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

  • Accommodation school: means either:

    (a) A school that is operated through the county board of supervisors and the county school superintendent and that the county school superintendent administers to serve a military reservation or territory that is not included within the boundaries of a school district. See Arizona Laws 15-101

  • Accredited: means accredited by a regional accrediting agency recognized by the United States department of education or by the council on postsecondary accreditation. See Arizona Laws 15-1401
  • Acquire: includes purchase, erect, build, construct, reconstruct, repair, replace, extend, better, furnish, equip, develop, improve and embellish. See Arizona Laws 15-1481
  • 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
  • Additional short-term classes: means those classes that are not in session on the forty-fifth day of the fall or spring semester, that commence at various times during the fiscal year and that are offered over a period of less than sixteen weeks. See Arizona Laws 15-1401
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • 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 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
  • 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.
  • Average daily membership: means the total enrollment of fractional students and full-time students, minus withdrawals, of each school day through the first one hundred days or two hundred days in session, as applicable, for the current year. See Arizona Laws 15-901
  • Base: means the revenue level per student count specified by the legislature. See Arizona Laws 15-901
  • Base level: means the following amounts plus the percentage increases to the base level as provided in sections 15-902. See Arizona Laws 15-901
  • Base support level: means the base support level as provided in section 15-943. See Arizona Laws 15-901
  • Board: means the governing board of a community college district or its successors, but does not include community college tuition financing districts as prescribed in section 15-1409. See Arizona Laws 15-1481
  • Bonds: means any bonds issued pursuant to this article. See Arizona Laws 15-1481
  • Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
  • Budget year: means the fiscal year for which the school district is budgeting and that immediately follows the current year. See Arizona Laws 15-901
  • Budget year: means the fiscal year for which the community college district is budgeting and that immediately follows the current year. See Arizona Laws 15-1401
  • Certified teacher: means a person who is certified as a teacher pursuant to the rules adopted by the state board of education, who renders direct and personal services to schoolchildren in the form of instruction related to the school district's educational course of study and who is paid from the maintenance and operation section of the budget. See Arizona Laws 15-901
  • 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: means a person who is at least three years of age by September 1 of the current year but who is under twenty-two years of age. See Arizona Laws 15-1181
  • Child with a disability: means a child with a disability as defined in section 15-761. See Arizona Laws 15-101
  • Common school district: means a political subdivision of this state offering instruction to students in programs for preschool children with disabilities and kindergarten programs and either:

    (a) Grades one through eight. See Arizona Laws 15-901

  • Community college: means an educational institution that is operated by a district board and that provides a program not exceeding two years' training in the arts, sciences and humanities beyond the twelfth grade of the public or private high school course of study or vocational education, including terminal courses of a technical and vocational nature and basic adult education courses. See Arizona Laws 15-1401
  • Community college tuition financing district: means a district that is organized pursuant to section 15-1409. See Arizona Laws 15-1401
  • Community school: means any school engaged in a community school program. See Arizona Laws 15-1141
  • Community school monies: means monies received as fees, tuitions, grants or donations from any person or agency for a community school program. See Arizona Laws 15-1141
  • Community school program: means the involvement of people in the development of an educationally oriented community. See Arizona Laws 15-1141
  • 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 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
  • Continuance: Putting off of a hearing ot trial until a later time.
  • 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
  • Current year: means the fiscal year in which the community college district is operating. See Arizona Laws 15-1401
  • Dependent: A person dependent for support upon another.
  • Devise: To gift property by will.
  • District: means a community college district that is established pursuant to sections 15-1402 and 15-1403 or section 15-1402. See Arizona Laws 15-1401
  • District board: means the community college district governing board. See Arizona Laws 15-1401
  • 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.
  • Ex officio: Literally, by virtue of one's office.
  • Federal agency: means the housing and home finance agency, the United States of America or any of its officers or agencies designated or created to make grants or loans of monies for public construction work. See Arizona Laws 15-1481
  • 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
  • Fiscal year: means the year beginning July 1 and ending June 30. See Arizona Laws 15-101
  • Fractional student: means :

    (i) For common schools, a preschool child who is enrolled in a program for preschool children with disabilities of at least three hundred sixty minutes each week that meets at least two hundred sixteen hours over the minimum number of days or a kindergarten student who is at least five years of age before January 1 of the school year and enrolled in a school kindergarten program that meets at least three hundred fifty-six hours for a one hundred eighty-day school year, or the instructional hours prescribed in this section. See Arizona Laws 15-901

  • Full-time equivalent student: means student enrollment for fifteen community college semester credit units per semester. See Arizona Laws 15-1401
  • 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 the special education fund. See Arizona Laws 15-1181
  • Fund: means the special education fund established by section 15-1182. See Arizona Laws 15-1201
  • Germane: On the subject of the pending bill or other business; a strict standard of relevance.
  • 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
  • Hearing impairment: means hearing impairment as defined in section 15-761. See Arizona Laws 15-1301
  • High school district: means a political subdivision of this state offering instruction to students for grades nine through twelve or that portion of the budget of a common school district that is allocated to teaching high school subjects with permission of the state board of education. See Arizona Laws 15-901
  • 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 Arizona state schools for the deaf and the blind, the Arizona training program facilities as provided in section 36-551 and the Arizona state hospital. See Arizona Laws 15-1201
  • Institution: means any community college district that is organized in this state pursuant to section 15-1402 or 15-1402. See Arizona Laws 15-1481
  • 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
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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.
  • 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.
  • Operational expenses: means the administration, instruction, operation of community college plant, maintenance of community college plant, fixed charges and contingencies incurred in the operation of a district exclusive of all capital outlay items, special levies, auxiliary enterprise funds, restricted funds and bond service items. See Arizona Laws 15-1401
  • Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
  • 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
  • Parent: means the natural or adoptive parent of a child, the legal guardian of a child, a relative with whom a child resides and who is acting as the parent of that child or a surrogate parent who has been appointed for a child pursuant to section 15-763. See Arizona Laws 15-1181
  • person: means an individual, partnership, corporation, association or public or private organization of any kind. See Arizona Laws 15-101
  • Person: includes individual, partnership, association, firm or corporation. See Arizona Laws 3-262
  • 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.
  • placement: means placement of a child in a private residential facility for residential special education placement as defined in section 15-761 or by a state placing agency for care, safety or treatment reasons. See Arizona Laws 15-1181
  • placement: means placement of a person in an institution, as defined in this section, for special education only or for special education and residential and custodial care. See Arizona Laws 15-1201
  • 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:
  • 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 property taxes: means all ad valorem taxes except for secondary property taxes. See Arizona Laws 15-101
  • Private residential facility: means a private facility that is licensed by the department of economic security or department of health services and to which one of the following also applies:

    (a) For special education placements, the facility has been approved by the division of special education pursuant to section 15-765 for the purpose of providing special education and related services. See Arizona Laws 15-1181

  • Private school: means a nonpublic institution where instruction is imparted. See Arizona Laws 15-101
  • Project: means one or more classrooms, student or faculty residence halls, dormitories, dining halls, student union buildings, field houses, stadia and other revenue producing buildings located at the institution, together with sites for the buildings, and includes equipment, furnishings, heating, lighting and other service facilities in connection with the buildings. See Arizona Laws 15-1481
  • Provisional community college district: means a community college district organized pursuant to section 15-1409. See Arizona Laws 15-1401
  • 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
  • Quorum: The number of legislators that must be present to do business.
  • Recess: A temporary interruption of the legislative business.
  • 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

  • Related services: means related services as defined in section 15-761. See Arizona Laws 15-1181
  • 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.
  • Revenue control limit: means the base revenue control limit plus the transportation revenue control limit. See Arizona Laws 15-901
  • sale: includes exchange. See Arizona Laws 3-262
  • 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
  • school meal programs: means programs under which meals are served by a public or private school on a nonprofit basis to children in attendance, including a program under which federal assistance is received. See Arizona Laws 15-1151
  • Schools: means the Arizona state schools for the deaf and the blind and includes programs and services offered for the deaf and the blind by the schools in conjunction with other educational institutions. See Arizona Laws 15-1301
  • Secondary property taxes: means ad valorem taxes used to pay the principal of and the interest and redemption charges on any bonded indebtedness or other lawful long-term obligation issued or incurred for a specific purpose by a school district or a community college district and amounts levied pursuant to an election to exceed a budget, expenditure or tax limitation. See Arizona Laws 15-101
  • Special education: means the adjustment of the environmental factors, modification of the course of study and adaptation of teaching methods, materials and techniques to provide educationally for those children who are at least three but not more than twenty-one years of age and who are gifted or have a disability to such an extent that they do not profit from the regular course of study or need special education services in order to profit. See Arizona Laws 15-1201
  • State placing agency: means the department of juvenile corrections, the department of economic security, the department of child safety, the Arizona health care cost containment system or the administrative office of the court. See Arizona Laws 15-1181
  • 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 deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • 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 (12 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
  • Unified school district: means a political subdivision of this state offering instruction to students in programs for preschool children with disabilities and kindergarten programs and grades one through twelve. See Arizona Laws 15-901
  • 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.
  • Visual impairment: means visual impairment as defined in section 15-761. See Arizona Laws 15-1301