reglab/statecodes huggingface dataset:
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1233 - Cease and desist order

6-1233.
Cease and desist order
In addition to the authority under section 6-137,  the director may issue an order against the licensee to cease and desist from providing money transmission through an authorized delegate that violated,  is violating or is about to violate this title.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1241 - Definitions

6-1241.
Definitions
In this article,  unless the context otherwise requires:
1. " Authorized delegate"  means a person that a licensee designates to engage in money transmission on behalf of the licensee pursuant to article 1 of this chapter.
2. " Licensee"  means a person that is licensed under article 1 of this chapter.
3. " Money transmitter"  means a person that meets the definition of a bank,  financial agency or financial institution as prescribed by 31 United States Code section 5312 or 31 Code of Federal Regulations section 1010.100.
4. " Trade or business"  has the same meaning prescribed in section 162 of the internal revenue code and includes the money accumulation business.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1243 - Investigations

6-1243.
Investigations
A. The attorney general may conduct investigations within or outside this state to determine if a licensee,  authorized delegate,  money transmitter,  financial institution or person engaged in a trade or business has failed to file a report required by this article or has engaged or is engaging in an act,  practice or transaction that constitutes a money laundering violation as provided in section 13-2317.
B. On request of the attorney general,  all licensees,  authorized delegates,  money transmitters and financial institutions shall make their books and records available to the attorney general during normal business hours for inspection and examination in connection with an investigation pursuant to this section.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1301 - Definitions

6-1301.
Definitions
In this chapter,  unless the context otherwise requires:
1. " Advance fee"  means a fee,  interest or other consideration directly or indirectly received by a person prior to a loan of money or extension of credit or a commitment to loan money or extend credit being made by the person. Advance fees do not include the actual cost of charges paid to a third party which are incurred in making real estate loans secured in whole or in part by a mortgage deed of trust or other security instrument on real estate,  including charges for a preliminary title search,  title examination and report,  title insurance premiums,  property survey and appraisal fees.
2. " Advance fee loan broker"  means a person who is not exempt under section 6-1302 and who for an advance fee or in the expectation of an advance fee either directly or indirectly makes or procures,  attempts to make or procure or offers to make or procure or attempt to make or procure a loan of money or extension of credit.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1302 - Scope of chapter; exemptions

6-1302.
Scope of chapter;  exemptions
A. Any person who acts as an advance fee loan broker shall register with the deputy director as provided in this chapter. A person who is not exempt under subsection B of this section and who advertises for,  solicits or purports to be willing to make or procure a loan or extension of credit for an advance fee is presumed to be engaged in the business of an advance fee loan broker.
B. This chapter does not apply to:
1. Individuals not regularly engaged in the business of making or procuring loans or extensions of credit for an advance fee.
2. A person doing business as allowed by any law of any state or of the United States relating to banks,  savings banks,  trust companies,  savings and loan associations,  credit unions,  insurance companies,  consumer lenders or profit sharing and pension trusts.
3. A person licensed as a mortgage broker,  a mortgage banker or a commercial mortgage banker pursuant to chapter 9 of this title.
4. A person who makes a loan with the person's own money or for the person's own investment.
5. A person licensed as a real estate broker or salesperson pursuant to title 32,  chapter 20,  article 2.
6. A person who is licensed to practice law in this state but who is not actively and principally engaged in the business of making or procuring loans or extensions of credit,  if this person renders services in the course of the person's practice as an attorney.
7. An institutional investor as defined in section 6-971 unless the institutional investor advertises for,  solicits or holds himself out as willing to make or procure for an advance fee a loan or extension of credit other than a commercial mortgage loan as defined in section 6-971.
8. This state including any political subdivision of this state.
9. The United States or any department or agency of the United States.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1303 - Application for registration

6-1303.
Application for registration
A. Application for registration as an advance fee loan broker may be made by any person. An application for registration shall be signed by the applicant and duly verified by oath. The application shall be filed with the deputy director and shall contain such information as the deputy director prescribes by rule and deems necessary in determining whether the applicant is entitled to engage in the advance fee loan broker business.
B. The deputy director shall rule on an application within sixty days following the date the application is filed with the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1305 - Registration; renewal; reporting requirements

6-1305.
Registration;  renewal;  reporting requirements
A. The deputy director shall register the applicant as an advance fee loan broker when an applicant has fully complied with this chapter and the rules prescribed by the deputy director.
B. The deputy director shall immediately notify the applicant on registering the applicant as an advance fee loan broker.
C. A registered advance fee loan broker shall apply for renewal as prescribed by the deputy director not later than June 30 of each year. A registration for which a renewal application is not received by the deputy director by June 30 is suspended and the registered advance fee loan broker may not act as an advance fee loan broker until the registration is renewed or a new registration is issued pursuant to this article. The registration of an advance fee loan broker that has not filed a renewal application and paid the renewal fee by July 31 expires. A registration may not be granted to the holder of an expired registration except as provided in this article for the issuance of an original registration.
D. An advance fee loan broker may annually renew the broker's registration by filing a supplemental statement showing any changes in the facts set forth in the original application for registration or any previously filed supplemental statement made at the time of annual renewal.
E. An advance fee loan broker shall file a supplemental statement showing any changes in the facts set forth in the original application or in any supplemental statement made at the time of annual renewal within thirty days after a change in any material fact.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1307 - Records

6-1307.
Records
Advance fee loan brokers shall maintain books,  records and accounts in connection with transactions involving the receipt and disbursement of funds received by the advance fee loan broker. The books,  records and accounts shall be maintained in accordance with generally accepted accounting practices and shall be subject to inspection at all times by authorized representatives of the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1308 - Denial, revocation or suspension of registration

6-1308.
Denial,  revocation or suspension of registration
A. The deputy director may deny,  revoke or suspend the registration of an advance fee loan broker if the deputy director finds that:
1. The application for registration,  any supplemental statement or any other document filed with the deputy director is incomplete,  inaccurate or misleading.
2. The advance fee loan broker is insolvent or is in an unsound financial condition.
3. The advance fee loan broker has violated this chapter or any rule or order of the deputy director.
4. The advance fee loan broker has refused to allow an examination of the books,  records and accounts in connection with transactions involving the receipt and disbursement of funds received by the advance fee loan broker.
5. The advance fee loan broker has failed to pay the original application fee or any supplemental statement fees as required by this chapter.
B. It is sufficient cause for denial,  revocation or suspension of registration of an advance fee loan broker as provided in this section,  if the advance fee loan broker is a partnership,  corporation,  unincorporated association or trust,  that a member of the partnership,  an officer or a director of the corporation or unincorporated association or the trustee or other fiduciary of the trust or a person controlling,  controlled by or under common control with the broker has been guilty of any act or omission that would be sufficient grounds for denying,  revoking or suspending the registration of an individual broker.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1309 - Prohibited acts

6-1309.
Prohibited acts
A. An advance fee loan broker shall not advertise,  display,  distribute,  broadcast or televise or cause or permit to be advertised,  displayed,  distributed,  broadcast or televised any false,  misleading or deceptive statement or representation with regard to the rates,  terms or conditions for loans or the likelihood of the loan or extension of credit being granted.
B. An advance fee loan broker shall not take any note,  promise to pay or instrument of security that does not disclose the amount of the loan,  a schedule of payment or description of the payment schedule and the agreed rate of charge or any instruments in which blanks are left to be filled in after the loan is made.
C. An advance fee loan broker shall not make a false promise or misrepresentation or conceal an essential or material fact in the course of the advance fee loan broker business.
D. An advance fee loan broker shall not engage in illegal business practices.
E. An advance fee loan broker may not pay any fees,  commissions or bonuses or a gift of anything of value to any merchant,  dealer,  borrower,  or other person for the purpose of attracting applications for loans or as consideration for referring loan business.
F. A person is not entitled to receive any advance fees in connection with arranging for or negotiating a loan if such person is not registered pursuant to this chapter or is exempt under section 6-1302.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1401 - Definitions

6-1401.
Definitions
In this chapter,  unless the context otherwise requires:
1. " Branch office"  means any place of business maintained by a licensee in addition to the principal place of business of a licensee.
2. " Insured"  means any person covered under an insurance contract or other evidence of insurance coverage subject to regulation under title 20.
3. " Insurer"  has the same meaning as defined by section 20-104.
4. " Managing general agent"  has the same meaning prescribed in section 20-311.
5. " Premium finance agreement"  means a written agreement by which an insured or prospective insured agrees to pay to a premium finance company the amount advanced or to be advanced under the written agreement to an insurance producer in payment of premiums of an insurance contract together with interest or discount and a service charge as authorized and limited by this article.
6. " Premium finance company"  means a person engaged in whole or in part in the business of financing insurance premiums,  entering into premium finance agreements with insureds or otherwise acquiring premium finance agreements from insurance producers or other premium finance companies.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1402 - Licensure required; contents of application; fees; nontransferable; branch office permit

6-1402.
Licensure required;  contents of application;  fees;  nontransferable;  branch office permit
A. A person shall not engage in the business of a premium finance company in this state without first being licensed as a premium finance company by the deputy director. A person who is not exempt under section 6-1403 and who advertises for,  solicits or holds himself out as willing to finance premiums or enter into or acquire premium finance agreements is presumed to be engaged in the business as a premium finance company.
B. A licensee shall not establish a branch office without first obtaining a branch office permit from the deputy director.
C. An application for a license or branch office permit shall be made in writing,  under oath,  and in the form prescribed by the deputy director. The deputy director may require as part of an application such other information as the deputy director deems necessary.
D. An applicant at the time of filing an application for a license or branch office permit shall pay to the deputy director the fee prescribed in section 6-126.
E. Prior to December 31 of each year,  each licensee may obtain a renewal of a license or branch office permit by payment of the fee prescribed in section 6-126.
F. A premium finance company license or branch office permit is not transferable or assignable,  and control shall not be acquired through stock purchase or other device without the prior written consent of the deputy director. The deputy director may refuse consent if the deputy director finds that any of the grounds for denial,  revocation or suspension of a license prescribed by section 6-1404 are applicable to the acquiring person. For purposes of this subsection,  " control"  means the power to vote more than twenty percent of outstanding voting shares of a licensed corporation,  limited liability company,  partnership,  association or trust.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1403 - Exemptions

6-1403.
Exemptions
A. The licensing requirements of this article do not apply to:
1. Any savings and loan association,  bank,  savings bank,  trust company,  consumer lender or credit union authorized to do business in this state.
2. Any agent or broker who is licensed by the department and who allows an insured to pay premiums on policies written by the agent or broker in installments if the agent or broker receives no interest or other fee,  except that an agent or broker may collect a service charge of not more than five percent of the total premium amount and a delinquency charge as provided in section 6-1413.
3. Any person who purchases or otherwise acquires premium finance agreements from a licensee if the licensee retains the right to service the agreements and to collect payments due under the agreements and remains responsible for the premium finance agreement being handled in compliance with this article.
4. Any insurer authorized to transact insurance in this state in connection with the issuance of premium finance agreements relating to commercial insurance policies issued by the insurer.
B. The exemption from licensing as provided in subsection A of this section does not authorize the financing of insurance premiums without compliance with the other requirements of this article.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1404 - Denial, suspension or revocation of licenses and branch office permits

6-1404.
Denial,  suspension or revocation of licenses and branch office permits
A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee:
1. Is insolvent as defined in section 47-1201.
2. Refuses to allow an examination by the deputy director of the licensee's books and affairs or refuses or fails,  within a reasonable time,  to furnish any information or make any report that may be required by the deputy director.
3. Has been convicted in any state of a felony or any crime of breach of trust or dishonesty.
4. Has had a final judgment entered against the person in a civil action on grounds of fraud,  deceit or misrepresentation and the conduct on which the judgment is based indicates that it would be contrary to the interest of the public to allow that person to be licensed or to control or manage a licensee.
5. Has had an order entered against the person involving fraud,  deceit or misrepresentation by any administrative agency of this state,  the federal government or any other state or territory of the United States and the facts relating to the order indicate that it would be contrary to the interest of the public to allow that person to be licensed or to control or manage a licensee.
6. Has violated any applicable law,  rule or order.
7. Has failed to pay the license or annual renewal fees.
8. Has failed to file an annual report when due or within any extension of time that the deputy director,  for good cause,  may have granted.
9. Fails to have or maintain at least $25, 000 in liquid assets available for use in conducting the business.
B. If any person to whom a license is issued or who has applied for a license is indicted or informed against for forgery,  embezzlement,  obtaining money under false pretenses,  extortion,  criminal conspiracy to defraud,  or a like offense or offenses and a certified copy of the indictment or information or other proper evidence of that indictment or information is filed with the deputy director,  the deputy director may suspend the license issued to the licensee or refuse to grant a license to an applicant pending trial on the indictment or information.
C. It is sufficient cause for the suspension or revocation of the license if an owner,  officer,  director,  member,  partner,  trustee or employee,  while acting in the course of the premium finance business,  or a person who is entitled to vote more than twenty percent of the outstanding voting shares of the licensed corporation or a person who has a controlling interest in a licensed limited liability company,  partnership,  association or trust has acted or failed to act in the same manner as would be cause for suspending or revoking a license of the person to whom the license was issued.
D. The deputy director may deny a branch office permit to a person or suspend or revoke a branch office permit for the same reasons sufficient under this section for denial,  suspension or revocation of a license.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1405 - Issuance of license or branch office permit; license year; renewal; expiration; requirements

6-1405.
Issuance of license or branch office permit;  license year;  renewal;  expiration;  requirements
A. If no grounds for denial of a license or branch office permit are found to exist,  the deputy director,  within one hundred twenty days after receiving a complete application,  shall grant the application and issue a license or branch office permit to the applicant.
B. The license or branch office permit year for a licensee begins January 1 and ends December 31 of each year. A license or permit that is issued pursuant to this chapter remains active until the license or permit expires or the director suspends,  revokes or terminates the license or permit.
C. A licensee or permit holder shall apply for renewal as prescribed by the deputy director and pay the renewal fee prescribed in section 6-126 not later than December 31 of each year. For each day after December 31 that the renewal application is not received by the deputy director,  the applicant shall pay a $25 late fee in addition to the fee prescribed in section 6-126. If the deputy director does not receive the licensee's or permit holder's renewal application and fee on or before December 31,  the licensee or permit holder may not act as a premium finance company or branch office until the license or permit is renewed or a new license or permit is issued pursuant to this chapter. If the deputy director does not receive the licensee's or permit holder's renewal application and fee on or before January 31,  the license or permit automatically expires. The holder of an expired license or permit may not be issued a renewal license or permit but may be issued a new license or permit as provided in this chapter.
D. A license or branch office permit remains the property of this state. On termination,  at the request of the licensee or revocation by the deputy director,  the licensee shall immediately deliver the license or branch office permit to the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1406 - Books and records of premium finance company; access to records

6-1406.
Books and records of premium finance company;  access to records
A. A licensee shall maintain books,  accounts and records as prescribed by the deputy director that will enable the deputy director to determine whether the licensee is complying with this article.
B. A licensee shall preserve its books,  accounts and records of premium finance transactions for at least three years after making the final entry with respect to any premium finance agreement. The preservation of records in any form authorized by the deputy director constitutes compliance with this section.
C. Every licensee shall observe generally accepted accounting principles and practices.
D. A licensee shall make any books,  accounts and records that are kept outside of this state available to the deputy director in this state not more than three business days after demand or the deputy director may choose to perform the examination or investigation at the office of the licensee located outside of this state.
E. For purposes of this article,  the deputy director or the deputy director's duly authorized representatives shall have access to the offices and places of business,  files,  safes and vaults of all licensees regarding that business or the subject matter of any examination,  investigation or hearing during business hours.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1408 - Annual report of licensee; civil penalty for failure to file

6-1408.
Annual report of licensee;  civil penalty for failure to file
A. On or before February 1,  the licensee shall annually file a report under oath and in the form prescribed by the deputy director concerning the business and operations during the preceding calendar year. On good cause shown by a licensee,  the deputy director may extend the time for filing the report for a period not to exceed sixty days.
B. If a licensee fails to file the annual report,  the deputy director or any person designated by the deputy director may examine the books,  accounts and records of the licensee and prepare the annual report and the licensee shall be assessed an examination fee as prescribed in section 6-125.
C. If a licensee fails to file the annual report within the specified time,  the deputy director may assess a civil penalty for the failure to file unless an extension of time is granted by the deputy director in writing prior to the due date of the annual report. The penalty shall not be more than $25 per day. The licensee shall pay the penalty to the deputy director within thirty days after the assessment.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1409 - Effect of revocation, suspension or surrender on preexisting contracts; impairment of contracts

6-1409.
Effect of revocation,  suspension or surrender on preexisting contracts;  impairment of contracts
A. A revocation,  suspension or surrender of any license does not impair or affect the obligation of any preexisting premium finance agreement between any licensee and insured.
B. If any provision of this article is amended or repealed in a manner that results in a cancellation of any license or right of a licensee to service premium finance agreements the cancellation does not impair or affect the obligation of any preexisting premium finance agreement between the licensee and the insured.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1411 - Disclosure requirements

6-1411.
Disclosure requirements
Every licensee shall make available to agents,  brokers and managing general agents disclosures as prescribed by title I of the consumer credit protection act (15 United States Code sections 1601 through 1667) in both English and Spanish. All premium finance agreements shall disclose in English and Spanish,  in close proximity to the signature lines,  that the borrower may request the Spanish language disclosure before signing any documents.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1413 - Other charges allowed

6-1413.
Other charges allowed
A. A licensee may contract for,  and if so contracted for,  may collect a service charge for financing or arranging the financing of premiums under the agreement in an amount not to exceed ten dollars for each premium finance agreement. The service charge need not be refunded on cancellation,  prepayment or acceleration of the agreement.
B. A premium finance agreement on a contract providing insurance coverage for an individual,  family or household purpose,  may provide for the payment by the insured of a delinquency charge of five per cent of the delinquent installment or ten dollars,  whichever is less,  on any installment which is in default for a period of five days or more.
C. A premium finance agreement on a contract providing insurance coverage for any entity involved in transactions solely for business purposes may provide for the payment by the insured of a delinquency charge of five per cent of the delinquent installment on any installment which is in default for a period of five days or more.
D. If the default results in the cancellation of any insurance contract listed in the premium finance agreement,  the premium finance agreement may provide for the payment by the insured of a cancellation charge of fifteen dollars.
E. A licensee that receives a check,  draft,  negotiable order of withdrawal or similar instrument drawn on a bank or other depository institution which is offered by an insured in full or partial payment on a premium finance agreement and the instrument is not paid or is dishonored by the institution,  may charge and collect from the insured a bad check charge in the amount of ten dollars or the actual charge made to the premium finance company by the depository institution for the return of the unpaid or dishonored instrument,  whichever is more.
F. A premium finance agreement may provide for payment of collection costs,  attorney fees equal to twenty per cent of the outstanding indebtedness and any other charges which arise because of breach of the contract.
G. The charges referred to in this section shall not be considered directly or indirectly to be interest or prepaid finance charges for entering into a premium finance agreement.
H. A premium finance company shall not,  except as otherwise provided by law,  impose,  take,  receive from,  reserve or charge an insured greater charges than are permitted by this article.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1414 - Splitting of premium finance agreement prohibited

6-1414.
Splitting of premium finance agreement prohibited
No agent or broker or premium finance company shall induce an insured to become obligated under more than one premium finance agreement for the purpose of obtaining a higher rate of interest than would otherwise be permitted by this chapter or obtaining more than one service charge.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1415 - Cancellation of insurance contract upon default

6-1415.
Cancellation of insurance contract upon default
A. If a premium finance agreement contains a power of attorney enabling the licensee to cancel any insurance contract or contracts listed in the agreement,  the insurance contract or contracts shall not be cancelled by the licensee unless the cancellation is in accordance with this section.
B. The licensee shall mail written notice to the insured at his last known address as shown on the records of the licensee not less than ten days in advance to notify the insured of its intent to cancel the insurance contract unless the default is cured within the ten day period.
C. After expiration of the ten day period,  the licensee may cancel the insurance contract or contracts by mailing a notice of cancellation to the insurer. The insurance contract shall be cancelled as if the notice of cancellation had been submitted by the insured himself but without requiring the return of the insurance contract. The licensee shall also mail a notice of cancellation to the insured at his last known address as shown on the records of the licensee. If the provisions of subsection D do not apply to the cancellation of coverage,  the effective date of cancellation under this subsection is the date on which the licensee mails a notice of cancellation to the insurer and the insured. The licensee shall maintain a log or any other record that documents compliance with this section.
D. If statutory,  regulatory and contractual restrictions provide that the insurance contract may not be cancelled unless notice is given to a governmental agency,  mortgagee or other third party,  the insurer shall give the prescribed notice on behalf of itself or the insured to any governmental agency,  mortgagee or other third party on or before the fifth business day after the day it receives the notice of cancellation from the licensee. The effective date of cancellation under this subsection shall be as stated in the insurance policy. The insurer shall maintain a log or any other record that documents its receipt of any notice from a licensee as provided by this section.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1417 - Servicing of premium finance agreements

6-1417.
Servicing of premium finance agreements
A. A licensee may receive and disburse monies in the servicing of premium finance agreements. All monies received in the process of servicing these agreements shall be kept separate,  distinct and apart from funds belonging to the licensee and shall be deposited with a financial institution located in this state or a financial institution in another state that maintains insurance on its deposits by the federal deposit insurance corporation. All funds collected shall remain in the financial institution until remitted to the person entitled to the funds.
B. The licensee shall keep a record of all monies collected and the remittance of the monies.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1418 - Exemption from any filing requirements

6-1418.
Exemption from any filing requirements
No filing is necessary to perfect the validity of the premium finance agreement as a secured transaction as against creditors,  subsequent purchasers,  pledgees,  encumbrancers,  trustees in bankruptcy or their successors or assigns or any other insolvency proceeding under any law.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1501 - Method of taxing national banking associations

6-1501.
Method of taxing national banking associations
A. Each national banking association:
1. Shall be taxed on its net income under title 43.
2. Is subject to all other taxes that are authorized by 12 United States Code section 548 and that are levied or imposed by this state or any political subdivision of this state.
B. The allowable cost factor that is attributable to exempt income from United States government obligations and municipal bonds shall be determined pursuant to section 43-961,  paragraph 2.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1502 - Method of taxing banks, investment companies and savings and loan associations

6-1502.
Method of taxing banks,  investment companies and savings and loan associations
Banks,  including national banking associations,  investment companies and savings and loan associations,  including federal savings and loan associations,  are subject to all taxes that are levied or imposed generally on a nondiscriminatory basis,  throughout this state or any political subdivision of this state,  to the same extent as taxes are levied or imposed on other corporations.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1601 - Financial institutions data match and data exchange; surrender of assets of delinquent taxpayer; nonliability

6-1601.
Financial institutions data match and data exchange;  surrender of assets of delinquent taxpayer;  nonliability
A. Financial institutions may enter into agreements with the department of revenue for data match and data exchange as prescribed by section 42-1207.
B. On receipt of a notice of levy,  a financial institution shall encumber or surrender,  as appropriate,  assets held by the financial institution on behalf of a delinquent taxpayer. If the financial institution receives two notices of levy on the same day for the same person,  a levy issued to collect child support pursuant to section 25-521 has priority over a levy issued pursuant to this section.
C. Notwithstanding any other law,  a financial institution is not subject to civil liability for either:
1. Disclosing to the department of revenue or its agent a person's financial record pursuant to section 42-1207 or any acts of omission that are inadvertent and made in good faith.
2. Encumbering or surrendering any assets held by the financial institution in response to a notice of levy that is issued by the department of revenue or for any action taken in good faith to comply with this section.
D. The remedy under subsection B of this section is limited to collection of delinquent taxes,  penalties and interest.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1701 - Definitions

6-1701.
Definitions
In this chapter,  unless the context otherwise requires:
1. " Agreement"  means the document that on execution obligates the borrower and originator under the reverse mortgage.
2. " Dwelling"  means a residence that is designed principally for at least one and not more than four families in which the borrower occupies at least one of the units.
3. " Housing counseling agency"  means an agency that is approved by the United States department of housing and urban development to provide reverse mortgage counseling.
4. " Originator"  means a person who regularly makes or brokers reverse mortgages,  including a creditor or broker.
5. " Reverse mortgage"  means a nonrecourse consumer credit obligation to which all of the following apply:
(a) A mortgage,  deed of trust or equivalent consensual security interest securing one or more advances is created in the borrower's principal dwelling.
(b) Any principal,  interest or shared appreciation or equity is due and payable only after the borrower dies,  the dwelling is transferred or the borrower ceases to occupy the dwelling as a principal dwelling. This subdivision does not apply in the case of default.
(c) Cash advances may be provided to a borrower:
(i) Based on the equity or the value in the borrower's owner occupied principal residence.
(ii) If loan proceeds are used by the borrower to purchase the borrower's dwelling that secures the reverse mortgage.
(d) The consumer credit obligation is not a home equity conversion mortgage insured by the federal housing authority.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1702 - Financial counseling; counselor requirements

6-1702.
Financial counseling;  counselor requirements
A. Adequate counseling under this chapter must be provided by a counselor who is an independent third party.
B. To qualify as an independent third party,  the counselor may not be associated with or compensated,  directly or indirectly,  by a party involved in any of the following:
1. Originating or servicing the reverse mortgage.
2. Funding the loan underlying the reverse mortgage.
3. Selling annuities,  investments,  long-term care insurance or any other type of financial or insurance product.
C. Counseling services required pursuant to this chapter shall be provided by housing counseling agencies and by counselors who follow uniform counseling protocols approved by the United States department of housing and urban development.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1703 - Required disclosures; counseling

6-1703.
Required disclosures;  counseling
A. Before accepting a final and complete application for a reverse mortgage or assessing any fees,  the originator shall:
1. Provide the borrower with a list of at least five housing counseling agencies,  including at least two housing counseling agencies that can provide counseling by telephone.
2. Receive from the borrower or the borrower's authorized representative a certification that the borrower has received counseling from a housing counseling agency. The certification shall be signed by the borrower and the housing counseling agency counselor and shall include the date of the counseling and the name and address of both the counselor and the borrower. The date on the certification must show that the counseling occurred within the six months preceding the borrower accepting a final and complete application for a reverse mortgage. An electronic copy of the housing counseling certification satisfies the requirements of this paragraph. The originator shall maintain the certification in an accurate,  reproducible and accessible format for the term of the reverse mortgage.
B. At least ten days before loan closing,  the originator shall make available to the borrower a statement informing the borrower that the borrower's liability under the reverse mortgage is limited and explaining the borrower's rights,  obligations,  remedies with respect to temporary absences from the home,  late payments and payment default by the originator and all conditions requiring satisfaction of the loan obligation.
C. Before entering into a reverse mortgage,  an originator shall fully disclose in writing:
1. All costs charged by the originator,  including costs of estate planning,  financial advice and other services that are related to the reverse mortgage but that are not required to obtain the reverse mortgage. The disclosure shall clearly identify which charges are required to obtain the reverse mortgage and which charges are not required to obtain the reverse mortgage.
2. All terms and provisions with respect to insurance,  repairs,  alterations,  payment of taxes,  default reserve,  delinquency charges,  foreclosure proceedings,  anticipation of maturity and any additional and secondary liens.
3. The projected total cost of the reverse mortgage to the borrower based on the projected total future loan balance for at least two projected loan terms. This statement shall include:
(a) The cost for a short-term mortgage.
(b) The cost for a loan term equaling the actuarial life expectancy of the borrower.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1704 - Reverse mortgage; provisions

6-1704.
Reverse mortgage;  provisions
A. A reverse mortgage may provide for a fixed or variable interest rate or future sharing between the originator and the borrower of the appreciation in the value of the property,  as agreed on by the originator and the borrower.
B. The reverse mortgage agreement shall prominently disclose any interest rate or other fees to be charged during the period that begins on the date that the reverse mortgage becomes due and payable and that ends when repayment in full is made.
C. The reverse mortgage may provide for a single lump sum disbursal of monies out of home purchase proceeds and shall provide for future payments to the borrower based on accumulated equity minus any applicable fees and charges according to the method that the borrower selects from among the following:
1. Based on a line of credit.
2. On a monthly basis over a term specified by the borrower.
3. On a monthly basis over a term specified by the borrower and based on a line of credit.
4. On a monthly basis over the tenure of the loan.
5. On a monthly basis over the tenure of the loan and based on a line of credit.
D. Except in the case of a fixed rate reverse mortgage,  the proceeds of which are fully disbursed at closing,  the reverse mortgage shall provide that the borrower may convert the method of payment under this section to any other method offered by the lender during the term of the reverse mortgage.
E. The reverse mortgage shall contain restrictions that ensure the borrower does not fund any unnecessary costs for obtaining the reverse mortgage,  including any costs of estate planning,  financial advice or other related services. This subsection does not apply to counseling fees paid to a counselor who is qualified under section 6-1702.
F. A borrower's principal dwelling securing a reverse mortgage may be held in trust or may be an interest under a life estate or a long-term lease.
G. The originator shall make available to the borrower on an annual basis not later than January 31 a statement summarizing the total principal amount paid to the borrower under the loan secured by the reverse mortgage,  the total amount of deferred interest added to the principal and the outstanding loan balance at the end of the preceding year.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1705 - Prepayment; repayment conditions

6-1705.
Prepayment;  repayment conditions
A. Prepayment,  in whole or in part,  shall be permitted without penalty at any time during the term of a reverse mortgage.
B. For the purposes of this section,  penalty does not include:
1. Any fees,  payments or other charges that would otherwise be due when the reverse mortgage becomes due and payable.
2. Any closing costs that the agreement states are owed by the borrower if the borrower repays the reverse mortgage in whole before the date in the agreement,  if the repayment occurs within five years after the date on which the agreement was made.
C. A reverse mortgage becomes due and payable if any of the following applies:
1. The property is not the principal residence of at least one borrower.
2. A borrower conveys all of the borrower's title in the property and no other borrower retains title.
3. For a period of longer than twelve consecutive months,  a borrower fails to occupy the property because of physical or mental illness and the property is not the principal residence of at least one other borrower.
4. A borrower does not perform an obligation under the mortgage.
D. A reverse mortgage does not become due and payable if the legal title to the property is held in the name of a trust and the occupant of the property uses the property as a principal residence and is a beneficiary of that trust.
E. The creditor's or the creditor's assignee's right to collect the outstanding balance of the reverse mortgage under the loan is subject to the applicable statute of limitations for written loan contracts. Notwithstanding any other law,  the statute of limitations begins on either of the following:
1. The date that the reverse mortgage becomes due and payable as specified in the agreement.
2. The date the creditor or the creditor's assignee accelerates the loan due to the borrower's default on a provision in the agreement.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1706 - Borrower liability; prohibited practices; investments; annuities

6-1706.
Borrower liability;  prohibited practices;  investments;  annuities
A. The borrower is not liable for any difference between the net amount of the borrower's remaining debt under the reverse mortgage and the amount recovered by the originator from the net sales proceeds from the dwelling that is subject to the reverse mortgage. This amount is based on the amount of the accumulated equity selected by the borrower to be subject to the reverse mortgage as agreed on by the originator and the borrower.
B. An originator shall not:
1. Enter into any agreement that would obligate the borrower to purchase an annuity,  an investment or long-term care insurance before the closing of the reverse mortgage or before the expiration of the borrower's right to rescind the reverse mortgage agreement if a rescission period applies.
2. Refer the borrower to anyone for the purchase of an annuity before the closing of the reverse mortgage or before the expiration of the borrower's right to rescind the reverse mortgage agreement.
C. This section does not prevent a lender from offering or referring borrowers for title insurance,  hazard,  flood or other peril insurance or other similar products that are customary and normal under a reverse mortgage loan.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1707 - Enforcement

6-1707.
Enforcement
A. An act or practice in violation of this chapter is an unlawful practice under section 44-1522 and is subject to enforcement through private action and prosecution by the attorney general.
B. Any provision of a reverse mortgage agreement that violates this chapter is unenforceable against the borrower.
C. A private action against an originator shall be commenced subject to the applicable statute of limitations for written contracts.
D. The remedies provided in this chapter are not intended to be the exclusive remedies available to the borrower.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1708 - Lien priority and validity

6-1708.
Lien priority and validity
The full amount secured by a reverse mortgage security interest has the same priority over any other lien on the property as if the full amount had been disbursed on the date of the loan closing regardless of the actual date of any disbursement. The amount secured by the security interest shall include all direct payments by the borrower to the creditor or the creditor's assignee and all other loan advances permitted by the mortgage for any purpose including loan advances for interest,  taxes and special assessments,  premiums for hazard or mortgage insurance,  servicing charges and costs of collection,  regardless of when the payments or loan advances are made. The priority provided by this section applies notwithstanding any other law.
2023 Arizona Revised Statutes › Title 7 - Bonds › § 7-101 - Execution of bond; sureties

7-101.
Execution of bond;  sureties
When a bond or undertaking is required by law to be given for the faithful performance of a duty or obligation,  or required to be given in a judicial proceeding in a court of this state,  the bond shall,  unless otherwise specified by the law requiring it,  be executed by the principal and at least two sureties. The sureties shall be residents and freeholders or householders within this state and,  unless acting as surety for state officers,  of the county in which the bond is given. Each surety shall justify by affidavit stating that he is worth the amount specified in the bond over and above his just debts and liabilities,  exclusive of property exempt from execution.
2023 Arizona Revised Statutes › Title 7 - Bonds › § 7-102 - Qualification of sureties

7-102.
Qualification of sureties
A bond shall not be approved if executed by individual sureties unless the sureties appear upon the tax roll of the county for an amount at least equal to the penalty of any other judicial bonds upon which they may already be sureties. If a surety is married,  the bond shall be signed by both husband and wife.