Arizona Laws 6-603. License; contents of application; fees; nontransferability
A. Unless exempt under section 6-602, a person, whether located in this state or in another state, shall not engage in the business of a consumer lender without first being licensed as a consumer lender by the deputy director.
Terms Used In Arizona Laws 6-603
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
- Consumer: means an individual who obtains a consumer lender loan for personal, family or household purposes. See Arizona Laws 6-601
- Consumer lender: means a person that advertises to make or procure, solicits or holds itself out to make or procure, or makes or procures consumer lender loans to consumers in this state. See Arizona Laws 6-601
- 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
- License: means a license issued under the authority of this chapter to make consumer lender loans in accordance with this chapter. See Arizona Laws 6-601
- Licensee: means a person licensed pursuant to this chapter. See Arizona Laws 6-601
- 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
- Writing: includes printing. See Arizona Laws 1-215
B. This chapter applies to any person who seeks to avoid its application by any device, subterfuge or pretense.
C. Each applicant for a license shall submit an application in writing, under oath and in the form prescribed by the deputy director. The deputy director may require as part of an application any other information that the deputy director deems necessary.
D. At the time of filing an application for a license, an applicant shall pay to the deputy director the fee prescribed in section 6-126.
E. Before June 30 of each year, each licensee may obtain a renewal of a license by filing an application in the form prescribed by the deputy director and paying the fee prescribed in section 6-126.
F. The deputy director may deny a license to a person if the deputy director finds that an applicant:
1. Is insolvent as defined in section 47-1201.
2. Has failed to demonstrate the financial responsibility and experience to command the confidence of the public and to warrant the belief that the business will be operated lawfully, honestly, fairly and efficiently within the purposes of this chapter.
3. Has failed to pay the license fee.
4. Has failed to have at least $25,000 in assets readily available for use in conducting the business of each licensed office and branch office.
G. A consumer lender license is not transferable or assignable, and a person may not acquire control of a licensee through stock purchase or other device without the prior written consent of the deputy director. The deputy director may refuse consent if the deputy director finds that any of the grounds for denial of renewal, revocation or suspension of a license prescribed in section 6-605 are applicable to the acquiring person. For purposes of this subsection, "control" means the power to vote more than twenty percent of the outstanding voting shares of a licensed corporation, limited liability company, partnership, association or trust.