Title 6, Banks and Financial Institutions
17 chapters · 553 sections in this title.
A.R.S. § 6-701 Definitions
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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 perfo…
A.R.S. § 6-702 Exemptions
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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 institu…
A.R.S. § 6-703 License required
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No person shall engage in the business for compensation of receiving money as agent of a debtor for the purpose of distributing that money to the debtor's creditors in payment or partial payment of the debtor's obligations without first obtaining a license from the deputy directo…
A.R.S. § 6-704 Application for license; bonds; contract
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A. An application for a license shall be in writing, under oath and in a form prescribed by the deputy director, and shall contain the name and address, both of the residence and place of business, of the applicant and if the applicant is an association or society, of every membe…
A.R.S. § 6-705 Branch offices and agencies
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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…
A.R.S. § 6-706 Fees
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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. On or before June 30 of each…
A.R.S. § 6-707 Issuance of license; display; renewal
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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 c…
A.R.S. § 6-708 Denial; revocation or suspension of license
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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 cove…
A.R.S. § 6-709 Requirements
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A. A licensee at all times shall maintain minimum liquid assets of at least $2,500 in excess of the licensee's business liabilities and of the licensee's liabilities on account of monies received in the business of a debt management company. The deputy director may determine by g…
A.R.S. § 6-710 Prohibitions
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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…
A.R.S. § 6-714 Advertising
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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 th…
A.R.S. § 6-715 Prohibitions
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No person may engage in the business of a debt management company without the license required by this article.
A.R.S. § 6-716 Fees collected
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All fees collected under the provisions of this article shall be deposited, pursuant to sections 35-146 and 35-147, in the state general fund.