Arizona Laws 44-1797.10. Receipt of payment or monies; delivery or availability of goods; time; refund; trust account; deposits and withdrawals
A. Each contract for discount buying services shall provide that if any goods ordered by the buyer from the seller are not delivered to the buyer or available for pickup by the buyer at a location within his county of residence within one hundred twenty days from the date the buyer placed an order for such goods, any monies paid by the buyer for such goods in advance of delivery shall, on the buyer’s request, be fully refunded unless a predetermined delivery date has been furnished to the buyer in writing at the time he ordered such goods and the goods are delivered to the buyer or are available for pickup by that date or if the buyer has waived his right to a refund in writing.
Terms Used In Arizona Laws 44-1797.10
- Contract: A legal written agreement that becomes binding when signed.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Markup: The process by which congressional committees and subcommittees debate, amend, and rewrite proposed legislation.
- organization: means a person, corporation, unincorporated association or other organization that, for a consideration, provides or purports to provide its clients or the clients or members of any other discount buying organization with the ability to purchase goods or services at discount prices, except that such organization does not include:
(a) A discount buying organization in which the total consideration paid by each client or member in any manner whatsoever for the purchase of discount buying services from such organization does not exceed a one-time fee of fifty dollars or an annual fee of fifty dollars to be paid on a yearly basis. See Arizona Laws 44-1797
- 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.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Writing: includes printing. See Arizona Laws 1-215
B. Before receiving monies for an order of goods or services from any buyer, the discount buying organization shall establish a trust account at a federally insured bank, savings and loan association or credit union for the deposit of the monies. The discount buying organization shall deposit into the account all monies received from buyers for orders of goods or services regardless of how the monies are styled, including down payment, partial payment, payment in full, freight charge or any other terms. If the total cost of goods or services ordered by a buyer on any one day does not exceed fifty dollars, including taxes, freight charges, delivery charges, markup and all other charges collected by the discount buying organization, the monies received from the buyer need not be deposited in the trust account.
C. The trust account required by this section shall be created and maintained for the benefit of buyers who order goods or services from or through the discount buying organization. The discount buying organization shall not in any manner encumber the corpus of the account and shall not withdraw monies deposited in the account on behalf of a buyer except:
1. In partial or full payment to the discount buying organization’s source for the goods or services ordered by the buyer.
2. To make a refund to the buyer. After the withdrawal of monies from a buyer’s deposit pursuant to this subsection, only that portion of the remainder of the deposit which represents compensation to the discount buying organization may be withdrawn.