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Arizona Revised Statutes - Title 6 Banks and Financial Institutions - Chapter 5 Consumer Lenders

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  • 6-601 - Definitions
    In this chapter, unless the context otherwise requires: 1. "Actuarial method" means the method of allocating each payment between finance charges and principal pursuant to...
  • 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...
  • 6-603 - License; contents of application; fees; nontransferable
    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...
  • 6-604 - Issuance of license; license year; requirements
    A. If the superintendent finds no grounds for denial of a license, within one hundred twenty days after receiving a complete application, the superintendent shall...
  • 6-605 - Denial of renewal; suspension; revocation
    A. The superintendent may deny renewal of a license or suspend or revoke a license if the superintendent finds that a licensee: 1. Is insolvent...
  • 6-606 - Business limited to licensed locations; restrictions
    A. Except as provided in subsection B of this section, no licensee may conduct the business of making consumer lender loans pursuant to this chapter...
  • 6-607 - Books; accounts; records; access
    A. A licensee shall maintain books, accounts and records that enable the superintendent to determine whether the licensee is in compliance with this chapter. B....
  • 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 superintendent...
  • 6-609 - Reporting rates; change in rates; quarterly report of superintendent
    A. At the time of making its annual report to the superintendent, each licensee shall report the licensee's standard annual percentage rate or range of...
  • 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...
  • 6-611 - Prohibited acts
    A. A licensee shall not knowingly advertise, display, distribute, broadcast or televise, or cause or permit to be advertised, displayed, distributed, broadcast or televised, in...
  • 6-612 - Rules
    The superintendent may adopt rules that are necessary to regulate the proper conduct of a licensee.
  • 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...
  • 6-614 - Noncompliance
    Except as provided in section 6-613, a failure to comply with this chapter does not affect the validity or enforceability of any consumer lender loan...
  • 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...
  • 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...
  • 6-632 - Finance charges
    A. A licensee may contract for and receive finance charges on consumer loans that are not more than the following amounts: 1. On a consumer...
  • 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...
  • 6-634 - Precomputation of consumer loan
    A. A precomputed consumer loan shall require repayment in substantially equal consecutive monthly installments of principal and finance charges combined. The first installment of a...
  • 6-635 - Other allowable fees
    A. In addition to the finance charges authorized by section 6-632, a licensee may contract for and receive, and collect finance charges on, the following...
  • 6-636 - Insurance securing loan; cancellation; notice
    A. The following types of insurance may be sold to the consumer in connection with a consumer lender loan and the consumer may contract for:...
  • 6-637 - Term; payments
    A. The scheduled term of a consumer loan shall not be longer than the following: 1. Twenty-four months and fifteen days from the date of...
  • 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...
  • Last modified: February 19, 2012