Terms Used In Arizona Laws > Title 3 > Chapter 2 > Article 4.1 - Industrial Hemp

• Acquisition of control: means a transaction by which a person obtains, directly or indirectly, control of a financial institution. See Arizona Laws 6-1101
• Acting in concert: means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. See Arizona Laws 6-1201
• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• 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
• 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. See Arizona Laws 6-1301
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Agricultural pilot program: means the industrial hemp program that is designed to research the growth, cultivation and marketing of industrial hemp, hemp seeds and hemp products as authorized by this article and rules and orders adopted by the director pursuant to this article. See Arizona Laws 3-311
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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}
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Application: means an application which is made pursuant to this article for approval of the deputy director to become a financial institution holding company. See Arizona Laws 6-1101
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Authorized delegate: means a person that a licensee designates to engage in money transmission on behalf of the licensee. See Arizona Laws 6-1201
• Authorized delegate: means a person that a licensee designates to engage in money transmission on behalf of the licensee pursuant to article 1 of this chapter. See Arizona Laws 6-1241
• Average daily money transmission liability: means the amount of the licensee's outstanding money transmission obligations at the end of each day in quarters ending March 31, June 30, September 30 and December 31, added together and divided by the total number of days in each quarter. See Arizona Laws 6-1201
• Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
• Branch office: means any place of business maintained by a licensee in addition to the principal place of business of a licensee. See Arizona Laws 6-1401
• Clerical or support duties: means duties subsequent to the receipt of a residential mortgage loan application, including both of the following:

  (a) The receipt, collection, distribution and analysis of information common for the processing or underwriting of a residential mortgage loan. See Arizona Laws 6-991

• Closed loop stored value: means stored value that is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value. See Arizona Laws 6-1201
• Commercial mortgage banker: means a person who engages in the following:

  (a) Originating commercial mortgage loans. See Arizona Laws 6-971

• Commercial mortgage broker: means a person who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a commercial mortgage loan. See Arizona Laws 6-901
• Commercial mortgage loan: means a loan that is directly or indirectly secured by a mortgage or deed of trust or any lien interest on commercial property and that is created with the consent of the owner of the commercial property. See Arizona Laws 6-901
• Commercial mortgage loan: means a loan that is directly or indirectly secured by a mortgage or deed of trust or any lien interest on commercial property and created with the consent of the owner of the commercial property. See Arizona Laws 6-971
• Commercial property: means real property that is not a residential dwelling of one to four units. See Arizona Laws 6-901
• Commercial property: means real estate that is located in this state and that is not used for a one to four family residence. See Arizona Laws 6-971
• Compensation: means anything of value or any benefit, including points, commissions, bonuses, referral fees, loan origination fees and other similar fees but excluding periodic interest resulting from the application of the note rate of interest to the outstanding principal balance remaining unpaid from time to time. See Arizona Laws 6-901
• Compensation: means anything of value or any benefit including points, commissions, bonuses, referral fees, loan origination fees and other similar fees but excluding periodic interest resulting from the application of the note rate of interest to the outstanding principal balance remaining unpaid from time to time. See Arizona Laws 6-941
• Compensation: means anything of value or any benefit including points, commissions, bonuses, referral fees, loan origination fees and other similar fees but excluding periodic interest resulting from the application of the note rate of interest to the outstanding principal balance remaining unpaid from time to time. See Arizona Laws 6-971
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consumer lender: means a person who is licensed pursuant to chapter 5 of this title. See Arizona Laws 6-991
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Control: means direct or indirect ownership or power to vote twenty-five percent or more of the outstanding voting securities of a financial institution or controlling person or to control in any manner the election of a majority of the directors of a financial institution or controlling person. See Arizona Laws 6-1101
• Control: means :

  (a) The power to vote, directly or indirectly, at least twenty-five percent of the outstanding voting shares or voting interests of a licensee or person in control of a licensee. See Arizona Laws 6-1201

• Controlling person: means a person who is directly or indirectly in control of a financial institution. See Arizona Laws 6-1101
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Crop: means any industrial hemp that is grown under a single industrial hemp license issued by the department. See Arizona Laws 3-311
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the Arizona department of agriculture. See Arizona Laws 3-101
• Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
• Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
• Devise: To gift property by will.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Division: means the financial institutions division within the department. See Arizona Laws 6-101
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Eligible rating: means a credit rating of any of the three highest rating categories provided by an eligible rating service and each category may include rating category modifiers such as "plus" or "minus" for Standard and Poor's or the equivalent for any other eligible rating service. See Arizona Laws 6-1201
• Eligible rating service: means any nationally recognized statistical rating organization as defined by the United States securities and exchange commission and any other organization designated by the director. See Arizona Laws 6-1201
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Enterprise: means any person under the jurisdiction of the department other than a financial institution. See Arizona Laws 6-101
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Federal banking agency: means the board of governors of the federal reserve system, the comptroller of the currency, the director of the office of thrift supervision, the national credit union administration or the federal deposit insurance corporation. See Arizona Laws 6-991
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Federal deposit insurance corporation: includes any successor to the corporation or other agency or instrumentality of the United States that undertakes to discharge the purposes of the corporation. See Arizona Laws 6-101
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Federally insured depository financial institution: means a bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank or industrial loan company organized under the laws of the United States or any state of the United States, when the bank, credit union, savings and loan association, trust company, savings association, savings bank, industrial bank or industrial loan company has federally insured deposits. See Arizona Laws 6-1201
• Fiduciary: A trustee, executor, or administrator.
• 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}
• 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
• Financial institution: means a bank, trust company, savings and loan association, international banking facility and holding company of a bank, trust company, savings and loan association and international banking facility under the jurisdiction of the department. See Arizona Laws 6-1101
• Financial institution holding company: means a corporation, trust, association, partnership or similar organization that directly or indirectly, acting through one or more persons, controls a financial institution or a controlling person. See Arizona Laws 6-1101
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Generally accepted accounting principles: means United States generally accepted accounting principles issued by the financial accounting standards board or the international financial reporting standards issued by the international accounting standards board. See Arizona Laws 6-901
• Generally accepted accounting principles: means United States generally accepted accounting principles issued by the financial accounting standards board or the international financial reporting standards issued by the international accounting standards board. See Arizona Laws 6-941
• Generally accepted accounting principles: means United States generally accepted accounting principles issued by the financial accounting standards board or the international financial reporting standards issued by the international accounting standards board. See Arizona Laws 6-971
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grower: means an individual, partnership, company or corporation that propagates industrial hemp under this article and rules and orders adopted by the director pursuant to this article. See Arizona Laws 3-311
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Harvester: means an individual, partnership, company or corporation that is licensed by the department to harvest industrial hemp for a licensed grower. See Arizona Laws 3-311
• Hemp products: means all products made from industrial hemp, including cloth, cordage, fiber, fuel, grain, paint, paper, construction materials, plastics and by-products derived from sterile hemp seed or hemp seed oil. See Arizona Laws 3-311
• Hemp seed: means any viable cannabis sativa L. See Arizona Laws 3-311
• Immediate family member: means a spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild or stepsibling whether related by adoption or blood. See Arizona Laws 6-991
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Individual: means a natural person. See Arizona Laws 6-1201
• Industrial hemp: means the plant cannabis sativa L. See Arizona Laws 3-311
• Industrial hemp site: means the location in which a grower, harvester, transporter or processor possesses a crop, a harvested crop or hemp seed. See Arizona Laws 3-311
• Institutional investor: means a person who in the regular course of business makes commercial mortgage loans of more than two hundred fifty thousand dollars that are funded exclusively from the institutional investor's own resources. See Arizona Laws 6-971
• Insured: means any person covered under an insurance contract or other evidence of insurance coverage subject to regulation under title 20. See Arizona Laws 6-1401
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• International banking facility: means a facility that is represented by a set of asset and liability accounts segregated on the books and records of a commercial bank, the principal office of which is located in this state, and that is incorporated and doing business under the laws of the United States or of this state, a United States branch or agency of a foreign bank, an edge corporation organized under section 25(a) of the federal reserve act (12 United States Code §§ 611 through 631) or an agreement corporation having an agreement or undertaking with the board of governors of the federal reserve system under section 25 of the federal reserve act (12 United States Code §§ 601 through 604(a)) that includes only international banking facility time deposits and international banking facility extensions of credit as defined in Title 12 of the Code of Federal Regulations, Part 204. See Arizona Laws 6-101
• Investor: means a person who lends or invests money in mortgage loans. See Arizona Laws 6-901
• Investor: means a person who directly or indirectly provides monies to a commercial mortgage banker that are, or are intended to be, used to make a loan, and any person who purchases a loan, or any interest in a loan, from a commercial mortgage banker or in a transaction that has been directly or indirectly arranged or negotiated by a commercial mortgage banker. See Arizona Laws 6-971
• Judgment: means either:

  (a) A final judgment in a court of competent jurisdiction. See Arizona Laws 6-991

• Judgment debtor: means any defendant under this article who is the subject of a judgment. See Arizona Laws 6-991
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Key individual: means any individual ultimately responsible for establishing or directing policies and procedures of the licensee, such as an executive officer, manager, director or trustee. See Arizona Laws 6-1201
• 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}
• Lessee: means a person contracting with a lessor for the use of a safe deposit repository. See Arizona Laws 6-1001
• Lessor: means a corporation or association authorized under the laws of this state, any other state or the United States to do business as a bank, trust company, credit union or savings and loan association and maintaining safe deposit repositories for public use. See Arizona Laws 6-1001
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means the authorization that is granted by the department to propagate, harvest, transport or process industrial hemp in this state under this article and rules and orders adopted by the director pursuant to this article. See Arizona Laws 3-311
• License: means a license issued under this article. See Arizona Laws 6-901
• License: means a license issued under this article. See Arizona Laws 6-941
• License: means a license issued under this article. See Arizona Laws 6-971
• License: means a license issued under this article. See Arizona Laws 6-991
• Licensee: means a grower, harvester, transporter or processor with a valid license. See Arizona Laws 3-311
• Licensee: means a person licensed under this article. See Arizona Laws 6-901
• Licensee: means a person licensed under this article. See Arizona Laws 6-941
• Licensee: means a person who is licensed under this article. See Arizona Laws 6-971
• Licensee: means a person licensed under this article. See Arizona Laws 6-991
• Licensee: means a person licensed under this article. See Arizona Laws 6-1201
• Licensee: means a person that is licensed under article 1 of this chapter. See Arizona Laws 6-1241
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Loan processor or underwriter: means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person who is licensed or who is exempt from licensure under article 1 or 2 of this chapter. See Arizona Laws 6-991
• Material litigation: means litigation that, according to United States generally accepted accounting principles, is significant to a person's financial health and would be required to be disclosed in the person's annual audited financial statements, report to shareholders or similar records. See Arizona Laws 6-1201
• Minor: means a person under eighteen years of age. See Arizona Laws 1-215
• Monetary value: means a medium of exchange, whether or not redeemable in money. See Arizona Laws 6-1201
• money received for transmission: means receiving money or monetary value in the United States for transmission within or outside the United States by electronic or other means. See Arizona Laws 6-1201
• Money services business accredited state: means a state agency that is accredited by a conference of state bank supervisors and money transmitter regulators association for money transmission licensing and supervision. See Arizona Laws 6-1201
• Money transmitter: means a person that meets the definition of a bank, financial agency or financial institution as prescribed by 31 United States Code § 5312 or 31 C. See Arizona Laws 6-1241
• Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage banker: means a person who is not exempt under section 6-942 and who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage banking loan or a mortgage loan. See Arizona Laws 6-941
• Mortgage banker: means a person who is licensed pursuant to article 2 of this chapter. See Arizona Laws 6-991
• Mortgage banking loan: means a loan which is funded exclusively from the mortgage banker's own resources, which is directly or indirectly secured by a mortgage or deed of trust or any lien interest on real estate located in this state and which is created with the consent of the owner of the real property. See Arizona Laws 6-941
• Mortgage banking loan closing: means the day by which all documents relating to the mortgage banking loan or mortgage loan have been executed and recorded and all monies have been accounted for. See Arizona Laws 6-941
• Mortgage broker: means a person who is not exempt under section 6-902 and who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage loan. See Arizona Laws 6-901
• Mortgage broker: means a person who is licensed pursuant to article 1 of this chapter. See Arizona Laws 6-991
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan: means a loan secured by a mortgage or deed of trust or any lien interest on real estate located in this state created with the consent of the owner of the real estate. See Arizona Laws 6-901
• Mortgage loan: means any loan, other than a mortgage banking loan, secured by a mortgage or deed of trust or any lien interest on real estate located in this state and created with the consent of the owner of the real estate. See Arizona Laws 6-941
• Mortgage loan closing: means the day by which all documents relating to the mortgage loan have been executed and recorded and all monies have been accounted for under the terms of the escrow instructions. See Arizona Laws 6-901
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Multistate licensing process: means a procedure among state regulators relating to the coordinated processing of applications for money transmission licenses, applications for the acquisition of control of a licensee, control determinations or notice and information requirements for a change of key individuals. See Arizona Laws 6-1201
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• NMLS: means the nationwide multistate licensing system and registry that is developed by a conference of state bank supervisors and the American association of residential mortgage regulators and that is owned and operated by a state regulatory registry for the licensing and registration of persons in financial services industries. See Arizona Laws 6-1201
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• 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.
• Outstanding money transmission obligation: means either of the following:

  (a) Any payment instrument or stored value issued or sold by the licensee to a person located in the United States or reported as sold by an authorized delegate of the licensee to a person that is located in the United States that has not yet been paid or refunded by or for the licensee or escheated in accordance with applicable abandoned property laws. See Arizona Laws 6-1201

• own resources: means any of the following:

  (a) Cash, corporate capital, warehouse credit lines at commercial banks, savings banks or savings and loan associations or other sources that are liability items on the mortgage banker's financial statements for which its assets are pledged. See Arizona Laws 6-941

• Own resources: means any of the following:

  (a) Cash, corporate capital, warehouse credit lines at commercial banks, savings banks or savings and loan associations or other sources that are liability items on the person's financial statements. See Arizona Laws 6-971

• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Passive investor: means a person that:

  (a) Does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees or other persons exercising managerial authority of a person in control of a licensee. See Arizona Laws 6-1201

• Person: means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation or other corporate entity identified by the director. See Arizona Laws 6-1201
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Premium finance agreement: means a written agreement by which an insured or prospective insured agrees to pay to a premium finance company the amount advanced or to be advanced under the written agreement to an insurance producer in payment of premiums of an insurance contract together with interest or discount and a service charge as authorized and limited by this article. See Arizona Laws 6-1401
• Premium finance company: means a person engaged in whole or in part in the business of financing insurance premiums, entering into premium finance agreements with insureds or otherwise acquiring premium finance agreements from insurance producers or other premium finance companies. See Arizona Laws 6-1401
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Processor: means an individual, partnership, company or corporation that is licensed by the department to receive industrial hemp for processing into hemp products or hemp seed. See Arizona Laws 3-311
• Property: includes both real and personal property. See Arizona Laws 1-215
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Registered loan originator: means any individual who is both of the following:

  (a) A loan originator who is registered with and maintains a unique identifier through the nationwide mortgage licensing system and registry established by the secure and fair enforcement for mortgage licensing act of 2008 (P. See Arizona Laws 6-991

• Registered mail: includes certified mail. See Arizona Laws 1-215
• 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.
• repository: means a safe deposit box or any other safe deposit receptacle and includes the lessor's vault space made available for use by the lessee in common with others for the storage of property or documents. See Arizona Laws 6-1001
• residential mortgage loan: means a loan for personal family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling, as defined in the truth in lending act (15 United States Code § 1602(v)), or residential real estate on which a dwelling is constructed or intended to be constructed. See Arizona Laws 6-991
• Residential mortgage loan servicer: means any person who does either of the following:

  (a) On behalf of the noteholder, collects or receives payments, including payments of principal, interest, escrow monies and other monies due, on obligations due and owing to the noteholder pursuant to a residential mortgage loan. See Arizona Laws 6-991

• Residential real estate: means any property that is located in this state and on which a dwelling is constructed or intended to be constructed. See Arizona Laws 6-991
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Service of process: The service of writs or summonses to the appropriate party.
• Servicing commercial mortgage loans: means collecting payments at a location in this state on commercial mortgage loans, including:

  (a) Principal. See Arizona Laws 6-971

• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statute: A law passed by a legislature.
• Summons: Another word for subpoena used by the criminal justice system.
• Tangible net worth: means the aggregate assets of a licensee excluding all intangible assets, minus liabilities, as determined in accordance with United States generally accepted accounting principles. See Arizona Laws 6-1201
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Transporter: means an individual, partnership, company or corporation that is licensed by the department to transport industrial hemp for a licensed grower to a processor. See Arizona Laws 3-311
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• 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}
• Unique identifier: means the number assigned to the loan originator by the nationwide mortgage licensing system and registry or its successor or as the term is used under the secure and fair enforcement for mortgage licensing act of 2008 (P. See Arizona Laws 6-991
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Voting security: means any security presently entitling the owner or holder of the security to vote for the election of directors of a financial institution or controlling person, excluding, in the case of a savings and loan association, votes attributable to savings accounts. See Arizona Laws 6-1101
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Writ: means an order or precept in writing issued in the name of the state or by a court or judicial officer. See Arizona Laws 1-215
• Writing: includes printing. See Arizona Laws 1-215