§ 6-1113 Reports; examination; costs

AZ Rev Stat § 6-1113 (2019) (N/A)

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6-1113. Reports; examination; costs

A. The superintendent may require reports from and examine financial institution holding companies and each subsidiary of the holding companies. The superintendent shall accept the examination and financial reports of the appropriate federal or state holding company regulatory authority in lieu of any examination or financial report authorized or required by this chapter. The reports so accepted are considered for all purposes as official reports of the department.

B. Notwithstanding subsection A of this section, the superintendent may require reports from and examine financial institution holding companies and their subsidiaries if it appears to the superintendent that any of these entities has engaged, is engaging or is about to engage in any act, practice or transaction which constitutes an unsafe or unsound practice or a violation of this title or any rule or order of the superintendent. This section does not prohibit the department from participating with federal regulators in the examinations to aid in enforcing this title.

C. The cost of any examination shall be assessed against and paid by each financial institution holding company pursuant to section 6-125.

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