House of Representatives

HB 2147

department of financial institutions

Sponsors: Representative Carpenter: Polestra

X	Committee on Financial Institutions and Insurance
	Caucus and COW
	Third Read
	As Passed the House

HB 2147 changes the title of the State Banking Department to the Department of Financial Institutions

History

The Arizona State Banking Department has expanded its overview of financial entities over the years. While its original regulatory scope was intended to provide licensing, supervision and examination of state chartered banks, the department now regulates eighteen types of financial institutions and enterprises. Among them are credit unions, consumer lenders, mortgage bankers, deferred presentment companies, motor vehicle dealers and trust companies. Therefore, legislation to rename the agency to better reflect the various entities that are regulated has been proposed.

The State Banking Department estimates that it will cost approximately $8,000 to convert stationary and miscellaneous office supplies to conform with the name change.

Provisions

· Changes the Banking Department to the Department of Financial Institutions.

· Contains other technical and conforming changes.

Fiscal Note

The Banking Department estimates an $8,000 expense to change stationary and other office supplies to reflect the new name.

---------- DOCUMENT FOOTER ---------

45th Legislature

Second Regular Session 2 January 29, 2002

---------- DOCUMENT FOOTER ---------