Article 1 Universities and Colleges 15-1601 – 15-1606
Article 2 Arizona Board of Regents 15-1621 – 15-1650.04
Article 3 Teacher Training 15-1651 – 15-1656
Article 4 Financial Provisions 15-1661 – 15-1671
Article 5 Issuance of Bonds 15-1681 – 15-1696
Article 7 Medical Student Loans 15-1721 – 15-1725
Article 8 Compact for Western Regional Cooperation in Higher Education 15-1741 – 15-1747
Article 9 Medical Programs 15-1751 – 15-1756
Article 10 Revised Uniform Athlete Agents Act 15-1761 – 15-1775
Article 11 Arizona Teacher Student Loan Program 15-1781 – 15-1785

Terms Used In Arizona Laws > Title 15 > Chapter 13

  • Acquire: includes to purchase, lease, lease-purchase, erect, build, construct, reconstruct, raze, remodel, repair, replace, alter, extend, expand, better, equip, furnish, develop, improve and embellish a project, and the acquisition, preparation and development of a site or sites therefor. See Arizona Laws 15-1681
  • Actuarial method: means the method of allocating each payment between finance charges and principal pursuant to which the payment is applied first to finance charges computed on the unpaid balance of principal for the time the balance is outstanding, and the remainder of the payment is subtracted from the unpaid principal amount. See Arizona Laws 6-601
  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Agency contract: means an agreement in which a student athlete authorizes a person to negotiate or solicit a professional sports services contract or an endorsement contract on behalf of the student athlete. See Arizona Laws 15-1762
  • Annual percentage rate: means the measure of the cost of credit, expressed as a yearly rate, that relates the amount and timing of value received by the consumer to the amount and timing of payments made, determined in accordance with the truth in lending act. See Arizona Laws 6-601
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assessed valuation: means the valuation derived by applying the applicable percentage as provided in title 42, chapter 15, article 1 to the full cash value or limited property value, whichever is applicable, of the property. See Arizona Laws 15-101
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Athlete agent: means an individual who enters into an agency contract with a student athlete or, directly or indirectly, recruits or solicits a student athlete to enter into an agency contract. See Arizona Laws 15-1762
  • Athletic director: means an individual responsible for administering the overall athletic program of an educational institution or, if an educational institution has separately administered athletic programs for male students and female students, the athletic program for males or the athletic program for females. See Arizona Laws 15-1762
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Board: means the Arizona board of regents or its successor. See Arizona Laws 15-1681
  • Board: means the board of medical student loans. See Arizona Laws 15-1721
  • Board: means the Arizona board of regents or its successor. See Arizona Laws 15-1741
  • Bonds: means any bonds issued pursuant to this article. See Arizona Laws 15-1681
  • Commission: means the western interstate commission for higher education. See Arizona Laws 15-1741
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Compact: means the compact for western regional cooperation in higher education. See Arizona Laws 15-1741
  • Competency: means a demonstrated ability in a skill at a specified performance level. See Arizona Laws 15-101
  • Component unit: means an entity for which the nature and significance of its relationship with the board or institution is such that exclusion would cause the board's or institution's financial statements to be misleading or incomplete. See Arizona Laws 15-1681
  • 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 loan: means the direct closed end loan of money in an amount of ten thousand dollars or less that is subject to a finance charge. See Arizona Laws 6-601
  • Consumer loan rate: means the periodic rate of finance charges that applies to the outstanding principal balance of a consumer loan and that remains unpaid. 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 ten thousand dollars, 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
  • Course: means organized subject matter in which instruction is offered within a given period of time and for which credit toward promotion, graduation or certification is usually given. See Arizona Laws 15-101
  • Course of study: means a list of required and optional subjects to be taught in the schools. See Arizona Laws 15-101
  • Current year: means the fiscal year in which a school district is operating. See Arizona Laws 15-901
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the department of financial institutions. See Arizona Laws 6-101
  • Dependent: A person dependent for support upon another.
  • Endorsement contract: means an agreement under which a student athlete is employed or receives consideration to use on behalf of the other party any value that the student athlete may generate because of publicity, reputation, following or fame that was obtained because of athletic ability or performance. See Arizona Laws 15-1762
  • enrollment: means that a pupil is currently registered in the school district. See Arizona Laws 15-901
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Ex officio: Literally, by virtue of one's office.
  • Executive session: A portion of the Senate's daily session in which it considers executive business.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal agency: means the United States of America, the president of the United States of America, the department of housing and urban development or such other agency or agencies of the United States of America as may be designated or created to make loans or grants, or both. See Arizona Laws 15-1681
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Finance charge: means the amount payable by a consumer incident to or as a condition of the extension of a consumer lender loan but does not include other fees allowed pursuant to section 6-635. See Arizona Laws 6-601
  • Fiscal year: means the year beginning July 1 and ending June 30. See Arizona Laws 15-101
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Full-time student: means :

    (i) For common schools, a student who is at least six years of age before January 1 of a school year, who has not graduated from the highest grade taught in the school district and who is regularly enrolled in a course of study required by the state board of education. See Arizona Laws 15-901

  • GDP price deflator: means the average of the four implicit price deflators for the gross domestic product reported by the United States department of commerce for the four quarters of the calendar year. See Arizona Laws 15-1721
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing board: means a body organized for the government and management of the schools within a school district or a county school superintendent in the conduct of an accommodation school. See Arizona Laws 15-101
  • 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 ten thousand dollars, 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
  • Institution: means the university of Arizona, Arizona state university and northern Arizona university or any other college or university under the jurisdiction and control of the board or its successor. See Arizona Laws 15-1681
  • Intercollegiate sport: means a sport that is played at the collegiate level and for which eligibility requirements for participation by a student athlete are established by a national association for the promotion or regulation of collegiate athletics. See Arizona Laws 15-1762
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • Lease: means an agreement for conveyance and possession of real or personal property. See Arizona Laws 15-101
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • License: means a license issued under the provisions of 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 superintendent to engage in the business of a debt management company pursuant to the provisions of this chapter. See Arizona Laws 6-701
  • Licensee: means a person licensed pursuant to this chapter. See Arizona Laws 6-601
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Medically underserved area: means an area of this state designated by the department of health services pursuant to title 36, chapter 24, article 1 or by federal law. See Arizona Laws 15-1721
  • Medically underserved population: means an area designated by the United States department of health and human services. See Arizona Laws 15-1721
  • Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Parent: means the natural or adoptive parent of a child or a person who has custody of a child. See Arizona Laws 15-101
  • Person: means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a government, a governmental subdivision, a government agency, a government instrumentality, a public corporation or any other legal or commercial entity. See Arizona Laws 15-1762
  • person: means an individual, partnership, corporation, association or public or private organization of any kind. See Arizona Laws 15-101
  • Petty offense: A federal misdemeanor punishable by six months or less in prison. Source: U.S. Courts
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Precomputed consumer loan: means a consumer loan that is payable in substantially equal, consecutive monthly installments that are applied to the unpaid balance of the principal and precomputed finance charges combined, subject to provisions for refund or credit in the event of prepayment and for deferral or default charges in the event of deferral or default. See Arizona Laws 6-601
  • Private school: means a nonpublic institution where instruction is imparted. See Arizona Laws 15-101
  • Project: means and includes buildings, structures, areas and facilities which, as determined by the board, are required by or necessary for the use or benefit of each of such institutions, including, without limiting the generality of the foregoing, student, faculty or staff housing facilities, residence halls, dormitories and apartments; student union and recreational buildings and stadiums; other facilities for student, faculty or staff services; any facility or building leased to the United States of America; parking garages and areas; offices, classrooms, laboratories, dining halls and food service facilities, libraries, auditoriums, or parts thereof, or additions or extensions thereto; heating, lighting and other utility service facilities in connection therewith, or parts thereof, or additions or extensions thereto; whether heretofore acquired and now or hereafter used for any or all of the purposes aforesaid, or as may be hereafter acquired under this article, with all equipment and appurtenant facilities; or any one, or more than one, or all of the foregoing, or any combination thereof, for any institution, including sites therefor. See Arizona Laws 15-1681
  • public school: means any public institution established for the purposes of offering instruction to pupils in programs for preschool children with disabilities, kindergarten programs or any combination of elementary grades or secondary grades one through twelve. See Arizona Laws 15-101
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic format or any other medium and that is retrievable in perceivable form. See Arizona Laws 15-1762
  • Rural: means either of the following:

    (a) A county with a population of less than four hundred thousand persons. See Arizona Laws 15-1721

  • School district: means a political subdivision of this state with geographic boundaries organized for the purpose of the administration, support and maintenance of the public schools or an accommodation school. See Arizona Laws 15-101
  • Student athlete: means an individual who engages in, is eligible to engage in or may be eligible in the future to engage in any intercollegiate sport. See Arizona Laws 15-1762
  • Student count: means average daily membership as prescribed in this subsection for the fiscal year before the current year, except that for the purpose of budget preparation student count means average daily membership as prescribed in this subsection for the current year. See Arizona Laws 15-901
  • Subject: means a division or field of organized knowledge, such as English or mathematics, or a selection from an organized body of knowledge for a course or teaching unit, such as the English novel or elementary algebra. See Arizona Laws 15-101
  • Superintendent: means the superintendent of financial institutions. See Arizona Laws 6-101
  • System of building facilities: means such project or projects as the board by resolution shall collectively designate to be included in a system of building facilities at each institution, either:

    (a) Hereafter acquired for each of such institutions under the terms of this article. See Arizona Laws 15-1681

  • Title: includes this title, title 32, chapters 9 and 36 and title 44, chapter 2. See Arizona Laws 6-101
  • Trustee: A person or institution holding and administering property in trust.
  • Truth in lending act: means title I of the consumer credit protection act (15 United States Code sections 1601 through 1666j), as amended, and the regulations promulgated under that act (12 Code of Federal Regulations part 226), as amended. See Arizona Laws 6-601
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.