Arizona Laws 6-701. Definitions
In this chapter, unless the context otherwise requires:
Terms Used In Arizona Laws 6-701
- 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.
- Debt management company: means a corporation, company, firm, partnership, association or society, as well as a natural person, that for compensation engages in the business of receiving money, or evidences thereof, in this state or from a resident of this state as agent of a debtor for the purpose of distributing the same to his creditors in payment or partial payment of his obligations. See Arizona Laws 6-701
- Debtor: means a person from whom monies are being accepted for disbursement to creditors. See Arizona Laws 6-701
- 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 this chapter. See Arizona Laws 6-701
- Licensee: means a corporation, company, firm, partnership, association or society, as well as a natural person, licensed by the deputy director to engage in the business of a debt management company pursuant to this chapter. See Arizona Laws 6-701
- 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
1. "Agency" means any business serving the public, which as part of its services accepts money for and on behalf of a licensee.
2. "Branch office" means any office operated solely for the purpose of accepting money and performing other services for a licensee.
3. "Creditor" means a person for whose benefit monies are being collected and disbursed by a licensee.
4. "Debt management company" means a corporation, company, firm, partnership, association or society, as well as a natural person, that for compensation engages in the business of receiving money, or evidences thereof, in this state or from a resident of this state as agent of a debtor for the purpose of distributing the same to his creditors in payment or partial payment of his obligations.
5. "Debtor" means a person from whom monies are being accepted for disbursement to creditors.
6. "License" means a license issued under this chapter.
7. "Licensee" means a corporation, company, firm, partnership, association or society, as well as a natural person, licensed by the deputy director to engage in the business of a debt management company pursuant to this chapter.
8. "Nonprofit religious, fraternal or cooperative organizations" means religious, fraternal or cooperative organizations or entities whose primary functions or purposes are not the provision of debt management services.