Terms Used In Arizona Laws > Title 44 > Chapter 9 - Trade Practices Generally

• Act of the board of directors: means either:

  (a) An act of the majority of the directors present at a duly called meeting at which a quorum is present, unless the act of a greater number is required by chapters 1 through 17 of this title, the articles of incorporation or the bylaws. See Arizona Laws 10-140

• Act of the members: means either:

  (a) An act adopted or rejected by a majority of the votes represented and voting at a duly held meeting at which a quorum is present where affirmative votes also constitute a majority of the required quorum unless a greater number of votes is required by chapters 24 through 40 of this title, the articles of incorporation or the bylaws. See Arizona Laws 10-3140

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Address: means a mailing address. See Arizona Laws 10-140
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Aftermarket crash part: means a replacement for any of the nonmechanical sheet metal or plastic parts which generally constitute the exterior of a motor vehicle, including the inner and outer panels. See Arizona Laws 44-1291
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Articles of incorporation: means the original or restated articles of incorporation or articles of merger and all amendments to the articles of incorporation or merger and includes amended and restated articles of incorporation and articles of amendment and merger. See Arizona Laws 10-140
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assistive device: means any device, including a demonstrator, that a consumer purchases or accepts transfer of in this state and that is used to assist an individual with a disability as described in the Americans with disabilities act of 1990 (P. See Arizona Laws 44-1351
• Assistive device dealer: means a person who is in the business of selling new assistive devices. See Arizona Laws 44-1351
• Assistive device lessor: means a person who leases a new assistive device to a consumer under a written lease or holds the rights of a lessor under a written lease. See Arizona Laws 44-1351
• Automatic commercial icemaker: means a factory made assembly that is shipped in one or more packages, that consists of a condensing unit and icemaking section operating as an integrated unit, that makes and harvests ice cubes and that may store or dispense ice. See Arizona Laws 44-1375
• Ballast: means a device used with an electric discharge lamp to obtain necessary circuit conditions such as voltage, current and waveform for starting and operating the lamp. See Arizona Laws 44-1375
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Beverage: means beer or other malt beverages, mineral water, soda water and similar carbonated soft drinks, fruit juices and vegetable juices in liquid form which are intended for human consumption. See Arizona Laws 44-1251
• Board of directors: means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which the group is designated and includes the governing body or bodies of a water users' association if the articles of incorporation of the water users' association provide for a governing body or bodies denominated other than as a board of directors. See Arizona Laws 10-140
• Bylaws: means the code of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name by which those rules are designated. See Arizona Laws 10-140
• Check casher: means any person who engages in the business of cashing payment instruments more than ten times in any calendar year and who receives compensation of at least five hundred dollars during any thirty day period for cashing payment instruments. See Arizona Laws 44-1361
• Class: refers to a group of memberships that have the same rights with respect to voting, dissolution, redemption and transfer. See Arizona Laws 10-3140
• Collateral cost: means an expense incurred by an assistive device lessor or a consumer in connection with the repair of a nonconformity, including the costs of sales tax and of obtaining an alternative assistive device. See Arizona Laws 44-1351
• Commercial electronic mail: means electronic mail sent for the purpose of encouraging the purchase or rental of, or investment in, property, goods or services. See Arizona Laws 44-1372
• Commission: means the Arizona corporation commission. See Arizona Laws 10-140
• Communication service record: includes subscriber information, including name, billing or installation address, length of service, payment method, telephone number, electronic account identification and associated screen names, toll bills or access logs, records of the path of an electronic communication between the point of origin and the point of delivery and the nature of the communication service provided, such as caller identification, automatic number identification, voice mail, electronic mail, paging or other service features. See Arizona Laws 44-1376
• Community benefit activity: means any activity furthering community benefit purposes including any health care activity that includes education, prevention, promotion of community health, indigent care or any other charitable purpose. See Arizona Laws 10-11251
• Community benefit purposes: means those purposes for which an entity may qualify for exemption pursuant to section 501(c)(3) of the internal revenue code, or for similar activity engaged in by a for profit organization. See Arizona Laws 10-11251
• Community health center: means a primary care facility that provides medical care in medically underserved areas as designated in section 36-2352 or in medically underserved areas or medically underserved populations as designated by the United States department of health and human services. See Arizona Laws 10-11251
• Consumer: means the purchaser, other than for purposes of resale, of a motor vehicle, any person to whom the motor vehicle is transferred during the duration of an express warranty applicable to the motor vehicle or any other person entitled by the terms of the warranty to enforce the obligations of the warranty. See Arizona Laws 44-1261
• Consumer: means a person who is solicited by a seller or solicitor. See Arizona Laws 44-1271
• Consumer: means any of the following:

  (a) An individual or entity that purchases a new assistive device if the assistive device was purchased from an assistive device dealer or manufacturer for purposes other than resale. See Arizona Laws 44-1351

• Consumer: means a natural person or persons who purchase consumer services. See Arizona Laws 44-1365
• Container: means the individual, separate can sealed or under pressure of carbonation which is composed of metal and contains a beverage. See Arizona Laws 44-1251
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Court: means the superior court of this state. See Arizona Laws 10-140
• Covered service: includes :

  (a) Financial counseling, including debt counseling and budget counseling to assist a homeowner in connection with the homeowner's residence in foreclosure. See Arizona Laws 44-1378

• Damage: means any cracking, bubbling, cutting, chunking or separation of the tire sidewall or tread, including exposed body ply or belt material, or any visible deterioration of the tire bead or inner liner. See Arizona Laws 44-1301
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Deliver: includes sending by mail, private courier, fax or electronic transmission. See Arizona Laws 10-140
• Demonstrator: means an assistive device used primarily for the purpose of demonstration to the public. See Arizona Laws 44-1351
• Devise: To gift property by will.
• Director: means the director of the securities division of the commission. See Arizona Laws 44-1801
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Distribution: means a direct or indirect transfer of money or other property, except its own shares, or incurrence of indebtedness by a corporation to or for the benefit of its shareholders in respect of any of its shares. See Arizona Laws 10-140
• Division: means the securities division of the commission. See Arizona Laws 44-1801
• domestic corporation: means a corporation for profit that is not a foreign corporation and that is incorporated under or subject to chapters 1 through 17 of this title. See Arizona Laws 10-140
• Electronic mail: means an electronic message, executable program or computer file containing an image of a message that is transmitted between two or more computers or electronic terminals and includes electronic messages that are transmitted within or between computer networks. See Arizona Laws 44-1372
• Electronic mail service provider: means any person who is an intermediary in sending or receiving electronic mail and who provides to end users of electronic mail services the ability to send or receive electronic mail. See Arizona Laws 44-1372
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Entity: includes a corporation, foreign corporation, not for profit corporation, profit and not for profit unincorporated association, nonprofit corporation, close corporation, corporation sole or limited liability company, a professional corporation, association or limited liability company, a business trust, estate, partnership, registered limited liability partnership, trust or joint venture, two or more persons having a joint or common economic interest, any person other than an individual and a state, the United States and a foreign government. See Arizona Laws 10-140
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Established business relationship: means a prior or existing relationship formed by a voluntary communication between a person or entity and the recipient, with or without an exchange of consideration, on the basis of an inquiry, application, purchase or use by the recipient regarding products or services offered by the person or entity. See Arizona Laws 44-1372
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Filing: means the commission completing the following procedure with respect to any document delivered for that purpose:

  (a) Determining that the filing fee requirements of section 10-122 have been satisfied. See Arizona Laws 10-140

• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Findings: means an ingredient part of the product which adapts the product for wearing or display, including silver beads, leather backing, binding material, bolo tie clips, tie bar clips, tie tack pins, earring pins, earring clips, earring screw backs, cuff link toggles, money clips, pin stems, combs or chains. See Arizona Laws 44-1231
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Forbearance: A means of handling a delinquent loan. A
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Foreclosure consultant: means a person who, directly or indirectly, makes any solicitation, representation or offer to a homeowner to perform for compensation or who, for compensation, performs any covered service that the person represents will do any of the following:

  (a) Prevent or postpone a foreclosure sale. See Arizona Laws 44-1378

• Foreclosure reconveyance: means a transaction that involves both of the following:

  (a) The transfer of title to a residence in foreclosure by a homeowner during a foreclosure proceeding by either:

  (i) The transfer of an interest in the residence in foreclosure from the homeowner. See Arizona Laws 44-1378

• Foreclosure sale: means the sale of real property to enforce an obligation secured by a mortgage or lien on the property, including the exercise of a trustee's power of sale. See Arizona Laws 44-1378
• Foreign corporation: means a corporation for profit that is incorporated under a law other than the law of this state. See Arizona Laws 10-140
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Goods: means any merchandise, equipment, products, supplies or materials. See Arizona Laws 44-1271
• Grantee: includes every person to whom an estate or interest in real property passes, in or by a deed. See Arizona Laws 1-215
• Holder of evidence of debt: means the person in actual possession of or otherwise entitled to enforce an evidence of debt but does not include a person acting as a nominee solely for the purpose of holding the evidence of debt or deed of trust as an electronic registry without any authority to enforce the evidence of debt or deed of trust. See Arizona Laws 44-1378
• Homeowner: means the record owner of a residence in foreclosure at the time the notice of the pendency of an action for foreclosure or the recording of a notice of sale pursuant to section 33-808. See Arizona Laws 44-1378
• Improper repair: means any puncture repair of damage larger than one-fourth of an inch, any puncture repair to a tire sidewall, the tread shoulder or belt edge area, or a puncture repair that has not been both sealed or patched on the inside and repaired with a cured rubber stem through to the outside. See Arizona Laws 44-1301
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Indian: means a person who is enrolled or who is a lineal descendant of one enrolled upon an enrollment listing of the bureau of Indian affairs, or upon the enrollment listing of a recognized Indian tribe domiciled within the United States border. See Arizona Laws 44-1231
• Indian handcrafted: means the skillful and expert use of the hands in making products solely by Indians within the United States, including the use of findings, hand tools and equipment for buffing, polishing, grinding, drilling or sewing. See Arizona Laws 44-1231
• Individual: includes the estate of an incompetent or deceased individual. See Arizona Laws 10-140
• Industrial account: means a person or business entity that files or is required to file monthly returns for that person's or entity's transaction privilege tax license or a governmental entity that sells lead acid batteries to an automotive recycler. See Arizona Laws 44-1321
• Initial payment: means the total amount the purchaser becomes obligated to pay to the seller and to any third party for goods, services or merchandise related to a previously purchased business opportunity, either prior to or at the time of the delivery of any goods, services or merchandise within six months after the commencement of the operation of the business opportunity by the purchaser. See Arizona Laws 44-1271
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Installer: means an individual who actually does the work of replacing or repairing parts of a motor vehicle. See Arizona Laws 44-1291
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• interest in the residence: includes an interest in a contract for a deed, a purchase agreement and an option to purchase or lease. See Arizona Laws 44-1378
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Issuer: means any person who issues or proposes to issue any security, except:

  (a) With respect to certificates of deposit, voting-trust certificates, collateral-trust certificates, certificates of interest or shares in an unincorporated investment trust, whether or not of the fixed, restricted management or unit type, issuer means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which such securities are issued. See Arizona Laws 44-1801

• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Known place of business: means the known place of business required to be maintained pursuant to section 10-501. See Arizona Laws 10-140
• Large packaged air conditioning equipment: means electrically operated, air cooled air conditioning and air conditioning heat pump equipment that has cooling capacity greater than or equal to two hundred forty thousand BTU per hour but less than seven hundred sixty thousand BTU per hour and that is built as a package and shipped as a whole to end user sites. See Arizona Laws 44-1375
• Lead acid battery: means a battery with a core of elemental lead and a capacity of six or more volts that is suitable for use in a vehicle or a boat. See Arizona Laws 44-1321
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lineal descendant: Direct descendant of the same ancestors.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Made by machine: means the producing or reproducing of a product in mass production by mechanically stamping, casting, blanking or weaving. See Arizona Laws 44-1231
• Manager: means a person who supervises the work of a solicitor. See Arizona Laws 44-1271
• Manufacturer: means a person who manufactures or assembles assistive devices and the agents of that person, including an importer, a distributor, a factory branch, a distributor branch or a warrantor of an assistive device but does not include an assistive device dealer. See Arizona Laws 44-1351
• Member: means , without regard to what a person is called in the articles of incorporation or bylaws, any person or persons who, pursuant to a provision of a corporation's articles of incorporation or bylaws, have the right to vote for the election of a director or directors. See Arizona Laws 10-3140
• Membership: refers to the rights and obligations a member or members have pursuant to a corporation's articles of incorporation and bylaws and chapters 24 through 40 of this title. See Arizona Laws 10-3140
• Merchandise: means objects, wares, goods, commodities, intangibles, real estate, securities or services. See Arizona Laws 44-1271
• Metal halide lamp: means a high intensity discharge lamp in which the major portion of the light is produced by radiation of metal halides and their products of dissociation, possibly in combination with metallic vapors. See Arizona Laws 44-1375
• Minor: means a person under eighteen years of age. See Arizona Laws 1-215
• Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
• Moral turpitude: means an offense, whether a misdemeanor or felony, that is related to extortion, burglary, larceny, bribery, embezzlement, robbery, racketeering, money laundering, forgery, fraud, murder, voluntary manslaughter or a sexual offense that requires the individual to register pursuant to section 13-3821. See Arizona Laws 1-215
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Motor vehicle: means a self-propelled vehicle designated primarily for the transportation of persons or property over the public highways. See Arizona Laws 44-1261
• Motor vehicle: means any automobile, motorcycle, truck, trailer, semitrailer, truck tractor and semitrailer combination or other vehicle operated on the roads of this state, used to transport persons or property and propelled by power other than muscular power, but motor vehicle does not include traction engines, vehicles that run only on a track, bicycles or mopeds. See Arizona Laws 44-1301
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Natural turquoise: means turquoise, exclusive of any backing material, whose composition has not been chemically or otherwise altered. See Arizona Laws 44-1231
• Newspaper: has the meaning set forth in section 39-201. See Arizona Laws 10-140
• Nonconformity: means a defect, malfunction or condition that substantially impairs the use, safety or value of an assistive device and that is covered by an express warranty applicable to the assistive device or to a component of the assistive device, excluding a defect, malfunction or condition that is the result of either:

  (a) An accident involving the assistive device or from abuse, neglect, modification or alteration of the assistive device by any person other than the manufacturer or the manufacturer's agent or distributor or an authorized assistive device dealer or assistive device lessor. See Arizona Laws 44-1351

• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Off road motor vehicle: means any automobile, motorcycle, truck, trailer, semitrailer, truck tractor and semitrailer combination, heavy equipment used in mining or metallurgical operations, agriculture, construction or earth moving, airplanes or other vehicles operated off the roads of this state, used to transport persons or property or used for agricultural, construction or earth moving activities and propelled by power other than muscular power, but off road motor vehicle does not include traction engines, vehicles that run only on a track, bicycles or mopeds. See Arizona Laws 44-1301
• offer for sale: means an attempt or offer to dispose of, or solicitation of an order or offer to buy, a security or interest in a security for value or any sale or offer for sale of a warrant or right to subscribe to another security of the same issuer or of another issuer. See Arizona Laws 44-1801
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Payment instrument: means any check, draft, money order, traveler's check in record form, stored value instrument or other instrument for the transmission or payment of money, whether negotiable, and in record form. See Arizona Laws 44-1361
• Peace officer: includes a law enforcement officer who is employed by the department of transportation. See Arizona Laws 44-1321
• Person: means an individual, corporation, partnership, association, joint stock company or trust, limited liability company, government or governmental subdivision or agency or any other unincorporated organization. See Arizona Laws 44-1801
• Person: means :

  (a) A natural person or the person's legal representative. See Arizona Laws 44-1271

• Person: means any public or private corporation, company, partnership, firm, association or society of persons, the federal government and any of its departments or agencies, this state or any of its agencies, departments, political subdivisions, counties, towns or municipal corporations, as well as a natural person. See Arizona Laws 44-1301
• Person: includes an individual and entity. See Arizona Laws 10-140
• Personal property: All property that is not real property.
• Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
• Petty offense: A federal misdemeanor punishable by six months or less in prison. ^{Source: U.S. Courts}
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plan: means a plan of merger, interest exchange, conversion, domestication or division, as applicable. See Arizona Laws 10-11101
• Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Premium: means any gift, bonus, prize, award or other incentive or inducement to purchase merchandise. See Arizona Laws 44-1271
• Principal: means an owner or an officer of a corporation or limited liability company, a general partner of a partnership, a sole proprietor of a sole proprietorship, a partner of a limited liability partnership, a trustee of a trust and any other individual who controls, manages or supervises a telephone sales operation. See Arizona Laws 44-1271
• Prize: means anything offered or purportedly offered and given or purportedly given to a person by chance. See Arizona Laws 44-1271
• Prize promotion: means a sweepstakes or other game of chance or an oral or written express or implied representation that a person has won, has been selected to receive or may be eligible to receive a prize or purported prize. See Arizona Laws 44-1271
• Proceeding: includes a civil suit and a criminal, administrative and investigatory action. See Arizona Laws 10-140
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Procure: means to obtain by any means, including electronically, in writing or in oral form, with or without consideration. See Arizona Laws 44-1376
• Property: includes both real and personal property. See Arizona Laws 1-215
• Public utility: includes public service corporations, municipally owned systems and districts subject to article XIII, section 7, Constitution of Arizona, power districts, electrical districts, agricultural improvement districts or irrigation and water conservation districts established pursuant to Title 48, Chapter 11, 12, 17 or 19. See Arizona Laws 44-1376
• Public utility record: includes customer information, including name, billing or installation address, length of service, payment method or any other personal identifying information. See Arizona Laws 44-1376
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Reconstituted turquoise: means dust and turquoise particles which are mixed with plastic resins and are compressed into a solid form so as to resemble natural turquoise. See Arizona Laws 44-1231
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Recovery service: means any business or other practice in which a person represents or implies that the person will recover or assist in recovering for a fee any amount of money that a consumer has provided to a seller pursuant to a telephone solicitation. See Arizona Laws 44-1271
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Repair facility: means a motor vehicle dealer, garage, body shop or other commercial entity which undertakes the repair or replacement of those parts that generally constitute the exterior of a motor vehicle. See Arizona Laws 44-1291
• Required disclosure: means disclosure by the director who has a conflicting interest of both:

  (a) The existence and nature of the conflicting interest. See Arizona Laws 10-3860

• Residence in foreclosure: means residential real property consisting of not more than four family dwelling units, one of which the homeowner occupies as a principal place of residence, and against which there is recorded an outstanding notice of the pendency of an action for foreclosure or notice of sale pursuant to section 33-808. See Arizona Laws 44-1378
• Residential pool pump: means a pump that is used to circulate and filter residential swimming pool water in order to maintain clarity and sanitation and that consists, in part, of a motor and an impeller and housing. See Arizona Laws 44-1375
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Salesman: means an individual, other than a dealer, employed, appointed or authorized by a dealer to sell securities in this state. See Arizona Laws 44-1801
• Secretary: means that officer designated as the secretary in the articles of incorporation or bylaws or that officer authorized in the articles of incorporation, the bylaws or otherwise to perform the functions of secretary, irrespective of the name by which designated. See Arizona Laws 10-140
• sell: means a sale or any other disposition of a security or interest in a security for value and includes a contract to make such sale or disposition. See Arizona Laws 44-1801
• Seller: means a person who, directly or through a solicitor, does any of the following:

  (a) Initiates telephone calls to provide or arrange to provide merchandise to consumers in exchange for payment. See Arizona Laws 44-1271

• Sender: means a person who initiates an unsolicited commercial electronic mail. See Arizona Laws 44-1372
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Shares: means the units into which the proprietary interests in a corporation are divided. See Arizona Laws 10-140
• Solicitor: means a person, other than a seller or employee of a seller, who uses a telephone to seek sales or rentals of merchandise on behalf of a seller or uses a telephone to verify sales or rentals for a seller. See Arizona Laws 44-1271
• Stabilized turquoise: means turquoise which has been chemically hardened, but not adulterated so as to change the color of the natural mineral. See Arizona Laws 44-1231
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Subscriber: means a person who subscribes to residential telephone service from a local exchange company and any person who lives or subscribes with that person. See Arizona Laws 44-1271
• subscription: includes a mark, if a person cannot write, with the person's name written near it and witnessed by a person who writes the person's own name as witness. See Arizona Laws 1-215
• Synthetic turquoise: means any compound or mineral which is manufactured or treated so as to closely approximate turquoise in appearance. See Arizona Laws 44-1231
• Telephone: means any device that is used by a person for voice communications in connection with the services of a telephone company whether the voice communications are transmitted in analog, data or any other form. See Arizona Laws 44-1376
• Telephone company: means any person that provides commercial telephone services to a customer, irrespective of the communications technology that is used to provide the service, including:

  (a) Traditional wire line or cable telephone service. See Arizona Laws 44-1376

• Telephone record: means information that is:

  (a) Retained by a telephone company and that relates to the telephone number dialed by the customer or the incoming number of the call directed to a customer or other data related to such calls typically contained on a customer telephone bill, including the time the call started and ended, the duration of the call, the time of day the call was made, any charges applied and any information that indicates the location from which or to which the call was made. See Arizona Laws 44-1376

• Telephone solicitation: means any voice communication from a live operator, announcing device or otherwise that offers merchandise for sale or rent and that is to or from a person located in this state. See Arizona Laws 44-1271
• Torchiere: means a portable electric lighting fixture with a reflective bowl that directs light upward onto a ceiling so as to produce indirect illumination on the surfaces below. See Arizona Laws 44-1375
• Transaction: means a merger, an interest exchange, a conversion, a domestication or a division, as applicable. See Arizona Laws 10-11101
• Transformer: means a device that consists of two or more coils of insulated wire and that is designed to transfer alternating current by electromagnetic induction from one coil to another to change the original voltage or current value. See Arizona Laws 44-1375
• Treated turquoise: means turquoise which has been altered to produce a change in the coloration of the natural mineral. See Arizona Laws 44-1231
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Turquoise: means a hydrous copper sulphate, containing aluminum salts, plus iron. See Arizona Laws 44-1231
• Unit heater: means a self-contained, vented fan type commercial space heater that uses natural gas or propane and that is designed to be installed without ducts within a heated space, except that unit heater does not include any products covered by federal standards established pursuant to 42 United States Code chapter 77 or any product that is a direct vent, forced flue heater with a sealed combustion burner. See Arizona Laws 44-1375
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• United States: includes a district, authority, bureau, commission and department and any other agency of the United States. See Arizona Laws 10-140
• Unsolicited commercial electronic mail: means a commercial electronic mail message sent, without the consent of the recipient, by a person with whom the recipient does not have an established business relationship. See Arizona Laws 44-1372
• Used motor vehicle: means a motor vehicle that has been sold, bargained, exchanged or given away or the title to which has been transferred from the person who first acquired the vehicle from the manufacturer, importer or dealer or agent of the manufacturer or importer and that has been placed in bona fide consumer use. See Arizona Laws 44-1261
• Used motor vehicle dealer: means a person or business that sells or offers for sale a used motor vehicle after selling or offering for sale four or more used motor vehicles in the previous twelve months but does not include a bank or financial institution, an insurance company, a business selling a used motor vehicle to an employee of that business, a lessor selling a leased vehicle by or to the lessee of that vehicle or to an employee of the lessee of that vehicle or a person who buys, sells, exchanges or offers or attempts to negotiate a sale of or exchange an interest in a classic car as defined in section 28-2483 or a historic vehicle as defined in section 28-2484. See Arizona Laws 44-1261
• Vote: includes authorization by written ballot and written consent. See Arizona Laws 10-3140
• Voting power: means the total number of votes entitled to be cast for the election of directors at the time the determination of voting power is made, excluding a vote that is contingent on the happening of a condition or event that has not occurred at the time. See Arizona Laws 10-3140
• Waste tire: means a motor vehicle tire that is no longer suitable for its original intended purpose because of wear, damage, improper repair or manufacturer's recall. See Arizona Laws 44-1301
• Waste tire collection site: means a site where waste tires are collected before being offered for recycling or reuse and where more than five hundred tires are kept on site on any day. See Arizona Laws 44-1301
• Wear: means the reduction of the major groove depth of the tire to two thirty-seconds of an inch. See Arizona Laws 44-1301
• Wilfully: means , with respect to conduct or to a circumstance described by a statute defining an offense, that a person is aware or believes that the person's conduct is of that nature or that the circumstance exists. See Arizona Laws 1-215
• Writing: includes printing. See Arizona Laws 1-215
• written: includes blockchain technology as defined in section 44-7061. See Arizona Laws 10-140