Arizona Laws 6-610. Effect of revocation, suspension or surrender on preexisting contract; impairment of contracts
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A. The revocation, suspension or surrender of a consumer lender license does not impair or affect:
Terms Used In Arizona Laws 6-610
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
1. The obligation of any preexisting consumer lender loan between the consumer lender and any consumer.
2. The ability or right of the consumer lender to service existing consumer lender loans from outside this state.
B. If this chapter or any part of this chapter is modified, amended or repealed, resulting in a cancellation or alteration of any consumer lender license or right of a licensee under this chapter, that cancellation or alteration does not impair or affect the obligation of any preexisting contract between a consumer lender and any consumer.