House of Representatives

HB 2147

department of financial institutions

Sponsors: Representative Carpenter:  Polestra

 

dpa

Committee on Financial Institutions and Insurance

X

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.

 

Current Status

HB 2147 passed the Financial Institutions and Insurance Committee with one amendment.

 

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.  This conversion will not take place until 2003.

 

Provisions

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

·          Contains other technical and conforming changes. 

 

HB2147 was amended in the Financial Institutions and Insurance Committee as follows:

§         Brings credit unions into conformance with the examination schedules of other financial institutions.

§         Contains a technical conforming change by removing the requirement that the Department of Banking provide a list of authorized banks for the deposit of public monies.  This was repealed previously in other areas of statute.

 

 

 

 

 

 

Fiscal Note

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

 

 

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45th Legislature                       

Second Regular Session            2          January 30, 2002

 

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