reglab/statecodes huggingface dataset:
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-593 - Powers of corporate credit union; federal parity

6-593.
Powers of corporate credit union;  federal parity
A. A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this chapter and in addition may:
1. Accept share accounts or deposit accounts from its members,  state or federal credit unions,  other corporate credit unions and credit union organizations or associations.
2. Make loans to,  deposit in or invest in its members,  state or federal credit unions and other corporate credit unions.
3. Participate with any state or federal credit union in making loans to members of the corporate credit union or to members of any participating credit union.
4. Act as intermediary for the monies of members,  credit unions and other corporate credit unions.
5. Act as agent for members,  other credit unions and credit union organizations in paying,  receiving and transferring the assets and liabilities received and invested as permitted in this article.
6. Receive and hold in safekeeping the securities and other assets of its members and,  in that connection,  make such disposition of the assets as may be agreed to or directed by the member.
7. Provide payment systems and correspondent services to its members,  nonmember state or federal credit unions,  other corporate credit unions and credit union organizations or associations.
B. In addition to all other rights,  powers and privileges granted a credit union by section 6-516,  a corporate credit union organized under the laws of this state has all of the rights,  powers and privileges and is entitled to the same exemptions and immunities as any corporate credit union chartered under the laws of the United States.
C. Except for the provisions of section 6-581,  and except as specifically permitted in this article,  all provisions of this chapter relating to credit unions shall apply to corporate credit unions.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-594 - Participation in central system

6-594.
Participation in central system
A corporate credit union may enter into agreements and subscribe to any required shares for the purpose of participation in the national credit union administration central liquidity facility or in any other state or federal central liquidity facility or central financial system available to credit unions. It may also enter into agreements with any third parties to aid credit unions to obtain additional sources of liquidity.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-595 - Reserves

6-595.
Reserves
A. A corporate credit union shall establish and maintain a corporate reserve in accordance with the reserve requirements of the national credit union administration for federal corporate credit unions.
B. A corporate credit union may make charges to the corporate reserve for losses on risk assets and to meet such other classes of losses as approved by the deputy director. A corporate credit union shall not distribute the corporate reserve except on liquidation of the credit union or in accordance with a plan approved by the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-602 - Exemptions

6-602.
Exemptions
A. This chapter does not apply to:
1. A person who does business under any other law of this state,  or any other state while regulated by a state agency of that other state,  or of the United States,  relating to banks,  savings banks,  trust companies,  savings and loan associations,  profit sharing and pension trusts,  credit unions,  insurance companies or receiverships if the consumer lender loan transactions are regulated by the other law or are under the jurisdiction of a court.
2. A person who is licensed as a pawnbroker pursuant to title 44,  chapter 11,  article 3 to the extent that the person's activities are governed by that article.
3. A person who is not regularly engaged in the business of making consumer lender loans.
4. A person who is licensed pursuant to chapter 9 of this title to the extent that the person's activities are governed by that chapter.
B. The requirements of this chapter do not apply to:
1. Closed end loans of more than $10, 000.
2. Advances on open end revolving loans that are not secured by the consumer's principal residence with an agreed on credit limit of more than $10, 000,  regardless of the amount of any advances on these revolving loans.
3. Advances on open end revolving loans that are secured by the consumer's principal residence with an agreed on credit limit of more than $10, 000,  regardless of the amount of any advances on these revolving loans.
4. Consumer lender loans that are lawfully made to nonresidents of the state in any other state under and in accordance with a regulatory consumer lender law similar in principle to this chapter.
5. Educational loans that are either:
(a) Made,  insured or guaranteed pursuant to a program authorized by the United States,  this state or any other state.
(b) Made by a nonprofit organization that is exempt from taxation under section 501(c)(3) of the internal revenue code to students who attend postsecondary educational institutions in this state.
C. A consumer loan made pursuant to a consumer lender license is not a secondary motor vehicle finance transaction as defined in section 44-281.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-603 - License; contents of application; fees; nontransferability

6-603.
License;  contents of application;  fees;  nontransferability
A. Unless exempt under section 6-602,  a person,  whether located in this state or in another state,  shall not engage in the business of a consumer lender without first being licensed as a consumer lender by the deputy director.
B. This chapter applies to any person who seeks to avoid its application by any device,  subterfuge or pretense.
C. Each applicant for a license shall submit an application in writing,  under oath and in the form prescribed by the deputy director. The deputy director may require as part of an application any other information that the deputy director deems necessary.
D. At the time of filing an application for a license,  an applicant shall pay to the deputy director the fee prescribed in section 6-126.
E. Before June 30 of each year,  each licensee may obtain a renewal of a license by filing an application in the form prescribed by the deputy director and paying the fee prescribed in section 6-126.
F. The deputy director may deny a license to a person if the deputy director finds that an applicant:
1. Is insolvent as defined in section 47-1201.
2. Has failed to demonstrate the financial responsibility and experience to command the confidence of the public and to warrant the belief that the business will be operated lawfully,  honestly,  fairly and efficiently within the purposes of this chapter.
3. Has failed to pay the license fee.
4. Has failed to have at least $25, 000 in assets readily available for use in conducting the business of each licensed office and branch office.
G. A consumer lender license is not transferable or assignable,  and a person may not acquire control of a licensee 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 of renewal,  revocation or suspension of a license prescribed in section 6-605 are applicable to the acquiring person. For purposes of this subsection,  " control"  means the power to vote more than twenty percent of the outstanding voting shares of a licensed corporation,  limited liability company,  partnership,  association or trust.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-604 - Issuance of license; license year; renewal; expiration; requirements

6-604.
Issuance of license;  license year;  renewal;  expiration;  requirements
A. If the deputy director finds no grounds for denial of a license,  within one hundred twenty days after receiving a complete application,  the deputy director shall grant the application and issue a license to the applicant.
B. The license year for a licensee begins on July 1 and ends on June 30 of each year. A license that is issued pursuant to this chapter remains active until the license expires or the director suspends,  revokes or terminates the license.
C. A licensee shall apply for renewal as prescribed by the deputy director and pay the renewal fee prescribed in section 6-126 not later than June 30 of each year. For each day after June 30 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 renewal application and fee on or before June 30,  the licensee may not act as a consumer lender until the license is renewed or a new license is issued pursuant to this article. If the deputy director does not receive the licensee's renewal application and fee on or before July 31,  the license automatically expires. The holder of an expired license may not be issued a renewal license but may be issued a new license as provided in this article.
D. A license 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 to the deputy director. Termination of the license does not affect any other liability of the licensee.
E. The licensee shall designate the principal location of the licensed office within or outside this state. If a licensee wishes to maintain more than one office location the licensee shall first obtain a branch office license for each branch office from the deputy director. The licensee shall submit an application in the form prescribed by the deputy director and pay the fee prescribed in section 6-126 for each branch office license. If the deputy director determines that the applicant is qualified,  the deputy director shall issue a branch office license indicating the address of the branch office.
F. A licensee shall prominently display the consumer lender license in the office of the consumer lender and any branch office license in that branch office.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-605 - Denial of renewal; suspension; revocation

6-605.
Denial of renewal;  suspension;  revocation
A. The deputy director may deny renewal of a license or suspend or revoke a license if the deputy director finds that a licensee:
1. Is insolvent as defined in section 47-1201.
2. Has failed to pay the annual renewal fees.
3. Has failed to file an annual report when due or within any extension of time granted by the deputy director for good cause.
4. Has failed to have or maintain at least $25, 000 in assets used or readily available for use in conducting the business of each licensed office and branch office.
5. Either knowingly or without the exercise of due care to prevent a violation,  has violated any provision of this title or any rule or order adopted or made pursuant to this title.
6. Has failed to operate the business of making consumer lender loans for a continuous period of twelve months or more,  except that the deputy director,  on good cause shown,  may extend the time for operating that business for a single fixed period of not more than twelve months.
B. The deputy director may also deny renewal of a license or suspend or revoke a license if the deputy director finds that any fact or condition exists that,  if it had existed at the time of the original application for the license,  would have clearly warranted the deputy director to refuse to issue the license.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-606 - Business limited to licensed locations; restrictions

6-606.
Business limited to licensed locations;  restrictions
A. Except as provided in subsection B of this section,  a licensee may not conduct the business of making consumer lender loans pursuant to this chapter under any name or at any place of business in this state other than the name and place stated in the licensee's consumer lender license or branch office license.
B. Subsection A of this section does not prohibit a licensee from:
1. Making consumer lender loans by mail or electronic means.
2. On request,  making accommodations to consumers at any location requested by the consumer.
3. Conducting any administrative,  loan servicing or recordkeeping activity at any other location not open to the public,  if the deputy director is notified in advance of that activity.
4. Closing a consumer lender loan secured by real property at an office of a financial institution,  title company,  licensed escrow agent,  licensed mortgage broker or licensed mortgage banker.
5. Giving a consumer an advance on a consumer revolving loan or home equity revolving loan from any location.
6. Conducting business pursuant to this chapter under an assumed name or a trade name that is submitted to the department pursuant to section 6-117.
C. On approval by the deputy director,  the licensee may conduct any of the activities listed in subsection B of this section outside of this state.
D. A licensee may change the location of its licensed office or licensed branch office by giving written notice to the deputy director,  who shall amend the license accordingly.
E. All consumer lender loans that are made at the location of a licensed office or branch office are subject to the requirements of article 2 of this chapter,  whether made by a licensee,  any person otherwise exempt from this chapter pursuant to section 6-602 or any other person.
F. A licensee may not conduct the business of making consumer lender loans pursuant to this chapter from within any licensed office or branch office in which any other business not licensed pursuant to this title is solicited or engaged in,  or in association or conjunction with any other business not licensed pursuant to this title,  without giving prior notice to the deputy director. If it appears to the deputy director that the other business is of such a nature or is being conducted in such a manner as to conceal an evasion of this chapter or is contrary to the public interest or otherwise being conducted in an unlawful manner,  the deputy director may act pursuant to section 6-137 to restrict the licensee from conducting its business in conjunction with that other business. For the purposes of this subsection,  " public interest"  means the laws of this state or of the United States or rules adopted by the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-607 - Books; accounts; records; access

6-607.
Books;  accounts;  records;  access
A. A licensee shall maintain books,  accounts and records that enable the deputy director to determine whether the licensee is in compliance with this chapter.
B. A licensee shall preserve its books,  accounts and records of consumer lender loans for at least two years after making the final entry for any consumer lender loan. A licensee that uses an electronic record keeping system is not required to keep a written copy of the accounts and records if the licensee is able to generate all of the information required by this section in a timely manner for examination or other purposes.
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 is made by the deputy director,  or the deputy director may choose to perform the examination or investigation at the office of the licensee located outside this state.
E. For the purposes of this chapter,  the deputy director or the deputy director's duly authorized representatives shall have access during normal business hours 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.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-608 - Annual report of licensee; civil penalty for failure to file

6-608.
Annual report of licensee;  civil penalty for failure to file
A. On or before October 1 of each year,  the licensee shall file a report under oath and in the form prescribed by the deputy director concerning the business and operations during the twelve-month period ending the preceding June 30. On good cause shown by a licensee,  the deputy director may extend the time for filing the report for a period of not more than 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,  prepare the annual report and charge the licensee 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 the annual report unless an extension of time is granted by the deputy director in writing before the due date of the annual report. The deputy director shall not assess a penalty of more than $5 per day. The licensee shall pay the penalty to the deputy director within thirty days of the assessment.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-609 - Reporting rates; change in rates; quarterly report of deputy director

6-609.
Reporting rates;  change in rates;  quarterly report of deputy director
A. At the time of making its annual report to the deputy director,  each licensee shall report the licensee's standard annual percentage rate or range of annual percentage rates in effect at that time on the following types of loans:
1. A $500 unsecured consumer loan,  payable in twelve equal monthly installments.
2. A $2, 500 consumer loan secured by a motor vehicle,  payable in thirty-six equal monthly installments.
3. A $9, 000 consumer loan secured in full by real property,  payable in one hundred twenty equal monthly installments.
4. A consumer revolving loan with an agreed on credit limit of $3, 000.
5. A home equity revolving loan with an agreed on credit limit of $15, 000.
B. The amount of each of the consumer loans described in subsection A of this section refers to the amount financed as computed in accordance with the truth in lending act. The licensee shall also report the range of the percentage amount of any prepaid finance charges charged in connection with a home equity revolving loan described in subsection A,  paragraph 5 of this section.
C. Within thirty days after effectuating a change in the standard rate of charge for any of the types of loans described in subsection A of this section,  the licensee shall report that change to the deputy director.
D. On at least a quarterly basis the deputy director shall compile a report of the standard annual percentage rate or range of annual percentage rates of each licensee for the types of loans described in subsection A of this section. The deputy director shall disseminate this report in a manner deemed appropriate by the deputy director,  and the deputy director shall make the report available to the public for inspection and copying.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-610 - Effect of revocation, suspension or surrender on preexisting contract; impairment of contracts

6-610.
Effect of revocation,  suspension or surrender on preexisting contract;  impairment of contracts
A. The revocation,  suspension or surrender of a consumer lender license does not impair or affect:
1. The obligation of any preexisting consumer lender loan between the consumer lender and any consumer.
2. The ability or right of the consumer lender to service existing consumer lender loans from outside this state.
B. If this chapter or any part of this chapter is modified,  amended or repealed,  resulting in a cancellation or alteration of any consumer lender license or right of a licensee under this chapter,  that cancellation or alteration does not impair or affect the obligation of any preexisting contract between a consumer lender and any consumer.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-611 - Prohibited acts

6-611.
Prohibited acts
A licensee shall not knowingly advertise,  display,  distribute,  broadcast or televise,  or cause or permit to be advertised,  displayed,  distributed,  broadcast or televised,  in any manner,  any false,  misleading or deceptive statement or representation with regard to the rates,  terms or conditions for a consumer lender loan. To the extent applicable,  all advertising shall comply with the advertising requirements of the truth in lending act.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-613 - Restrictions; voidable loans

6-613.
Restrictions;  voidable loans
A. Except as the result of an accidental or bona fide error,  if the licensee charges,  contracts for or receives any amount in excess of the finance charges and other fees permitted by this chapter the following restrictions apply:
1. If the original principal amount of a consumer loan is five thousand dollars or less,  that consumer loan is voidable and the licensee has no right to collect or receive any principal,  finance charges or other fees in connection with that consumer loan.
2. If the original principal amount of a consumer loan is more than five thousand dollars,  the licensee has no right to collect or receive any finance charges in connection with that consumer loan.
3. If the aggregate amount of advances borrowed on a consumer revolving loan or home equity revolving loan is five thousand dollars or less,  that consumer revolving loan or home equity revolving loan is voidable and the licensee has no right to collect or receive any principal,  finance charges or other fees in connection with that consumer revolving loan or home equity revolving loan.
4. If the aggregate amount of advances borrowed on a consumer revolving loan or home equity revolving loan is more than five thousand dollars,  the licensee has no right to collect or receive any finance charges in connection with that consumer revolving loan or home equity revolving loan.
B. Any consumer lender loan that is made by a person who is required to be licensed pursuant to this chapter but who is not licensed is void,  and the person making that consumer lender loan has no right to collect,  receive or retain any principal,  finance charges or other fees in connection with that consumer lender loan.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-615 - Foreign loans; reciprocity

6-615.
Foreign loans;  reciprocity
If a consumer lender loan subject to this chapter is made at a location outside this state to a consumer who is a resident of this state at the time that the consumer lender loan is made and the annual percentage rate of finance charges and other fees charged,  contracted for or received are greater than permitted by this chapter,  that consumer lender loan is enforceable in this state only to the extent of the finance charges and other fees permitted by this chapter. This section does not apply to consumer lender loans that are solicited in this state from outside this state and that are subject to this chapter.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-631 - Disclosures; penalty

6-631.
Disclosures;  penalty
A. To the extent applicable,  a licensee shall comply with the disclosure requirements of the truth in lending act.
B. Each note or agreement evidencing a consumer lender loan shall contain the following disclosure statement in at least ten-point type that is in English and in Spanish and in close proximity to the consumer's signature line:
Notice: You may request that the initial disclosures prescribed in the truth in lending act (15 United States Code sections 1601 through 1666j) be provided in Spanish before signing any loan documents.
C. A licensee shall continuously and conspicuously display a sign printed in at least twelve-point bold type containing the notice prescribed by subsection B of this section and the following notice at each desk in each licensed office or branch office at which consumer lender loans are usually and normally closed:
Notice
Before signing any loan documents or otherwise committing to a loan,  you may take copies of those documents away from the consumer lender's place of business for review.
D. A licensee shall give to the consumer a receipt or another written record of the amount of any payment made in currency on any consumer lender loan,  either at the time the payment is made or within ten days after the payment is made,  or the licensee may reflect the payment on the periodic statement sent to the consumer for the billing period that includes the date of that payment.
E. A licensee shall mail periodic statements for consumer revolving loans and home equity revolving loans to the consumer within fourteen days after the end of each monthly billing cycle period. A billing cycle period is considered monthly if the closing date of the billing cycle period is the same day each month or does not vary by more than four days from that day.
F. If the licensee fails to make the disclosure statement prescribed in subsection B of this section,  the deputy director shall assess the licensee a one-time penalty of up to $300 for every violation.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-633 - Computation of finance charges

6-633.
Computation of finance charges
A. A licensee shall compute and measure finance charges on consumer loans on unpaid balances outstanding from time to time. A licensee may also precompute finance charges on consumer loans on scheduled unpaid principal balances as provided in section 6-634. For the purposes of computing finance charges on consumer loans that are not precomputed,  a licensee may calculate the finance charges on an annual basis of twelve months of thirty days each month or on a daily basis if a day is counted either as 1/360th,  1/365th or 1/366th of a year,  as the licensee and consumer may agree in writing.
B. A licensee shall compute periodic finance charges on consumer revolving loans or home equity revolving loans on the unpaid balance of the consumer revolving loan or home equity revolving loan by either of the following methods:
1. By multiplying the daily periodic rate by the actual unpaid balance of the consumer revolving loan or home equity revolving loan each day during the billing cycle period. The daily periodic rate shall be determined by dividing the annual percentage rate by three hundred sixty-five.
2. By multiplying the monthly periodic rate by the average daily balance of the consumer revolving loan or home equity revolving loan during the billing cycle. The average daily balance is the sum of the unpaid balances of the consumer revolving loan or home equity revolving loan each day during the billing cycle period divided by the number of days in the billing cycle period. The monthly periodic rate is determined by dividing the annual percentage rate by twelve. The unpaid balance on any day is determined by adding to any balance unpaid as of the beginning of that day all advances and allowed additional fees and deducting all payments and other credits to the consumer revolving loan or home equity revolving loan that day.
C. A licensee may compute finance charges only on the unpaid principal balance,  allowed additional fees and prepaid finance charges. A licensee shall not compound finance charges. Precomputation of the finance charges on a consumer loan does not constitute compounding of finance charges.
D. If part or all of the principal of a consumer loan is the unpaid principal balance of a prior precomputed consumer loan,  the principal amount payable under such consumer loan may include any unpaid finance charges on the prior loan that have accrued within sixty days before the making of that consumer loan.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-638 - Other insurance

6-638.
Other insurance
A. A licensee who is licensed to sell life insurance pursuant to title 20 may sell and include in the principal amount of a consumer lender loan the cost of the premium for life insurance that is not for credit if all of the following apply:
1. The insurance policy or certificate is approved by the director.
2. The purchase of the insurance is not a condition of the consumer lender loan.
3. The consumer signs an application for the insurance that is separate from the consumer lender loan application.
4. The licensee does not offer or discuss with the consumer the option of life insurance until after the consumer lender loan application is completed and the consumer lender loan is approved.
B. A licensee who is licensed to sell disability insurance pursuant to title 20 may sell and include in the principal amount of the consumer lender loan the cost of the premium for accidental death and dismemberment insurance or disability income protection insurance,  or both,  if all of the following apply:
1. The insurance policy or certificate is approved by the director.
2. The purchase of the insurance is not a condition of the consumer lender loan.
3. The consumer signs an application for the insurance that is separate from the consumer lender loan application.
4. The licensee does not offer or discuss with the consumer the option of accidental death and dismemberment insurance or disability income protection insurance until after the consumer lender loan application is completed and the consumer lender loan is approved.
C. Any insurance purchased by the consumer pursuant to this section is optional and the licensee shall disclose in writing to the consumer that the insurance is optional.
D. The consumer may cancel the insurance for any reason at any time within thirty days after the date of purchase and the consumer shall receive a full refund of the premium within five days after the date of cancellation. If the consumer cancels the insurance after thirty days from the date of purchase,  the consumer shall receive a refund of the unearned premium in accordance with the insurance policy. In the event the consumer cancels the insurance,  the licensee shall give the consumer the amount of any refund of premium or shall credit the consumer's lender loan at the option of the consumer. For the purposes of this subsection,  the date of cancellation is defined as the date the licensee receives the receipt for the notice of cancellation for the insurance policy.
E. If the consumer decides to cancel the policy,  the consumer shall either:
1. Return the policy to the insurer or to the licensee at the licensee's place of business.
2. Provide written notice of cancellation to the insurer or to the licensee at the licensee's place of business.
F. The licensee shall give the consumer a written copy of the provisions of this section.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-639 - Loans from theft or fraud; consumer not responsible; correction of credit information

6-639.
Loans from theft or fraud;  consumer not responsible;  correction of credit information
A licensee may not hold a person responsible for any loan amount that is incurred as a result of a violation of section 13-2008,  13-2009,  13-2010 or 13-2310. Within thirty days after a licensee is aware that a loan is a result of a violation of section 13-2008,  13-2009,  13-2010 or 13-2310,  the licensee shall immediately correct any derogatory credit information that is reported to a consumer reporting agency as defined in section 44-1691 and that is the result of the violation.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-701 - Definitions

6-701.
Definitions
In this chapter,  unless the context otherwise requires:
1. " Agency"  means any business serving the public,  which as part of its services accepts money for and on behalf of a licensee.
2. " Branch office"  means any office operated solely for the purpose of accepting money and performing other services for a licensee.
3. " Creditor"  means a person for whose benefit monies are being collected and disbursed by a licensee.
4. " Debt management company"  means a corporation,  company,  firm,  partnership,  association or society,  as well as a natural person,  that for compensation engages in the business of receiving money,  or evidences thereof,  in this state or from a resident of this state as agent of a debtor for the purpose of distributing the same to his creditors in payment or partial payment of his obligations.
5. " Debtor"  means a person from whom monies are being accepted for disbursement to creditors.
6. " License"  means a license issued under this chapter.
7. " Licensee"  means a corporation,  company,  firm,  partnership,  association or society,  as well as a natural person,  licensed by the deputy director to engage in the business of a debt management company pursuant to this chapter.
8. " Nonprofit religious,  fraternal or cooperative organizations"  means religious,  fraternal or cooperative organizations or entities whose primary functions or purposes are not the provision of debt management services.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-702 - Exemptions

6-702.
Exemptions
The provisions of this chapter shall not be applicable to:
1. Attorneys at law,  whose principal activities are other than debt management,  when debt management is only incidental to their regular activities.
2. Banks,  savings and loan associations or financing and lending institutions duly authorized and licensed to transact business under the laws of this state or of the United States.
3. Judicial officers or others acting under court orders.
4. Nonprofit religious,  fraternal or cooperative organizations that:
(a) Are bonded as provided by section 6-704.
(b) Offer debt management service exclusively for their members.
(c) Do not collect any compensation directly or indirectly from debtors.
(d) File an annual report as provided in section 6-709,  subsection M.
5. Nonprofit corporations or nonprofit debt counselor associations that:
(a) Are bonded as provided by section 6-704.
(b) Are organized to render financial planning service or debt management service to the public.
(c) Do not collect any compensation directly or indirectly from debtors.
(d) File an annual report as provided in section 6-709,  subsection M.
6. Any transaction in which money or other property is paid to a joint control agent for dispersal or use in the payment of the cost of labor,  materials,  services,  permits,  fees,  or other items of expense incurred in construction of improvements upon real property.
7. A person licensed pursuant to chapter 7 of this title.
8. A person licensed pursuant to chapter 9,  article 2 of this title.
9. A bill paying service provider that complies with all of the following:
(a) Does not accept bills on invoices that are contractually past due at the time of receipt by the debtor.
(b) Does not initiate any contact with individual creditors of the debtor to compromise a debt or arrange a new payment schedule.
(c) Does not provide any debt counseling services.
(d) Makes a written contract with the debtor and immediately furnishes the debtor with a copy of the complete contract.
(e) Furnishes the debtor with a written statement of the debtor's account each month and a verbal accounting at any time the debtor requests it during normal business hours.
(f) Does not take physical possession of any debtor monies except for fees and charges for services rendered as agreed to in writing. Nothing in this subdivision shall be construed to prevent a service provider from obtaining check signing authority on an account if the account remains solely in the debtor's name,  the debtor maintains control over the monies deposited in the account and the check signing authority is limited to the payment of obligations that are approved and authorized by the debtor.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-705 - Branch offices and agencies

6-705.
Branch offices and agencies
A licensee may establish branch offices or agencies only if it expressly assumes responsibility for the acts of any person accepting money in its name or on its behalf at such places of business. An application for a branch office or agency license shall be in writing,  under oath,  in a form prescribed by the deputy director,  and shall contain the name and address of the principal place of business of the licensee and a statement that it is a branch office.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-706 - Fees

6-706.
Fees
A. An applicant,  at the time of filing an application for a license under the terms of this article,  shall pay to the deputy director the fee prescribed in section 6-126. The fee for an agency license is the same as the fee prescribed for a branch.
B. ROn or before June 30 of each year,  each licensee may obtain a renewal of each license without investigation by payment of the fee prescribed in section 6-126. The fee for renewal of an agency license is the same as the fee prescribed for a branch.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-707 - Issuance of license; display; renewal

6-707.
Issuance of license;  display;  renewal
A. On the filing of the application and the payment of the fees and the approval of the bond,  or bonds,  the deputy director shall investigate the facts,  and if the deputy director finds that the financial responsibility and experience of the applicant are such as to command the confidence of the community to warrant belief that the business will be operated fairly and honestly and within the purposes of this article,  the deputy director shall issue the applicant a license to do business as a debt management company.
B. The license shall be kept conspicuously posted in the business office of the licensee. The license is not transferable or assignable.
C. Licenses expire on June 30 following the date of the issuance unless sooner surrendered,  revoked or suspended but may be renewed by filing an application with the deputy director on or before June 30 each year. The application for renewal shall be in the form prescribed by the deputy director and shall be accompanied by the fee prescribed in section 6-126. A separate application shall be made for each initial license of a principal place of business,  agency or branch office.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-708 - Denial; revocation or suspension of license

6-708.
Denial;  revocation or suspension of license
A. If the deputy director finds that the applicant fails to meet any of the conditions set forth in this article,  the deputy director shall deny the application for a license. If an application is denied or withdrawn,  the deputy director shall retain the investigation fee to cover the costs of investigating the applicant and return the license fee to the applicant.
B. The deputy director may revoke or suspend any license issued under this article for the following causes:
1. Conviction in any state of a felony or any crime involving breach of trust or dishonesty.
2. Violating any of the provisions of this article or rules of the department.
3. Fraud or deceit in procuring the issuance of the license.
4. Insolvency,  filing in bankruptcy,  receivership,  or assigning for the benefit of creditors by any licensee or applicant for a license.
5. Failure to pay the annual license fee.
6. Entry of an order against the licensee by an administrative agency of this state,  the federal government or any other state or territory of the United States that involves fraud,  deceit or misrepresentation by the licensee and the facts relating to the order indicate that it would be contrary to the interests of the public to allow that person to be licensed or to control or manage a licensee.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-710 - Prohibitions

6-710.
Prohibitions
It is unlawful for a licensee to:
1. Accept an account unless it appears on the basis of a reasonable budget analysis,  reduced to writing,  that the debtor can reasonably meet the payments agreed on by the licensee and the debtor and that the agreed on payment is sufficient to pay the service charges to the licensee and the full amount of the proposed payments to creditors as agreed on by the licensee and debtor. The licensee shall retain the written budget analysis for at least three years after the termination of the contract in the files of the licensee. The licensee shall make the analysis available for inspection by the deputy director,  except that such a budget analysis is not deemed unreasonable if facts that would prove it to be such were not furnished to the licensee by the debtor on request.
2. Unless agreed on by the debtor,  attempt to alter any scheduled payment listed on the original application from the debtor to any figure other than the amount agreed on by the debtor and creditors in those cases when a contractual installment exists. Acceptance of the proposed payment by the creditor shall not alter any rights the creditor has under the creditor's original contract with the debtor.
3. Purchase from a creditor any obligation of a debtor.
4. Operate as a collection agent and as a licensee as to the same debtor's account.
5. Execute any contract or agreement to be signed by the debtor unless the contract or agreement is fully and completely filled in.
6. Receive or charge any fee in the form of a promissory note or other promise to pay or receive or accept any mortgage or other security for any fee either as to real or personal property.
7. Pay any bonus or other consideration to any person for the referral of a debtor to the person's business,  nor accept or receive any bonus,  commission or other consideration for referring any debtor to any person for any reason.
8. Advertise the licensee's services,  display,  distribute,  broadcast or televise or allow to be displayed,  advertised,  distributed,  broadcasted or televised the licensee's services in any manner whatsoever in which any false,  misleading or deceptive statement or representation is made with regard to the services to be performed by the licensee or the charges to be made for those services.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-714 - Advertising

6-714.
Advertising
The rules and regulations of the deputy director shall include standards and criteria for proper advertising and may include specific prohibitions as to improper advertising by a licensee. A debt management company's advertising,  communication and sales materials shall contain the license name or other assumed name or trade name that is submitted to the department pursuant to section 6-117.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-801 - Definitions

6-801.
Definitions
In this chapter,  unless the context otherwise requires:
1. " Account servicing"  means the holding of documents or written instruments and the receipt and disbursement of payments according to the instructions of the parties to the documents or written instruments.
2. " Affiliate"  means an entity that directly or indirectly,  through one or more intermediaries,  controls,  is controlled by or is under common control with the entity specified.
3. " Control"  means ownership or the power to vote,  either directly or indirectly,  more than twenty per cent of the outstanding voting shares of the controlled person.
4. " Escrow"  means any transaction in which any escrow property is delivered with or without transfer of legal or equitable title,  or both,  and irrespective of whether a debtor-creditor relationship is created,  to a person not otherwise having any right,  title or interest therein in connection with the sale,  transfer,  encumbrance or lease of real or personal property,  to be delivered or redelivered by that person upon the contingent happening or nonhappening of a specified event or performance or nonperformance of a prescribed act,  when it is then to be delivered by such person to a grantee,  grantor,  promisee,  promisor,  obligee,  obligor,  bailee or bailor,  or any designated agent or employee of any of them. Escrow includes subdivision trusts and account servicing.
5. " Escrow agent"  means any person engaged in the business of accepting escrows.
6. " Escrow business"  means a commercial activity characterized by the regular and continuous carrying on of escrow transactions.
7. " Escrow property"  means property,  money,  a written instrument or evidence of title or possession to real or personal property or any other thing of value.
8. " License"  means a license issued pursuant to this chapter.
9. " Licensee"  means a person licensed pursuant to this chapter.
10. " Subdivision trust"  means an agreement in which title to real property or an interest therein is held for the limited purpose of holding,  subdividing,  developing or selling real property or an interest therein,  or to facilitate any business transaction with respect thereto and under which agreement the trustee acts pursuant to direction of its beneficiaries,  and without discretionary powers,  with respect to the holding,  subdivision,  development or sale of real estate or an interest therein or the disposition of the proceeds therefrom. Subdivision trusts are,  for the purpose of regulation under this chapter,  escrows,  except that this paragraph shall not be construed to limit the obligation or liability of trustees of subdivision trusts under common law or otherwise.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-802 - Acknowledgment of report of examination; penalty

6-802.
Acknowledgment of report of examination;  penalty
A. The deputy director shall examine or cause to be examined each escrow agent as prescribed by section 6-122. The deputy director shall forward a report of the examination to the board of directors of the escrow agent within thirty days after the report is completed. Within thirty days after the report is received,  the directors shall meet to consider its contents. Within ten days after the directors' meeting,  the chairman of the board of directors shall notify the deputy director of its meeting,  shall acknowledge that each director has reviewed the report and shall describe the board's responses to the recommendations of the examiners,  including any remedies for violations of this title. In each case,  the deputy director may extend the time period in this subsection for a period not to exceed one hundred twenty days applicable to actions by the board of directors and its chairman.
B. Unless excused by the deputy director for cause before or after the date the response is due,  an escrow agent who fails to file a timely response to the report of examination shall pay the department up to $100 for each day of delinquency,  as assessed by the department.