AZ SB1301

Establishes a state-owned bank task force within the Arizona commerce authority consisting of representatives from the superintendent of financial institutions (chair), Arizona commerce authority, department of administration, corporation commission, state treasurer's office, department of revenue, Arizona department of agriculture, a private bank, a public bank advocacy organization, and economic research departments from Arizona Board of Regents universities.

Directs the task force to explore and evaluate the feasibility of establishing a state-owned bank, including review of the Bank of North Dakota, Massachusetts studies, models from other states, economic impacts, effects on existing financial institutions, capital requirements, and applicable laws and constitutional amendments needed.

Requires the task force to consider alternative programs and options including community development financial institutions, Small Business Administration programs, agricultural loan programs, and clean energy investment authorities that could achieve similar goals as a state-owned bank.

Requires the task force to submit a report of findings and recommendations to the governor, president of the senate, and speaker of the house by December 1, 2016.

Task force members serve without compensation but are eligible for reimbursement of expenses; the task force is repealed on September 30, 2017.