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House Engrossed |
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State of Arizona House of Representatives Fifty-first Legislature First Regular Session 2013
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HOUSE BILL 2206 |
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AN ACT
amending section 6-1305, Arizona Revised Statutes; relating to advance fee loan brokers.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 6-1305, Arizona Revised Statutes, is amended to read:
6-1305. Registration; renewal; reporting requirements
A. The superintendent shall register the applicant as an advance fee loan broker when an applicant has fully complied with the provisions of this chapter and the rules prescribed by the superintendent.
B. The superintendent shall immediately notify the applicant by mail upon on registering the applicant as an advance fee loan broker.
C. Registration of an advance fee loan broker shall expire one year from the effective date of registration.
C. A registered advance fee loan broker shall apply for renewal as prescribed by the superintendent not later than June 30 of each year. For each day after June 30 that the renewal application is not received by the superintendent, the registered advance fee loan broker shall pay an amount to be determined by the superintendent by rule in addition to other renewal fees. A registration for which a renewal application is not received by the superintendent by June 30 is suspended and the registered advance fee loan broker shall not act as an advance fee loan broker until the registration is renewed or a new registration is issued pursuant to this article. The registration of an advance fee loan broker that has not filed a renewal application and paid the renewal fee by July 31 expires. A registration shall not be granted to the holder of an expired registration except as provided in this article for the issuance of an original registration.
D. An advance fee loan broker may annually renew his the broker's registration by filing a supplemental statement showing any changes in the facts set forth in the original application for registration or any previously filed supplemental statement made at the time of annual renewal.
E. An advance fee loan broker shall file a supplemental statement showing any changes in the facts set forth in the original application or in any supplemental statement made at the time of annual renewal within thirty days of a change in any material fact.