Arizona Laws 6-1308. Denial, revocation or suspension of registration
A. The deputy director may deny, revoke or suspend the registration of an advance fee loan broker if the deputy director finds that:
Terms Used In Arizona Laws 6-1308
- 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
- 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.
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Fiduciary: A trustee, executor, or administrator.
- 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.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Trustee: A person or institution holding and administering property in trust.
1. The application for registration, any supplemental statement or any other document filed with the deputy director is incomplete, inaccurate or misleading.
2. The advance fee loan broker is insolvent or is in an unsound financial condition.
3. The advance fee loan broker has violated this chapter or any rule or order of the deputy director.
4. The advance fee loan broker has refused to allow an examination of the books, records and accounts in connection with transactions involving the receipt and disbursement of funds received by the advance fee loan broker.
5. The advance fee loan broker has failed to pay the original application fee or any supplemental statement fees as required by this chapter.
B. It is sufficient cause for denial, revocation or suspension of registration of an advance fee loan broker as provided in this section, if the advance fee loan broker is a partnership, corporation, unincorporated association or trust, that a member of the partnership, an officer or a director of the corporation or unincorporated association or the trustee or other fiduciary of the trust or a person controlling, controlled by or under common control with the broker has been guilty of any act or omission that would be sufficient grounds for denying, revoking or suspending the registration of an individual broker.