan contract provisions |
| 6-450 | Modification agreements |
| 6-451 | Servicing of loans |
| 6-452 | Purchase of real or personal property at forced sale |
| 6-453 | Purchase of real estate for office and rental purposes |
| 6-454 | Appraisal of real estate owned |
| 6-456 | Effect of unauthorized investments and loans; liability of officers |
| 6-457 | Appraisals |
| 6-458 | Acknowledgments |
| Article 6 | Voluntary Corporate Changes |
| 6-459 | Amendment of articles of incorporation |
| 6-460 | Procedure to amend articles of incorporation |
| 6-461 | Existing associations; adoption of articles and by‑laws |
| 6-462 | Conversion from state to federal association |
| 6-463 | Conversion from federal to state association |
| 6-464 | Effect of conversion |
| 6-465 | Merger of associations or corporations |
| 6-466 | Effect of merger |
| Article 7 | Voluntary Liquidation |
| 6-467 | Authority to liquidate |
| 6-468 | Decision as to liquidation; adoption of plan |
| 6-469 | Election of liquidators; report; supervision |
| 6-470 | Protection and liquidation of assets |
| 6-471 | Filing and payment of claims |
| 6-472 | Final distribution and dissolution |
| Article 8 | Supervision |
| 6-474 | Accounting practices and records |
| 6-475 | Branch office |
| 6-476 | Examination |
| 6-477 | Audit by public accountant |
| 6-478 | Reports to Director and members |
| 6-479 | Information to federal authorities |
| 6-482 | Receiver; appointment; transfer of assets; powers; liability |
| 6-483 | Procedure for liquidation; rights of share transferor |
| 6-484 | Illegal use of name; classification |
| Article 9 | Rehabilitation and Reorganization |
| 6-486 | Rehabilitation of associations; definition of plan |
| 6-487 | Proposal of plan; petition; notice of hearing |
| 6-488 | Hearing; fairness of plan |
| 6-489 | Consents required for plan to operate; exceptions |
| 6-490 | Time of giving consents; jurisdiction of court |
| 6-491 | Effect of approval and consents |
| 6-492 | Appeals |
| 6-493 | Securities defined; power to issue under plan |
| 6-494 | Authority of fiduciaries |
| ARTICLE 1 | GENERAL |
| Section | Please use the following links for ALL Articles below - https://apps.azsos.gov/public_services/Title_20/20-04.pdf |
| R20-4-101 | Scope of Article |
| R20-4-102 | Definitions |
| R20-4-103 | Fingerprints |
| R20-4-104 | Acceptance of Other Forms |
| R20-4-105 | Claims Against a Deposit in Place of Bond |
| R20-4-106 | Bankruptcy |
| R20-4-107 | Licensing Time-frames |
| Table A | Licensing Time-frames |
| ARTICLE 3. | SAVINGS AND LOAN ASSOCIATIONS |
| Section | Please use the following links for ALL Articles below - https://apps.azsos.gov/public_services/Title_20/20-04.pdf |
| R20-4-301. | Fidelity Bond -- A.R.S. § 6-420 |
| R20-4-302. | Repealed |
| R20-4-303. | Separate Trust Account -- A.R.S. § 6-449(C)(3) |
| R20-4-304. | Publication of Intent to Organize -- A.R.S. § 6-123 |
| R20-4-305. | Repealed |
| R20-4-306. | Repealed |
| R20-4-307. | Repealed |
| R20-4-308. | Repealed |
| R20-4-309. | Sale and Servicing of Loans -- A.R.S. §§ 6-451, 6-402 |
| R20-4-310. | Reserved |
| R20-4-311. | Repealed |
| R20-4-312. | Repealed |
| R20-4-313. | Reserved |
| R20-4-314. | Repealed |
| R20-4-315. | Repealed |
| R20-4-316. | Repealed |
| R20-4-317. | Repealed |
| R20-4-318. | Service Corporations -- A.R.S. § 6-446(5) |
| R20-4-319. | Repealed |
| R20-4-320. | Repealed |
| R20-4-321. | Repealed |
| R20-4-322. | Repealed |
| R20-4-323. | Repealed |
| R20-4-324. | Give-aways -- A.R.S. § 6-444 |
| R20-4-325. | Appraisal Requirements -- A.R.S. § 6-457 |
| R20-4-326. | Capital Notes and Debentures -- A.R.S. § 6-405.01 |
| R20-4-327. | Application for Permit to Organize a New Association -- A.R.S. § 6-408 |
| R20-4-328. | Application for Approval to Establish a Branch Office -- A.R.S. § 6-475 |
| R20-4-329. | Repealed |
| R20-4-330. | First Payment Date on Loans -- A.R.S. § 6-449(E) |
| R20-4-331. | Repealed |
| ARTICLE 11. | PUBLIC DEPOSITORIES FOR PUBLIC MONIES |
| Section | Please use the following links for ALL Articles below - https://apps.azsos.gov/public_services/Title_20/20-04.pdf |
| R20-4-1102. | Capital structure of savings and loan associations; defined |
Substantive Policy Statements - N/A
Regulatory Alerts - N/A
A.R.S. §6-477. Audit by public accountant
An audit of the affairs of the association shall be made annually as of the end of its fiscal year by or under the direction of the board of directors. The Director may prescribe certain minimum requirements of the audit and shall require the filing of a copy of the report covering the audit with the Director . The audit shall be filed with the Director not more than one hundred twenty days after the end of the association's fiscal year, unless the Director extends the time period for good cause shown. The audit is not a substitute for or in lieu of the examination by the Director required by section 6-122.
A.R.S. §6-478. Reports to Director and members
A. Every association operating under this chapter shall file with the Director within sixty days following the close of each fiscal year of such association, a statement showing its financial condition at the close of the fiscal year and its operations for the year then ended. Each such statement shall be on forms prescribed by the Director and in conformity with generally accepted accounting principles, and shall be verified under oath by the secretary and certified by a committee of three or more members who are not officers of the association, or by a licensed certified public accountant appointed by the board of directors, or by two officers of the association.
B. Every association shall file also such other reports as the Director may require from time to time.
C. Within sixty days after the date of such statement, the association either shall mail to each member the annual statement of condition, or a condensed form thereof approved by the Director , or shall publish the same at least once.
Currently there are no DIFI State regulated savings and loan companies operating in Arizona
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