reglab/housing_qa huggingface dataset:
AZ Rev Stat § 44-2085 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-2085 - Limitation on damages; definition

44-2085.  Limitation on damages;  definition A. Except as provided in subsection B of this section,  in any private action arising under section 44-1991 or 44-1992 in which the plaintiff seeks to establish damages by reference to the market price of a security,  the award of damages to the plaintiff shall not exceed the difference between the purchase or sale price paid or received,  as appropriate,  by the plaintiff for the security and the mean trading price of that security during the ninety days beginning on the date on which the information correcting the misstatement or omission that is the basis for the action is disseminated to the market. B. In any private action arising under section 44-1991 or 44-1992 in which the plaintiff seeks to establish damages by reference to the market price of a security,  if the plaintiff sells or repurchases the security before the expiration of the ninety day period prescribed in subsection A of this section,  the plaintiff's damages shall not exceed the difference between the purchase or sale price paid or received by the plaintiff for the security and the mean trading price of the security during the period beginning immediately after dissemination of information correcting the misstatement or omission and ending on the date on which the plaintiff sells or repurchases the security. C. This section shall not apply to damages caused by a violation of section 44-1841 or 44-1842. D. For purposes of this section,  " mean trading price of the security"  means an average of the daily trading price of that security,  determined as of the close of the market each day during the relevant period.
AZ Rev Stat § 44-2086 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-2086 - Attorney fees paid from disgorgement monies; prohibition

44-2086.  Attorney fees paid from disgorgement monies;  prohibition Disgorged monies resulting from a judicial or administrative action brought by the commission shall not be distributed as payment for attorney fees or expenses incurred by private parties seeking distribution of the disgorged monies,  except as otherwise ordered by the court on a motion by the commission or,  in the case of an administrative action,  as otherwise ordered by the commission.
AZ Rev Stat § 44-2121 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-2121 - Definition of illegal act

44-2121.  Definition of illegal act In this article,  unless the context otherwise requires,  " illegal act"  means an act or omission that violates any law or any rule having the force of law.
AZ Rev Stat § 44-2122 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-2122 - Audit requirements

44-2122.  Audit requirements Unless exempted by the commission,  an independent certified public accountant who audits the financial statements of an issuer in an audit required pursuant to this chapter shall include,  in accordance with generally accepted auditing standards as modified or supplemented by the commission: 1. Procedures designed to provide reasonable assurance of detecting illegal acts that would have a direct and material effect on the determination of financial statement amounts. 2. Procedures designed to identify related party transactions that are material to the financial statements or otherwise require disclosure. 3. An evaluation of whether there is substantial doubt about the ability of the issuer to continue as a going concern during the next fiscal year.
AZ Rev Stat § 44-2124 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-2124 - Auditor liability limitation

44-2124.  Auditor liability limitation No independent certified public accountant is liable in a private action for any finding,  conclusion or statement expressed in a report made pursuant to section 44-2123,  subsection C or D,  including any rule adopted by the commission pursuant to that section.
AZ Rev Stat § 44-2125 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-2125 - Civil penalties in cease and desist proceedings

44-2125.  Civil penalties in cease and desist proceedings After notice and an opportunity for a hearing in a proceeding instituted pursuant to article 16 of this chapter,  if the commission finds that an independent certified public accountant has wilfully violated section 44-2123,  subsection C or D,  in addition to entering an order pursuant to article 16 of this chapter,  the commission may impose a civil penalty against the independent certified public accountant and any other person that the commission finds was a cause of the violation.
AZ Rev Stat § 44-2126 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-2126 - Preservation of existing authority

44-2126.  Preservation of existing authority Nothing in this article limits or otherwise affects the authority of the commission under this chapter.
AZ Rev Stat § 44-3102 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3102 - Interpretations by commission

44-3102.  Interpretations by commission In interpreting the definitions prescribed in section 44-3101 and other terms and phrases used in this chapter,  the commission may refer to identical terms or phrases in the investment advisers act of 1940 and investment company act of 1940 including regulations or interpretive releases promulgated under those acts and chapter 12 of this title and any rules adopted under that chapter.
AZ Rev Stat § 44-3151 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3151 - Licensure required; exclusion; violation; classification

44-3151.  Licensure required;  exclusion;  violation;  classification A. A person shall not transact business in this state as an investment adviser or investment adviser representative unless any of the following applies: 1. The person is licensed under this article. 2. The person is a federal covered adviser and has made a notice filing under this article. 3. The person is exempt from licensure. 4. The person is a federal covered adviser and is not subject to the notice filing requirements prescribed in section 44-3153. B. The licensure requirements of this article do not apply to any federal covered adviser or a person that is excluded from the definition of an investment adviser under section 202(a)(11) of the investment advisers act of 1940. C. An investment adviser that is required to be licensed shall not employ an investment adviser representative unless the investment adviser representative is licensed under this article. The licensure of an investment adviser representative is not effective during any period of time that the investment adviser representative is not employed by a licensed investment adviser or by a federal covered adviser that has made a notice filing pursuant to section 44-3153,  subsection E. A licensed investment adviser shall promptly notify the commission when an investment adviser representative begins or terminates employment with the investment adviser by filing a completed form U-4 or form U-5 or any other form as the director may designate. D. An investment adviser representative shall not conduct business on behalf of a federal covered adviser unless that investment adviser representative is licensed under this article. A federal covered adviser shall notify the commission if any investment adviser representative begins or terminates employment with that federal covered adviser by filing a completed form U-4,  form U-5 or any other form the director designates for that purpose. E. A person who knowingly violates this section is guilty of a class 1 misdemeanor.
AZ Rev Stat § 44-3154 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3154 - Licensure application; additional information

44-3154.  Licensure application;  additional information The commission or the director may require submission of additional information regarding an applicant's previous history,  record or business experience as the commission or director deems necessary to determine whether an applicant should be licensed as an investment adviser or investment adviser representative in this state.
AZ Rev Stat § 44-3155 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3155 - Investment adviser license; notification

44-3155.  Investment adviser license;  notification A. If an applicant for licensure as an investment adviser fully complies with this article and commission rules adopted under this article,  the director shall license the applicant as an investment adviser,  unless the commission finds cause for denial as provided in article 6 of this chapter. B. After the director has licensed an applicant as an investment adviser or has received a complete notice filing from a federal covered adviser,  the director shall promptly notify the applicant or the federal covered adviser through the IARD,  by mail or by any other method that is reasonably acceptable to the commission.
AZ Rev Stat § 44-3156 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3156 - Application for licensure as investment adviser representative

44-3156.  Application for licensure as investment adviser representative A. Any individual may apply for licensure as an investment adviser representative. An application for licensure as an investment adviser representative shall be signed by the applicant and by the licensed or federal covered adviser employing or intending to employ the applicant. B. An application for licensure as an investment adviser representative shall be filed with the commission through the IARD. If the IARD does not provide for receipt of a filing,  the filing may be made with the commission by mail or any other reasonable method that is acceptable to the commission. C. An application for licensure shall include the following,  together with other information the commission prescribes: 1. A completed form U-4 or any other form as the director may designate. An applicant that has a current form U-4 filed with this state may submit a brief written request for licensure with the commission. 2. Proof of compliance with written examination requirements. 3. If the applicant's fingerprints are not on file with the division,  the CRD system or the IARD,  a full set of fingerprints. The commission shall submit the fingerprints to the department of public safety for the purpose of obtaining a state and federal criminal records check pursuant to section 41-1750 and Public Law 92-544. The department of public safety may exchange this fingerprint data with the federal bureau of investigation. D. An application for licensure as an investment adviser representative shall be accompanied by payment of the licensure fee prescribed in section 44-3181.
AZ Rev Stat § 44-3157 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3157 - Investment adviser representative license; notification

44-3157.  Investment adviser representative license;  notification A. If an applicant for licensure as an investment adviser representative fully complies with this article and commission rules adopted under this article,  the director shall license the applicant as an investment adviser representative,  unless the commission finds cause for denial as provided in article 6 of this chapter. B. After the director has licensed an applicant as an investment adviser representative,  the director shall promptly notify the applicant of the licensure by mail,  through the IARD or by any other method that is reasonably acceptable to the commission.
AZ Rev Stat § 44-3158 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3158 - Expiration, renewal or transfer of licensure; automatic suspension

44-3158.  Expiration,  renewal or transfer of licensure;  automatic suspension A. All licenses expire on December 31 of each year unless renewed before expiration by payment through the IARD of the fees prescribed by section 44-3181. If the IARD does not provide for receipt of a filing,  the filing may be made with the commission by mail or any other reasonable method that is acceptable to the commission. B. An investment adviser representative may transfer that investment adviser representative's license to an investment adviser that is either licensed by the commission or that has made a notice filing with the commission by filing a completed application for licensure and remitting a transfer fee to the commission through the IARD. If the IARD does not provide for receipt of a filing,  the filing may be made with the commission by mail or any other reasonable method that is acceptable to the commission. The license of an investment adviser representative will automatically be suspended from the time of termination of employment with an investment adviser until the investment adviser representative is employed by another licensed or federal covered adviser,  the director is notified of the employment by the investment adviser in writing and the investment adviser is notified of approval of the licensure by the director by mail,  through the IARD or by any other reasonable method established by the commission or the investment adviser representative has complied with all requirements in accordance with a temporary investment adviser representative transfer program. The commission may adopt rules providing for temporary transfer of licensure of investment adviser representatives.
AZ Rev Stat § 44-3159 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3159 - Reporting requirements

44-3159.  Reporting requirements A. In order to retain licensure,  licensed investment advisers and investment adviser representatives shall file the following with the commission through the IARD: 1. A supplemental statement showing any material changes in the facts contained in the original application for licensure as supplemented or amended as the changes occur or within thirty days after the change. 2. If a licensed investment adviser requires payment of advisory fees six months or more in advance and in excess of five hundred dollars for each client,  an audited balance sheet as of the end of the investment adviser's fiscal year. Each balance sheet shall be: (a) Prepared in conformity with generally accepted accounting principles and examined in accordance with generally accepted auditing standards. (b) Audited by an independent certified public accountant. (c) Accompanied by an opinion of the independent certified public accountant as to the report of financial position,  and by a note stating the principles used to prepare the report,  the basis of included securities and any other explanations required for clarity. B. If the IARD does not provide for receipt of a filing,  the filing may be made with the commission by mail or any other reasonable method that is acceptable to the commission. C. The financial statements prescribed in subsection A shall be filed with the commission within ninety days after the end of the investment adviser's fiscal year. D. Any licensed investment adviser that has its principal place of business in another state is exempt from the requirements prescribed in subsection A if all of the following apply: 1. The investment adviser is registered as an investment adviser with the state in which it maintains its principal place of business. 2. The investment adviser has complied with the financial reporting requirements,  if any,  of the state in which it maintains its principal place of business. 3. If prescribed by the commission,  the investment adviser files with the commission a copy of the financial reports it files with the state in which it maintains its principal place of business.
AZ Rev Stat § 44-3181 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3181 - Fees; penalties; abandonment

44-3181.  Fees;  penalties;  abandonment A. The annual nonrefundable license fee for each licensed investment adviser and investment adviser representative and the annual nonrefundable notice filing fee for each federal covered adviser shall be paid to the commission on or before the last working day of December. The annual nonrefundable license fee for each investment adviser and the annual nonrefundable notice filing fee prescribed in section 44-3153,  subsection F are two hundred fifty dollars and the annual nonrefundable license fee for each investment adviser representative is forty dollars. B. An investment adviser that fails to timely renew an annual investment adviser or investment adviser representative license or notice filing shall pay a penalty of twenty-five dollars per business day until the appropriate documents and fee are filed,  up to a maximum of forty business days. Failure to timely renew is not a violation of section 44-3151 if the license or notice filing fee and penalty are paid within forty business days. Failure to renew within forty business days may result in additional sanctions as provided in this chapter. C. The transfer fee for an investment adviser representative transferring that investment adviser representative's license from one investment adviser to another investment adviser is forty dollars. D. All applications,  withdrawals,  terminations,  transfers,  renewals or other filings with the IARD shall be on the forms required by the IARD and shall be accompanied by any reasonable costs charged by the IARD for processing the filings. Any person who is required to pay a fee pursuant to this section may transmit the fee to the commission through the IARD. E. The commission shall retain any notice filing or licensure fees that are collected in connection with abandoned applications or notice filings. A notice filing or an application for licensure is deemed abandoned if both: 1. The notice filing or application has been on file with the commission for at least six months or the applicant or notice filer has failed to respond to a request for information for at least two months after the date of the request. 2. The applicant or notice filer has failed to respond to the commission's notice of warning of abandonment within sixty calendar days after the date of the warning. F. The fee for submitting fingerprints is the fee that is required by the federal government and the department of public safety.
AZ Rev Stat § 44-3202 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3202 - Entry of order of denial, suspension or revocation

44-3202.  Entry of order of denial,  suspension or revocation A. If,  after a hearing or notice and an opportunity for a hearing as provided in article 7 of this chapter,  the commission finds grounds to deny,  suspend or revoke the license of an investment adviser or investment adviser representative,  the director shall enter an order denying,  suspending or revoking the license of the investment adviser or investment adviser representative. The order shall state specifically the grounds for its issuance and shall be filed with docket control of the commission. B. A copy of the order shall be sent by certified mail to the investment adviser or investment adviser representative whose license is denied,  suspended or revoked,  and if the denial,  suspension or revocation of the license is of an investment adviser representative,  to the licensed investment adviser who employs the investment adviser representative. C. Denial,  suspension or revocation of the license of an investment adviser also suspends or revokes the license of all of the investment adviser's investment adviser representatives,  but suspension or revocation of the license of an investment adviser representative solely because the investment adviser representative was employed by an investment adviser whose license was denied,  suspended or revoked does not prejudice subsequent applications for licensure by the investment adviser representative. D. An investment adviser or investment adviser representative that has voluntarily terminated or allowed the adviser's or representative's license to lapse shall continue to be subject to actions by the commission under this article in connection with conduct that began before the termination or lapse of the license. Any action by the commission under this article against an investment adviser or investment adviser representative shall begin within two years after termination or lapse of the license.
AZ Rev Stat § 44-3211 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3211 - Initiation of hearing; purpose of hearing

44-3211.  Initiation of hearing;  purpose of hearing The commission may order a hearing on its own initiative or at the written request of any interested person,  either before or after licensure of an investment adviser or investment adviser representative: 1. For the purpose of administering or obtaining information necessary in the enforcement of this chapter or the rules or orders of the commission adopted or issued under this chapter. 2. To enable the commission to take appropriate action in connection with any pending application for licensure of any investment adviser or investment adviser representative. 3. To modify the terms and conditions of any license,  order or notice filing. 4. To determine whether the license of any investment adviser or investment adviser representative should be denied,  suspended or revoked.
AZ Rev Stat § 44-3212 (2021)
2021 Arizona Revised Statutes|Title 44 - Trade and Commerce|§ 44-3212 - Notice of an opportunity for a hearing; time of hearing

44-3212.  Notice of an opportunity for a hearing;  time of hearing A. Before entering an order denying,  suspending or revoking the license of an investment adviser or investment adviser representative pursuant to article 6 of this chapter,  the commission shall send to the investment adviser or investment adviser representative,  and,  if an investment adviser representative,  to the investment adviser who employs or intends to employ the investment adviser representative,  a notice of a hearing or notice of an opportunity for a hearing. B. Before entering an order to cease and desist or an order for rescission,  restitution or penalties,  the commission shall serve on each respondent a notice of a hearing or a notice of an opportunity for a hearing. The commission by rule may provide for temporary cease and desist orders if the public welfare requires immediate action. C. Notice of a hearing or notice of an opportunity for a hearing shall be served as prescribed by rules adopted by the commission for service of subpoenas and cease and desist orders. The notice shall contain a statement of the matters to be considered. A notice of an opportunity for a hearing shall state that the person to whom the notice is sent will be afforded a hearing on request to the commission if the request is made in writing within ten days after receipt of the notice. D. If a person requests a hearing in accordance with this article,  the commission shall set a date,  time and place for the hearing and shall immediately notify the person requesting the hearing of the date,  time and place for the hearing. The date set for the hearing shall be within sixty days,  but not earlier than twenty days after the request for a hearing has been made,  unless otherwise agreed to by both the commission and the person requesting the hearing. E. If the hearing is initiated by the commission the notice of the hearing shall specify the date,  time and place of the hearing and the date of the hearing shall be within twenty days of the date of the notice of the hearing.