Title 6 — Banks and Financial Institutions
17 chapters · 553 sections in this title.
A.R.S. § 6-601 Definitions
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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 which the payment is applied first to finance charges computed on the unpaid balance of principal for the ti…
A.R.S. § 6-602 Exemptions
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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,…
A.R.S. § 6-603 License; contents of application; fees; nontransferability
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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 av…
A.R.S. § 6-604 Issuance of license; license year; renewal; expiration; requirements
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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 January 1 …
A.R.S. § 6-605 Denial of renewal; suspension; revocation
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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…
A.R.S. § 6-606 Business limited to licensed locations; restrictions
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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 …
A.R.S. § 6-607 Books; accounts; records; access
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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…
A.R.S. § 6-608 Annual report of licensee; civil penalty for failure to file
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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 …
A.R.S. § 6-609 Reporting rates; change in rates; quarterly report of deputy director
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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 t…
A.R.S. § 6-610 Effect of revocation, suspension or surrender on preexisting contract; impairment of contracts
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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 l…
A.R.S. § 6-611 Prohibited acts
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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…
A.R.S. § 6-612 Rules
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The deputy director may adopt rules that are necessary to regulate the proper conduct of a licensee.
A.R.S. § 6-613 Restrictions; voidable loans
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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…
A.R.S. § 6-614 Noncompliance
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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 or any security interest or lien on personal or real property.
A.R.S. § 6-615 Foreign loans; reciprocity
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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 r…
A.R.S. § 6-631 Disclosures; penalty
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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 Spa…
A.R.S. § 6-632 Finance charges
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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 loan in an original principal amount of three thousand dollars or less, a consumer loan rate of thirty-six per cent. 2. On a consumer loan i…
A.R.S. § 6-633 Computation of finance charges
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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 co…
A.R.S. § 6-634 Precomputation of consumer loan
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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 precomputed consumer loan is due not less than fifteen days but not more than forty-five days after…
A.R.S. § 6-635 Other allowable fees; annual reporting
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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 fees: 1. A delinquency charge in an amount equal to five percent of the amount of any installment not paid in full within seve…
A.R.S. § 6-636 Insurance securing loan; cancellation; notice
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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: 1. Property insurance covering any property securing a consumer lender loan. 2. Life insurance insuring the life of one or more consumers o…
A.R.S. § 6-637 Term; payments
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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 making a consumer loan of one thousand dollars or less. 2. Thirty-six months and fifteen days from the date of making a consumer loan of more t…
A.R.S. § 6-638 Other insurance
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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…
A.R.S. § 6-639 Loans from theft or fraud; consumer not responsible; correction of credit information
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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 o…