AZ SB1614

Establishes special purpose depository institutions in Arizona that operate as nonlending banks accepting deposits from legal entities (not individuals) with minimum $5,000 deposits.

Requires special purpose depository institutions to maintain unencumbered liquid assets equal to 100% of depository liabilities and a contingency account of at least 2% of liabilities after the first three years of operation.

Mandates minimum initial capital of $5,000,000 and a paid-up surplus fund equal to at least three years of estimated operating expenses, with surety bonds or pledged capital to cover liquidation costs.

Requires institutions to display prominent disclosures that deposits are not insured by the Federal Deposit Insurance Corporation and obtain depositor acknowledgment of this fact.

Grants the deputy director authority to charter, examine, supervise, and revoke charters of special purpose depository institutions, with rules establishing application fees, supervisory fees, and examination costs.