PHOENIX — Arizona Gov. Katie Hobbs has signed legislation designed to modernize Arizona’s credit union charter and provide additional operating flexibility for state-chartered credit unions, marking the latest update to the state’s credit union laws.
HB 2979, known as the Arizona Credit Union Act Update bill, was signed by Hobbs as part of a package of legislation approved June 19. The governor’s office listed HB 2979, titled “credit unions; certificates; powers; committee,” among the measures signed into law.
The legislation received unanimous support during its legislative journey and was developed following recommendations from Arizona credit union leaders working through the GoWest Credit Union Association’s Arizona State Issues Working Group and Governmental Affairs Committee, according to GoWest. The association said it also worked with the Arizona Department of Insurance and Financial Institutions during development of the measure.
What Law Eliminates
According to GoWest, the law eliminates the par-value requirement for credit union membership shares, grants Arizona state-chartered credit unions authority to exercise powers available to out-of-state credit unions, and streamlines regulatory approval processes for branch openings, bylaw changes and name changes. The measure also includes technical updates intended to align Arizona statutes with modern credit union operations.
“Arizona credit unions recognize the importance of providing their current and future members with modern and responsive products and services,” Joe Adamack, GoWest senior vice president of legislative affairs, said in a statement released by the association. He said the legislation will help ensure credit unions have the tools needed to adapt to changing operating conditions and member expectations.
Earlier Modernization Efforts
The bill’s enactment follows earlier modernization efforts in Arizona. In 2024, Hobbs signed legislation updating portions of the Arizona Credit Union Act after a similar advocacy effort led by Arizona credit union leaders and GoWest. That measure included governance changes, regulatory updates and provisions addressing technological advancements in credit union operations.
GoWest credited Rep. Justin Wilmeth, R-Phoenix, with sponsoring and guiding HB 2979 through the Legislature. The association said the legislation is intended to help Arizona-chartered credit unions remain competitive while continuing to serve members and communities throughout the state.
The new law is scheduled to take effect Sept. 12, 2026, according to GoWest.
