Arizona Revised Statutes § 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B. If this chapter or any part of this chapter is modified, amended or repealed, resulting in a cancellation or alteration of any consumer lender license or right of a licensee under this chapter, that cancellation or alteration does not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.

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Last modified: October 13, 2016