Arizona Laws 6-1302. Scope of chapter; exemptions
A. Any person who acts as an advance fee loan broker shall register with the deputy director as provided in this chapter. A person who is not exempt under subsection B of this section and who advertises for, solicits or purports to be willing to make or procure a loan or extension of credit for an advance fee is presumed to be engaged in the business of an advance fee loan broker.
Terms Used In Arizona Laws 6-1302
- Advance fee: means a fee, interest or other consideration directly or indirectly received by a person prior to a loan of money or extension of credit or a commitment to loan money or extend credit being made by the person. See Arizona Laws 6-1301
- Advance fee loan broker: means a person who is not exempt under section 6-1302 and who for an advance fee or in the expectation of an advance fee either directly or indirectly makes or procures, attempts to make or procure or offers to make or procure or attempt to make or procure a loan of money or extension of credit. See Arizona Laws 6-1301
- Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- including: means not limited to and is not a term of exclusion. 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
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
B. This chapter does not apply to:
1. Individuals not regularly engaged in the business of making or procuring loans or extensions of credit for an advance fee.
2. A person doing business as allowed by any law of any state or of the United States relating to banks, savings banks, trust companies, savings and loan associations, credit unions, insurance companies, consumer lenders or profit sharing and pension trusts.
3. A person licensed as a mortgage broker, a mortgage banker or a commercial mortgage banker pursuant to chapter 9 of this title.
4. A person who makes a loan with the person’s own money or for the person’s own investment.
5. A person licensed as a real estate broker or salesperson pursuant to Title 32, Chapter 20, Article 2.
6. A person who is licensed to practice law in this state but who is not actively and principally engaged in the business of making or procuring loans or extensions of credit, if this person renders services in the course of the person’s practice as an attorney.
7. An institutional investor as defined in section 6-971 unless the institutional investor advertises for, solicits or holds himself out as willing to make or procure for an advance fee a loan or extension of credit other than a commercial mortgage loan as defined in section 6-971.
8. This state including any political subdivision of this state.
9. The United States or any department or agency of the United States.