AZ HB2221

Establishes the Bank of Arizona as a state-owned and state-operated banking system under Title 6, Arizona Revised Statutes, Chapter 18.

Creates a seven-member advisory board of directors consisting of one state senator, one representative, three appointees by the state treasurer, and two public members appointed by the governor, with four-year terms for appointed members.

Requires all state monies to be deposited in the Bank of Arizona, with all deposits guaranteed by the state and exempt from all state, county, and municipal taxes.

Authorizes the Bank of Arizona to make loans to persons in Arizona, perform clearinghouse functions, and loan funds to the state general fund if needed to meet legislative appropriations, while prohibiting loans to commission or board members.

Establishes a July 1, 2021 termination date for the program pursuant to the state's sunset review process.