Each discount buying organization shall maintain a bond in the principal sum of thirty thousand dollars for each outlet of such discount buying organization where contracts for discount buying services are sold or orders for goods are taken. The bond shall be executed by the discount buying organization as principal and issued by a surety company admitted to do business in this state according to the provisions of Title 20, Chapter 6, Article 8. The organization shall file the bond with the state treasurer. No control or beneficial interest may be held by the discount buying organization in the surety company and vice versa.

Terms Used In Arizona Laws 44-1797.01

  • File: when used in connection with information on any consumer, means all of the information on that consumer recorded and retained by a consumer reporting agency regardless of how the information is stored. See Arizona Laws 44-1691
  • organization: means a person, corporation, unincorporated association or other organization that, for a consideration, provides or purports to provide its clients or the clients or members of any other discount buying organization with the ability to purchase goods or services at discount prices, except that such organization does not include:

    (a) A discount buying organization in which the total consideration paid by each client or member in any manner whatsoever for the purchase of discount buying services from such organization does not exceed a one-time fee of fifty dollars or an annual fee of fifty dollars to be paid on a yearly basis. See Arizona Laws 44-1797