Title 44, Trade and Commerce

A. The application for registration of securities by qualification as required under sections 44-1892 and 44-1901 shall include the following, together with other information the commission prescribes: 1. Name and address of issuer, and address of issuer's principal office in thi…

A. Except as provided in section 44-1901, the prospectus required by section 44-1892 shall be filed with the application, and shall include the following, together with other information the commission requires: 1. The name and address of the issuer, date of incorporation or orga…

Financial statements required under this article for registration of securities by qualification shall be: 1. Prepared in conformity with generally accepted accounting principles. 2. Examined in accordance with generally accepted auditing standards. 3. If reporting is necessary, …

A. If the securities being registered by qualification have been or are to be registered under the securities act of 1933, there may be filed in lieu of the prospectus prescribed in section 44-1894 the definitive prospectus of the issuer filed under the securities act of 1933, if…

In the absence of proceedings under section 44-1901 or article 8 of this chapter for denial, suspension or revocation of the registration of the securities, or with the consent of the commission after the institution of such proceedings, an applicant may at any time amend or with…

A. Except as provided in section 44-1901, the director shall within a reasonable time examine an application for registration of securities by qualification and all documents and exhibits filed therewith. When an applicant has fully complied with the provisions of this article re…

Registration by qualification under this article shall be effective for a period of one year and may be renewed for additional periods of one year by filing, by a date not later than fifteen days prior to expiration of the registration, of a prospectus meeting the requirements of…

Additional amounts of securities registered by qualification under this article may with the consent of the commission be registered by payment of an additional registration fee, which shall be computed as provided in paragraph 3 of section 44-1892 as a separate fee for each addi…

A. Subject to the limitations provided in subsections G and I of this section, securities shall be registered by qualification at the time prescribed in subsection K of this section if the requirements of subsections B, E and F of this section are met. B. To be registered by qual…

A. In accordance with rules adopted by the commission, the commission may register under this article certain securities in an aggregate amount not exceeding five million dollars in any twelve month period. B. The rules adopted by the commission pursuant to subsection A of this s…

Except as provided in section 44-1901, the commission may enter an order denying the registration of any securities to be registered by qualification, if, after a hearing or notice and opportunity for hearing as provided by article 11 of this chapter, it finds that: 1. The applic…

Except for securities registered by qualification pursuant to section 44-1901, the commission may revoke the registration of any securities registered under this chapter if, after a hearing or notice and opportunity for hearing as provided by article 11 of this chapter, it finds …

A. If, after a hearing or notice and opportunity for hearing as provided by article 11 of this chapter, the commission finds grounds for denying or revoking registration of securities, it may enter an order denying or revoking the registration. The order shall state specifically …

A. Except for securities registered by qualification pursuant to section 44-1901, if the commission has reasonable grounds to believe that the registration of any securities under this chapter should be revoked on any ground specified in section 44-1921 or 44-1922 it may enter an…

A. Application for registration as a dealer may be made by any person. An application for registration shall be signed by the applicant. The application shall be filed with the commission and shall contain the following, together with other information the commission prescribes: …

The commission or the director may require submission of additional information as to applicant's previous history, record or business experience as deemed necessary to determine whether applicant should be registered as a dealer or salesman.

A. The commission may require that any dealer, other than a dealer that is registered under the securities exchange act of 1934, that is registered or making application for registration under this article deliver a bond, payable to the state with sureties, conditioned on the fai…

A. When an applicant has fully complied with this article and the rules of the commission thereunder, the director shall register the applicant as a dealer in a register of dealers and salesmen, unless the commission finds cause for denial as provided for in article 10 of this ch…

A. Any individual may apply for registration as a salesman. An application for registration as a salesman shall be signed by the applicant and by the registered dealer employing or intending to employ the applicant and shall be duly verified by oath. The application accompanied b…

A. If an applicant has fully complied with the provisions of this article and the rules of the commission thereunder the director shall register the applicant as a salesman in a register of dealers and salesmen, unless the commission finds cause for denial as provided for in arti…

A. The names and addresses of all persons who have been registered as dealers or salesmen, and all orders with respect thereto, shall be recorded in a register of dealers and salesmen in the office of the director. B. The registration of a dealer who deals exclusively in securiti…

A. Dealers and salesmen shall retain registration by filing: 1. A supplemental statement showing changes in the facts set forth in the original application for registration as supplemented or amended as such changes occur or within ninety days after the change. 2. In the case of …

Each registered dealer shall promptly notify the director of the termination of the employment of a registered salesman. The registration of the salesman shall automatically be suspended from the time of termination of the employment until the salesman is again employed by a regi…

A salesman who is registered under this chapter and who is a member of the Arizona national guard, the United States armed forces reserves or the regular component of the United States armed forces shall remain eligible to receive compensation for transactions under this chapter …

A. After a hearing or notice and opportunity for a hearing as provided in article 11 of this chapter, the commission may enter an order suspending for a period of not to exceed one year, denying or revoking the registration of a dealer if the commission finds that: 1. The applica…

A. After a hearing or notice and opportunity for a hearing as provided by article 11 of this chapter, the commission may enter an order suspending for a period of not to exceed one year, denying or revoking the registration of a salesman if the commission finds that: 1. The appli…

A. If, after A hearing or notice and opportunity for A hearing as provided by article 11 of this chapter, the commission finds grounds to deny, revoke or suspend the registration of a dealer or salesman, the director shall enter an order in the register of dealers and salesmen de…

A. If the commission has reasonable grounds to believe that a registered dealer or salesman has been guilty of any act or omission which would be sufficient ground for denying or revoking the registration of the dealer or salesman, it may enter an order temporarily suspending the…

Hearings may be ordered by the commission on the commission's own initiative or at the written request of any interested person: 1. For the purpose of administering or obtaining information necessary in the enforcement of this chapter or the rules, regulations or orders of the co…

A. Before entering an order denying or revoking the registration of any securities as provided in section 44-1901 or article 8 of this chapter the commission shall send to the issuer of the securities, and, if the application for registration of the securities was filed by a regi…

A. Any hearing under this article may be held before the commission, a member thereof, the director, or other authorized officer of the commission as the commission directs. B. Conduct of the hearing shall be governed by this section, and by the rules of practice and procedure wh…

The commission may institute or grant rehearings on application made within twenty calendar days after entry of an order or decision. Unless otherwise ordered, filing an application for rehearing does not stay the commission's decision or order. If the commission does not grant a…

Decisions of the commission pursuant to this chapter shall be subject to judicial review in the Maricopa county superior court pursuant to title 12, chapter 7, article 6.

A. It is a fraudulent practice and unlawful for a person, in connection with a transaction or transactions within or from this state involving an offer to sell or buy securities, or a sale or purchase of securities, including securities exempted under section 44-1843 or 44-1843.0…

It is a fraudulent practice and unlawful: 1. For a person to subscribe to or make or cause to be made an untrue statement of a material fact in an application, registration statement, prospectus, financial statement or document required to be filed under any provision of this cha…

Neither the fact that securities are registered by description under article 6 of this chapter or by qualification under article 7 of this chapter, nor the fact that registration of the securities has not been denied, suspended or revoked shall be deemed a finding by the commissi…

Neither the fact that a dealer or salesman is registered under article 9 of this chapter, nor the fact that the registration of the dealer or salesman has not been denied, suspended or revoked shall be deemed a finding by the commission or by the director that the dealer or sales…

A person violating a provision of this article is guilty of a class 4 felony.

A dealer, salesman, agent or person associated with a dealer, salesman or agent shall not directly or indirectly solicit or accept remuneration for assisting an attorney in obtaining the representation of any person in any private action arising under this chapter, the securities…

A. If any part of the registration statement filed under any federal or Arizona securities laws relating to securities offered or sold within or from this state contained, at the time the part became effective, an untrue statement of a material fact or omitted to state a material…

A. In any case relating to securities offered or sold within or from this state, any person who offers or sells a security by means of a prospectus or oral communication that includes an untrue statement of a material fact or omits to state a material fact necessary in order to m…

A. Every person who, by or through stock ownership, agency or otherwise or who pursuant to or in connection with an agreement or understanding with one or more other persons by or through stock ownership, agency or otherwise controls any person liable under this article, other th…

Any condition, stipulation or provision binding any person acquiring any security to waive compliance with this chapter or chapter 13 of this title or of the rules of the commission is void.

A. A sale or contract for sale of any securities to any purchaser in violation of section 44-1841 or 44-1842 or article 13 of this chapter is voidable at the election of the purchaser, and the purchaser may bring an action in a court of competent jurisdiction to recover the consi…

A. A purchase or contract for purchase from a seller of securities made in violation of section 44-1842, 44-1991 or 44-1994 is voidable at the election of the seller of the securities, and the seller may bring an action in a court of competent jurisdiction to recover the amount o…

A. Subject to the provisions of this section, an action brought under section 44-2001, 44-2002 or 44-2032 may be brought against any person, including any dealer, salesman or agent, who made, participated in or induced the unlawful sale or purchase, and such persons shall be join…