HB 2406 Summary

• Amends section 35-315 of the Arizona Revised Statutes to expand the definition of services the state treasurer can contract for beyond traditional banking services.

• Replaces the term "banking services" with "financial services" to include services from banks, credit unions, financial institutions, financial services companies, and financial technology companies.

• Defines "financial services" to include establishing bank accounts, depository services, electronic payment services, providing merchant card equipment, and payment processing and gateway services.

• Authorizes merchant servicers and payment service providers to offer payment processing and gateway services to the state.

• Defines "payment processing and gateway services" as systems that facilitate payment transactions by transferring information between payment portals (websites, mobile apps, or interactive voice response services) and acquiring banks or processors.