Arizona Laws 6-1305. Registration; renewal; reporting requirements
A. The deputy director shall register the applicant as an advance fee loan broker when an applicant has fully complied with this chapter and the rules prescribed by the deputy director.
Terms Used In Arizona Laws 6-1305
- 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
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
B. The deputy director shall immediately notify the applicant on registering the applicant as an advance fee loan broker.
C. A registered advance fee loan broker shall apply for renewal as prescribed by the deputy director not later than June 30 of each year. A registration for which a renewal application is not received by the deputy director by June 30 is suspended and the registered advance fee loan broker may not act as an advance fee loan broker until the registration is renewed or a new registration is issued pursuant to this article. The registration of an advance fee loan broker that has not filed a renewal application and paid the renewal fee by July 31 expires. A registration may not be granted to the holder of an expired registration except as provided in this article for the issuance of an original registration.
D. An advance fee loan broker may annually renew the broker’s registration by filing a supplemental statement showing any changes in the facts set forth in the original application for registration or any previously filed supplemental statement made at the time of annual renewal.
E. An advance fee loan broker shall file a supplemental statement showing any changes in the facts set forth in the original application or in any supplemental statement made at the time of annual renewal within thirty days after a change in any material fact.