Sections
Article 1 General Provisions 6-601 – 6-615
Article 2 Requirements for Consumer Lender Loans 6-631 – 6-639

Terms Used In Arizona Laws > Title 6 > Chapter 5 - Consumer Lenders

  • Account: means an individual trust account in the fund that is established as prescribed in this article. See Arizona Laws 15-1871
  • Account owner: means the person who enters into a tuition savings agreement pursuant to this article, who is an account owner within the meaning of section 529 of the internal revenue code and who is designated at the time an account is opened as having the right to withdraw monies from the account before the account is disbursed to or for the benefit of the designated beneficiary. See Arizona Laws 15-1871
  • 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
  • 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
  • Amount financed: means the amount of credit extended to a consumer on a consumer loan determined in accordance with the truth in lending act. See Arizona Laws 6-601
  • Annual education plan: means an initial individualized evaluation and subsequent annual reviews that are developed for a qualified student who meets the criteria specified in paragraph 7, subdivision (a), item (i), (ii) or (iii) of this section to determine ongoing annual eligibility through the school year in which the qualified student reaches twenty-two years of age and whether the student may be eligible pursuant to section 36-2981 and should be referred for eligibility determination. See Arizona Laws 15-2401
  • 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
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Applicant: means a person who applies for a driver's license. See Arizona Laws 16-111
  • 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
  • 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
  • Base: means the revenue level per student count specified by the legislature. See Arizona Laws 15-901
  • 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 state board of investment. See Arizona Laws 15-1871
  • Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
  • Charter school: means a public school established by contract with the state board of education, the state board for charter schools, a university under the jurisdiction of the Arizona board of regents, a community college district or a group of community college districts pursuant to article 8 of this chapter to provide learning that will improve pupil achievement. See Arizona Laws 15-101
  • Child with a disability: means a child with a disability as defined in section 15-761. See Arizona Laws 15-101
  • Commercial fertilizer: means any substance that contains one or more recognized plant nutrients, that is used for its plant nutrient content and that is designed for use or claimed to have value in promoting plant growth, except unmanipulated animal and vegetable manures, and other products exempted by rule. See Arizona Laws 3-262
  • Commission: means the commission for postsecondary education. See
  • 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 loan: means the direct closed end loan of money, whether unsecured or secured by personal or real property, in an amount of $10,000 or less that is subject to a finance charge in which only the principal amount of the loan is considered, and not any finance charges or other fees allowed pursuant to section 6-635, for the purpose of determining whether the consumer loan is $10,000 or less. 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 $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
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Continuous attendance: means enrollment at an educational institution in this state as a full-time student, as such term is defined by the governing body of the educational institution, for a normal academic year since the beginning of the period for which continuous attendance is claimed. See Arizona Laws 15-1801
  • 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
  • Curriculum: means a course of study for content areas or grade levels, including any supplemental materials required or recommended by the curriculum, approved by the department. See Arizona Laws 15-2401
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Arizona department of agriculture. See Arizona Laws 3-101
  • Department: means the department of education. See Arizona Laws 15-2401
  • Dependent: A person dependent for support upon another.
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Designated beneficiary: means a person who qualifies as a designated beneficiary under section 529 of the internal revenue code and, except as provided in section 15-1875, subsections P and Q, with respect to an account, who is designated at the time the account is opened as the person whose qualified higher education expenses are expected to be paid from the account or, if this designated beneficiary is replaced in accordance with section 15-1875, subsections D, E and F, the replacement beneficiary. See Arizona Laws 15-1871
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Distributor: means any person who offers for sale, sells, barters, solicits business or otherwise supplies fertilizer materials. See Arizona Laws 3-262
  • Domicile: means a person's true, fixed and permanent home and place of habitation. See Arizona Laws 15-1801
  • Eligible educational institution: means an institution of higher education that qualifies under section 529 of the internal revenue code as an eligible educational institution. See Arizona Laws 15-1871
  • Eligible postsecondary institution: means a community college as defined in section 15-1401, a university under the jurisdiction of the Arizona board of regents or an accredited private postsecondary institution. See Arizona Laws 15-2401
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Fertilizer material: means any substance or mixture of substances intended to be used for promoting or stimulating the growth of plants, increasing the productiveness of plants, improving the quality of crops or producing any chemical or physical change in the soil. See Arizona Laws 3-262
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. 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
  • 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
  • Financial institution: means the state treasurer's office or any bank, commercial bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm or other similar entity that is authorized to do business in this state. See Arizona Laws 15-1871
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fiscal year: means the year beginning July 1 and ending June 30. See Arizona Laws 15-101
  • Fraud: Intentional deception resulting in injury to another.
  • 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

  • Fund: means AZ529, Arizona's education savings plan trust fund that constitutes a public instrumentality of this state and that is established by section 15-1873. See Arizona Laws 15-1871
  • 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
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • 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
  • Individual conduct that materially and substantially infringes on the rights of other persons to engage in or listen to expressive activity: means conduct by a person who, with the intent to or the knowledge of doing so, materially and substantially prevents the communication of a message or prevents the transaction of the business of a lawful meeting, gathering or procession by doing any of the following:

    (a) Engaging in fighting or violent or other unlawful behavior. See Arizona Laws 15-1861

  • 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
  • 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 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Low-income school: means a public school in this state at which sixty percent or more of the students are eligible for free or reduced price lunches under the national school lunch and child nutrition acts (42 United States Code sections 1751 through 1785). See
  • Member of the family: means any of the following:

    (a) A son or daughter of a person or a descendant of the son or daughter of the person. See Arizona Laws 15-1871

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Nighttime: means the period between sunset and sunrise. See Arizona Laws 1-215
  • Nonqualified withdrawal: means a withdrawal from an account other than one of the following:

    (a) A qualified withdrawal. See Arizona Laws 15-1871

  • Oversight: Committee review of the activities of a Federal agency or program.
  • Parent: means a person's father or mother, or if one parent has custody, that parent, or if there is no surviving parent or the whereabouts of the parents are unknown, then a guardian of an unemancipated person if there are not circumstances indicating that such guardianship was created primarily for the purpose of conferring the status of an in-state student on such unemancipated person. See Arizona Laws 15-1801
  • Parent: means the natural or adoptive parent of a child or a person who has custody of a child. See Arizona Laws 15-101
  • Parent: means a resident of this state who is the parent, stepparent or legal guardian of a qualified student. See Arizona Laws 15-2401
  • 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.
  • percentage: means the percentage by weight. See Arizona Laws 3-262
  • 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, a corporation, a group of individuals, joint venturers, a partnership, or any other business entity. See Arizona Laws 3-1451
  • Person: means an individual, an individual's legal representative or any other legal entity authorized to establish a savings account under section 529 of the internal revenue code and the corresponding regulations. See Arizona Laws 15-1871
  • Person: includes individual, partnership, association, firm or corporation. See Arizona Laws 3-262
  • person: means an individual, partnership, corporation, association or public or private organization of any kind. See Arizona Laws 15-101
  • Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
  • Personal property: All property that is not real property.
  • Petty offense: A federal misdemeanor punishable by six months or less in prison. Source: U.S. Courts
  • Plan: means AZ529, Arizona's education savings plan that is established under this article and that constitutes a qualified tuition program as defined in section 529 of the internal revenue code. See Arizona Laws 15-1871
  • Plea agreement: An arrangement between the prosecutor, the defense attorney, and the defendant in which the defendant agrees to plead guilty in exchange for special considerations. Source:
  • Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • 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
  • Primary plant nutrient: means total nitrogen, available phosphate or soluble potash. See Arizona Laws 3-262
  • Private school: means a nonpublic institution where instruction is imparted. See Arizona Laws 15-101
  • Public forum: includes both a traditional public forum, which is any open, outdoor area on the campus of a university or community college, and a designated public forum, which is any facility, building or part of a building that the university or community college has opened to students or student organizations for expression. See Arizona Laws 15-1861
  • 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
  • Qualified school: means a nongovernmental primary or secondary school or a preschool for pupils with disabilities that is located in this state or, for qualified students who reside within the boundaries of an Indian reservation in this state, that is located in an adjacent state and that is within two miles of the border of the state in which the qualified student resides, and that does not discriminate on the basis of race, color or national origin. See Arizona Laws 15-2401
  • qualified student: means an Arizona resident who is a citizen or legal resident of the United States or who is otherwise lawfully present in the United States, who attends a qualifying postsecondary institution and, if attending a university under the jurisdiction of the Arizona board of regents, who qualifies for in-state tuition pursuant to section 15-1802. See
  • Qualified student: means a resident of this state who:

    (a) Is any of the following:

    (i) Identified as having a disability under section 504 of the rehabilitation act of 1973 (29 United States Code section 794). See Arizona Laws 15-2401

  • Qualified withdrawal: means a withdrawal from an account to pay any of the following:

    (a) The qualified higher education expenses of the designated beneficiary of the account, but only if the withdrawal is made in accordance with this article. See Arizona Laws 15-1871

  • Qualifying postsecondary institution: means a regionally or nationally accredited private postsecondary educational institution in this state. See
  • Quorum: The number of legislators that must be present to do business.
  • Ratite: means ostriches, emus, rheas and cassowaries. See Arizona Laws 3-1201
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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
  • Regularly engaged in the business: means either:

    (a) Advertising to or any other solicitation of a resident of this state that offers a consumer loan and that occurs within this state. See Arizona Laws 6-601

  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Rural school: means a public school in this state that is located in a county with a population of less than three hundred thousand persons. See
  • 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
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • sister: includes a brother or sister by the half-blood. See Arizona Laws 15-1871
  • 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
  • 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
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Title: includes this title, title 32, chapters 9 and 36 and Title 44, Chapter 2. See Arizona Laws 6-101
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Treasurer: means the state treasurer. See Arizona Laws 15-1871
  • Treasurer: means the office of the state treasurer. See Arizona Laws 15-2401
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • 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 (Title 12 of the Code of Federal Regulations, Part 226), as amended. See Arizona Laws 6-601
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Tuition savings agreement: means an agreement between the board, as trustee of the fund, and an account owner that creates an interest in the fund and that provides for participation in the plan. See Arizona Laws 15-1871
  • University: means a university under the jurisdiction of the Arizona board of regents. See Arizona Laws 15-1861
  • 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.