Arizona Laws 6-444. Promotional activities prohibited; definitions
A. After the effective date hereof, an association shall not give for the opening of, or increasing the amount of, any account, any giveaway that has a monetary value in excess of the sum fixed for specified classes of accounts by rule of the deputy director. The monetary value of any giveaway so given shall be the cost of the giveaway to the association and the association shall keep in its records for a period of at least two years suitable evidence of such cost. If the giveaway is purchased or obtained by the association together with, in connection with, or at the same time as another item or other items from the same supplier, not identical therewith, such value shall be deemed to be the then current regular selling price or charge of the supplier on separate sales or dispositions thereof in the quantity included, and the association shall in such case obtain, and keep in its records for a period of at least two years, a signed statement by such supplier of such regular selling price or charge.
Terms Used In Arizona Laws 6-444
- Account: means withdrawable capital deposited with or invested in an association in accordance with any plan authorized by this chapter unless such term is otherwise designated or qualified. See Arizona Laws 6-401
- Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- 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.
- Investment: means to put funds to use in order to secure profits. See Arizona Laws 6-401
- Property: includes both real and personal property. See Arizona Laws 1-215
- 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
B. For the purposes of this section:
1. "Account" means shares of an association of whatsoever class or designation, accounts, share account, investment certificate, share subscription, and credit to the account of the maker thereof other than credit on account of a loan by the association.
2. "Give" means to give, to sell or dispose of for less than full monetary value as hereinbefore defined, or with any agreement or undertaking, contingent or otherwise, for repurchase or redemption, whether total or partial, or to offer, promise, or agree to do any of the foregoing.
3. "Giveaway" means any money, property, service, or other thing of value, whether tangible or intangible.