Title 44, Trade and Commerce

The commission or the director may require submission of additional information regarding an applicant's previous history, record or business experience as the commission or director deems necessary to determine whether an applicant should be licensed as an investment adviser or …

A. If an applicant for licensure as an investment adviser fully complies with this article and commission rules adopted under this article, the director shall license the applicant as an investment adviser, unless the commission finds cause for denial as provided in article 6 of …

A. Any individual may apply for licensure as an investment adviser representative. An application for licensure as an investment adviser representative shall be signed by the applicant and by the licensed or federal covered adviser employing or intending to employ the applicant. …

A. If an applicant for licensure as an investment adviser representative fully complies with this article and commission rules adopted under this article, the director shall license the applicant as an investment adviser representative, unless the commission finds cause for denia…

A. All licenses expire on December 31 of each year unless renewed before expiration by payment through the IARD of the fees prescribed by section 44-3181. If the IARD does not provide for receipt of a filing, the filing may be made with the commission by mail or any other reasona…

A. In order to retain licensure, licensed investment advisers and investment adviser representatives shall file the following with the commission through the IARD: 1. A supplemental statement showing any material changes in the facts contained in the original application for lice…

A. The annual nonrefundable license fee for each licensed investment adviser and investment adviser representative and the annual nonrefundable notice filing fee for each federal covered adviser shall be paid to the commission on or before the last working day of December. The an…

A. After a hearing or notice and an opportunity for a hearing as provided in article 7 of this chapter, the commission may enter an order suspending for a period of not more than one year, denying or revoking the license of an investment adviser or investment adviser representati…

A. If, after a hearing or notice and an opportunity for a hearing as provided in article 7 of this chapter, the commission finds grounds to deny, suspend or revoke the license of an investment adviser or investment adviser representative, the director shall enter an order denying…

The commission may order a hearing on its own initiative or at the written request of any interested person, either before or after licensure of an investment adviser or investment adviser representative: 1. For the purpose of administering or obtaining information necessary in t…

A. Before entering an order denying, suspending or revoking the license of an investment adviser or investment adviser representative pursuant to article 6 of this chapter, the commission shall send to the investment adviser or investment adviser representative, and, if an invest…

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

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 are subject to judicial review in superior court in Maricopa county 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 the provision of investment advisory services, directly or indirectly, to do any of the following: 1. Employ any device, scheme or artifi…

If an act, practice or transaction that constitutes a violation of section 44-3151 or article 9 of this chapter is alleged in a complaint filed by this state or an agency of this state, the commission may petition the superior court in Maricopa county for the appointment of a con…

Sections 44-2012 through 44-2017 apply to this chapter.

A. The superior court has jurisdiction over violations of this chapter, the rules and orders of the commission adopted or issued under this chapter and all actions brought to enforce any liability or duty created under this chapter, except actions or proceedings brought under sec…

If it appears to the commission, either on complaint or otherwise, that any person has engaged in, is engaging in or is about to engage in any act, practice or transaction that constitutes a violation of this chapter or any rule or order of the commission adopted or issued under …

If a defense in any civil or criminal action is based on any exemption provided for in this chapter, the burden of proving the existence of the exemption is on the party raising the defense, and it is not necessary to negate the exemption in any petition, complaint, information o…

A certificate signed by the director and under seal of the commission showing that a notice filing has or has not been filed as provided in article 4 of this chapter or that an investment adviser or investment adviser representative has or has not been licensed as provided in art…

A certificate signed by the director, and under seal of the commission, in regard to the record of any proceeding under this chapter for denial, suspension or revocation of the license of any investment adviser or investment adviser representative constitutes evidence of the reco…

A. A person who, in an administrative action, is found to have violated this chapter or any rule or order of the commission may be assessed an administrative penalty by the commission, after a hearing, of not more than one thousand dollars for each violation. B. Any administrativ…

In an action brought under this article, the commission or the attorney general is entitled to recover costs that in the discretion of the court may include an amount representing reasonable attorney fees and investigative expenses for services rendered.

A. An investment management regulatory and enforcement fund is established and shall be administered by the commission under the conditions and for the purposes provided by this section. Monies in the fund are exempt from the provisions of section 35-190 relating to lapsing of ap…

Except as otherwise provided by law, this state, any political subdivision of this state, the commission, the director or any state officer, agent or employee acting in good faith is not liable for any injury or damage to investors or the general public resulting from any actual …

A. The names of complainants and all information or documents obtained by any officer, employee or agent of the commission, including the shorthand reporter or stenographer transcribing the reporter's notes, in the course of any examination or investigation are confidential unles…

A. Securities that are issued by an open-end company or unit investment trust may be offered for sale and sold in this state if the commission receives all of the following: 1. The documents that are filed with the SEC and that are required by the commission. 2. A consent to serv…

A. An open-end company or a unit investment trust shall file a notice in order to offer for sale or sell an indefinite amount of securities with the commission. B. The initial notice filing of an open-end company is effective from the later of receipt by the commission or the eff…

A. The sales report filed with the commission shall specify the total amount of sales made to persons in this state during the time periods specified in this section together with such other information the commission designates by rule or otherwise. B. An issuer that elected to …

A. When filing its initial notice filing, an open-end company shall pay a nonrefundable notice filing fee for sales to be made during the initial notice period. The open-end company may elect to pay either a minimum fee of two hundred dollars or a maximum fee of three thousand fi…

A. Securities that are issued by a closed-end company may be offered for sale and sold in this state if the commission receives all of the following from the closed-end company: 1. The documents that are filed with the SEC and that are required by the commission. 2. A consent to …

In this chapter, unless the context otherwise requires: 1. "Home solicitation sale": (a) Means a sale of goods or services in which the seller or the seller's representative personally solicits the sale without prior invitation, appointment or consent and the buyer's agreement or…

A. In addition to any right otherwise to revoke an offer, the buyer may cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement subject to the provisions of this chapter. For the purposes of this chapter, "busin…

No seller in a home solicitation sale shall offer to pay a commission or give a rebate or discount to the buyer in consideration of the buyer's giving to the seller the names of prospective purchasers or otherwise aiding the seller in making a sale to another person, if the earni…

A. No agreement of the buyer in a home solicitation sale shall be effective unless the contract, receipt and all other documents pertaining to the contract are written in the same language used in the oral sales presentation. If a language which cannot be written is used in the o…

A. A note or other evidence of indebtedness given by a buyer in respect of a home solicitation sale shall be dated not earlier than the date of the agreement or offer to purchase. Any transfer of a note or other evidence of indebtedness bearing the statement required by subsectio…

A. Except as provided in this section, within ten days after a home solicitation sale has been canceled, the seller shall tender to the buyer any payments made by the buyer and any note or other evidence of indebtedness. B. If the down payment includes goods traded in, the goods …

A. Except as provided in subsection C of section 44-5006, within twenty days after a home solicitation sale has been canceled, the buyer upon demand shall tender to the seller any goods delivered by the seller pursuant to the sale, but he is not obligated to tender at any place o…

Any person who violates any provision of this chapter shall be guilty of a class 3 misdemeanor.

A. This section applies to a consumer credit sale of goods or services. B. Notwithstanding any agreement to the contrary, if the seller or his assignee retakes goods which were the subject of the sale, the buyer shall not be personally liable for the unpaid balance of the price i…

In this chapter, unless the context otherwise requires: 1. "Cash sale price" means the price stated in a retail installment contract or other memorandum furnished by a retail seller to a retail buyer in connection with a retail charge account agreement, for which the seller would…

A. Under a retail installment contract, other than a retail charge account agreement, a finance charge not to exceed a rate set by contract may be charged and received. The finance charge may be computed either at the single annual percentage rate using the actuarial method or it…

A. The provisions of this section shall apply notwithstanding any law to the contrary. B. An assignee may purchase or acquire any retail installment contract or retail charge account agreement or any outstanding balance under either from a seller or holder on terms, conditions an…

Except where the seller or holder deems an account pursuant to a retail charge account agreement to be uncollectible or where delinquency collection procedures have been instituted with respect to such an account, the seller or holder of the account shall, within a reasonable tim…

A seller or holder who violates any provision of this chapter is barred from recovery of any finance charge, official fees and delinquency charge under or in connection with the related retail installment contract or the related retail charge account agreement for as long as the …