SB 1265 Summary

• Establishes a state-owned bank task force within the Arizona commerce authority consisting of representatives from the superintendent of financial institutions, Arizona commerce authority, department of administration, corporation commission, state treasurer's office, department of revenue, Arizona department of agriculture, a licensed bank, a public bank advocacy organization, and university economic research departments.

• Task force shall 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 banks, capital requirements, and applicable laws and constitutional amendments needed.

• Task force shall also evaluate alternative programs that could achieve similar goals, 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 of representatives by December 1, 2017.

• Task force is repealed September 30, 2018.