AZ SB1245

Establishes a state-owned bank task force within the Arizona Commerce Authority consisting of representatives from nine state agencies and one representative from each university under the Arizona Board of Regents, with the superintendent of financial institutions serving as chairperson.

Task force shall evaluate the feasibility of establishing a state-owned bank by reviewing the Bank of North Dakota, Massachusetts studies, other state models, economic impacts, effects on existing financial institutions, capital requirements, and applicable laws.

Task force shall also consider alternative programs and options including community development financial institutions, Small Business Administration loans, agricultural loan programs, and clean energy investment authorities.

Task force shall submit findings and recommendations to the governor, president of the senate, and speaker of the house by December 1, 2014, with a copy provided to the secretary of state.

Appropriates funds from the state general fund for fiscal year 2014-2015 to the Arizona Commerce Authority to support task force operations, travel expenses, and consulting fees; task force is repealed September 30, 2015.