Arizona Laws 6-1301. Definitions
In this chapter, unless the context otherwise requires:
Terms Used In Arizona Laws 6-1301
- Advance fee: means a fee, interest or other consideration directly or indirectly received by a person prior to a loan of money or extension of credit or a commitment to loan money or extend credit being made by the person. See Arizona Laws 6-1301
- Appraisal: A determination of property value.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
1. "Advance fee" means a fee, interest or other consideration directly or indirectly received by a person prior to a loan of money or extension of credit or a commitment to loan money or extend credit being made by the person. Advance fees do not include the actual cost of charges paid to a third party which are incurred in making real estate loans secured in whole or in part by a mortgage deed of trust or other security instrument on real estate, including charges for a preliminary title search, title examination and report, title insurance premiums, property survey and appraisal fees.
2. "Advance fee loan broker" means a person who is not exempt under section 6-1302 and who for an advance fee or in the expectation of an advance fee either directly or indirectly makes or procures, attempts to make or procure or offers to make or procure or attempt to make or procure a loan of money or extension of credit.