Arizona Revised Statutes § 6-611 Prohibited Acts

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 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.

B. Except as otherwise provided in this subsection, a licensee shall not pay a fee, commission or bonus or give anything of value to any merchant, dealer, consumer or other person for referring consumer lender loan business, other than the fees permitted pursuant to the real estate settlement procedures act (12 United States Code sections 2601 through 2617), as amended, and the regulations promulgated under that act (24 Code of Federal Regulations part 3500), as amended, or persons exempt from licensing pursuant to section 6-602 in connection with any consumer loan or consumer revolving loan that is secured by the consumer's principal residence or any home equity revolving loan. A licensee may not give a consumer any prize, good, ware, merchandise or tangible property of an aggregate value of more than twenty-five dollars.

Section: Previous  6-604  6-605  6-606  6-607  6-608  6-609  6-610  6-611  6-612  6-613  6-614  6-615  6-631  6-632  6-633  Next

Last modified: October 13, 2016