A. Except as provided in subsection B of this section, a licensee may not conduct the business of making consumer lender loans pursuant to this chapter under any name or at any place of business in this state other than the name and place stated in the licensee’s consumer lender license or branch office license.

Terms Used In Arizona Laws 6-606

  • 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
  • Consumer lender loans: means consumer loans, consumer revolving loans and home equity revolving loans. See Arizona Laws 6-601
  • Consumer revolving loan: means an open end revolving loan that is established pursuant to an agreement with an agreed on credit limit that does not exceed $10,000, that the consumer may pay in full at any time but has the privilege of paying in installments and that contemplates or provides that advances may be obtained from time to time by the consumer, through checks, drafts, items, credit access devices, orders for the payment of money, evidences of debt or similar means, whether or not negotiable. See Arizona Laws 6-601
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
  • Home equity revolving loan: means an open end revolving loan that is made pursuant to an agreement with an agreed on credit limit that is not more than $10,000, that is secured by the consumer's principal residence and that provides that advances may be obtained from time to time by the consumer through checks, drafts, items, credit access devices, orders for the payment of money, evidences of debt or similar means, whether or not negotiable. See Arizona Laws 6-601
  • 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
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215

B. Subsection A of this section does not prohibit a licensee from:

1. Making consumer lender loans by mail or electronic means.

2. On request, making accommodations to consumers at any location requested by the consumer.

3. Conducting any administrative, loan servicing or recordkeeping activity at any other location not open to the public, if the deputy director is notified in advance of that activity.

4. Closing a consumer lender loan secured by real property at an office of a financial institution, title company, licensed escrow agent, licensed mortgage broker or licensed mortgage banker.

5. Giving a consumer an advance on a consumer revolving loan or home equity revolving loan from any location.

6. Conducting business pursuant to this chapter under an assumed name or a trade name that is submitted to the department pursuant to section 6-117.

C. On approval by the deputy director, the licensee may conduct any of the activities listed in subsection B of this section outside of this state.

D. A licensee may change the location of its licensed office or licensed branch office by giving written notice to the deputy director, who shall amend the license accordingly.

E. All consumer lender loans that are made at the location of a licensed office or branch office are subject to the requirements of article 2 of this chapter, whether made by a licensee, any person otherwise exempt from this chapter pursuant to section 6-602 or any other person.

F. A licensee may not conduct the business of making consumer lender loans pursuant to this chapter from within any licensed office or branch office in which any other business not licensed pursuant to this title is solicited or engaged in, or in association or conjunction with any other business not licensed pursuant to this title, without giving prior notice to the deputy director. If it appears to the deputy director that the other business is of such a nature or is being conducted in such a manner as to conceal an evasion of this chapter or is contrary to the public interest or otherwise being conducted in an unlawful manner, the deputy director may act pursuant to section 6-137 to restrict the licensee from conducting its business in conjunction with that other business. For the purposes of this subsection, "public interest" means the laws of this state or of the United States or rules adopted by the deputy director.

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