Terms Used In Arizona Laws > Title 6 > Chapter 5 - Consumer Lenders

• Actuarial method: means the method of allocating each payment between finance charges and principal pursuant to which the payment is applied first to finance charges computed on the unpaid balance of principal for the time the balance is outstanding, and the remainder of the payment is subtracted from the unpaid principal amount. See Arizona Laws 6-601
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Agent: means any person who has actual authority, either express or implied, to represent or make decisions on behalf of another person. See Arizona Laws 16-901
• Amount financed: means the amount of credit extended to a consumer on a consumer loan determined in accordance with the truth in lending act. See Arizona Laws 6-601
• 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}
• Annual percentage rate: means the measure of the cost of credit, expressed as a yearly rate, that relates the amount and timing of value received by the consumer to the amount and timing of payments made, determined in accordance with the truth in lending act. See Arizona Laws 6-601
• 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.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Ballot: means a paper ballot on which votes are recorded. See Arizona Laws 16-444
• 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
• Bribe: means anything of value or advantage, present or prospective, asked, offered, given, accepted or promised with a corrupt intent to influence, unlawfully, the person to whom it is given in that person's action, vote or opinion, in any public or official capacity. See Arizona Laws 1-215
• Calendar quarter: means a period of three consecutive calendar months ending on March 31, June 30, September 30 or December 31. See Arizona Laws 16-901
• Candidate: means an individual who receives contributions or makes expenditures or who gives consent to another person to receive contributions or make expenditures on behalf of that individual in connection with the candidate's nomination, election or retention for any public office. See Arizona Laws 16-901
• Candidate committee: includes the candidate. See Arizona Laws 16-901
• Clearly identified candidate: means that the name or a description, image, photograph or drawing of the candidate appears or the identity of the candidate is otherwise apparent by unambiguous reference. See Arizona Laws 16-901
• Commercial fertilizer: means any substance that contains one or more recognized plant nutrients, that is used for its plant nutrient content and that is designed for use or claimed to have value in promoting plant growth, except unmanipulated animal and vegetable manures, and other products exempted by rule. See Arizona Laws 3-262
• Committee: means a candidate committee, a political action committee or a political party. See Arizona Laws 16-901
• Computer program: includes all programs and documentation adequate to process the ballots at an equivalent counting center. See Arizona Laws 16-444
• 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
• Consumer loan: means the direct closed end loan of money, whether unsecured or secured by personal or real property, in an amount of $10,000 or less that is subject to a finance charge in which only the principal amount of the loan is considered, and not any finance charges or other fees allowed pursuant to section 6-635, for the purpose of determining whether the consumer loan is $10,000 or less. See Arizona Laws 6-601
• Consumer loan rate: means the periodic rate of finance charges that applies to the outstanding principal balance of a consumer loan and that remains unpaid. See Arizona Laws 6-601
• Consumer revolving loan: means an open end revolving loan that is established pursuant to an agreement with an agreed on credit limit that does not exceed $10,000, that the consumer may pay in full at any time but has the privilege of paying in installments and that contemplates or provides that advances may be obtained from time to time by the consumer, through checks, drafts, items, credit access devices, orders for the payment of money, evidences of debt or similar means, whether or not negotiable. See Arizona Laws 6-601
• Contribution: means any money, advance, deposit or other thing of value that is made to a person for the purpose of influencing an election. See Arizona Laws 16-901
• Control: means to possess, directly or indirectly, the power to direct or to cause the direction of the management or policies of another organization, whether through voting power, ownership, contract or otherwise. See Arizona Laws 16-901
• coordination: means the coordination of an expenditure as prescribed by section 16-922. See Arizona Laws 16-901
• Counting center: means one or more locations selected by the board of supervisors for the automatic counting of ballots. See Arizona Laws 16-444
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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
• Dependent: A person dependent for support upon another.
• Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Distributor: means any person who offers for sale, sells, barters, solicits business or otherwise supplies fertilizer materials. See Arizona Laws 3-262
• Election: means any election for any ballot measure in this state or any candidate election during a primary, general, recall, special or runoff election for any office in this state other than a federal office and a political party office prescribed by chapter 5, article 2 of this title. See Arizona Laws 16-901
• Election cycle: means the two-year period beginning on January 1 in the year after a statewide general election and ending on December 31 in the year of a statewide general election or, for cities and towns, the two-year period beginning on the first day of the calendar quarter after the calendar quarter in which the city's or town's second, runoff or general election is scheduled and ending on the last day of the calendar quarter in which the city's or town's immediately following second, runoff or general election is scheduled, however that election is designated by the city or town. See Arizona Laws 16-901
• Electronic voting system: means a system in which votes are recorded on a paper ballot by means of marking, and such votes are subsequently counted and tabulated by vote tabulating equipment at one or more counting centers. See Arizona Laws 16-444
• Employee: means an individual who is entitled to compensation for labor or services performed for the individual's employer. See Arizona Laws 16-901
• Employer: means any person that pays compensation to and directs the labor or services of any individual in the course of employment. See Arizona Laws 16-901
• Entity: means a corporation, limited liability company, labor organization, partnership, trust, association, organization, joint venture, cooperative, unincorporated organization or association or other organized group that consists of more than one individual. See Arizona Laws 16-901
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Ex officio: Literally, by virtue of one's office.
• Exclusive insurance contract: means an insurance producer's contract with an insurer that does either of the following:

  (a) Prohibits the producer from soliciting insurance business for any other insurer. See Arizona Laws 16-901

• Expenditure: means any purchase, payment or other thing of value that is made by a person for the purpose of influencing an election. See Arizona Laws 16-901
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fertilizer material: means any substance or mixture of substances intended to be used for promoting or stimulating the growth of plants, increasing the productiveness of plants, improving the quality of crops or producing any chemical or physical change in the soil. See Arizona Laws 3-262
• 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}
• Finance charge: means the amount payable by a consumer incident to or as a condition of the extension of a consumer lender loan but does not include other fees allowed pursuant to section 6-635. See Arizona Laws 6-601
• 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
• 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.
• 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}
• Home equity revolving loan: means an open end revolving loan that is made pursuant to an agreement with an agreed on credit limit that is not more than $10,000, that is secured by the consumer's principal residence and that provides that advances may be obtained from time to time by the consumer through checks, drafts, items, credit access devices, orders for the payment of money, evidences of debt or similar means, whether or not negotiable. See Arizona Laws 6-601
• identify: means :

  (a) For an individual, the individual's first and last name, residence location or street address and occupation and the name of the individual's primary employer. See Arizona Laws 16-901

• Incomplete contribution: means any contribution that is received by a committee for which the contributor's complete identification has not been obtained. See Arizona Laws 16-901
• Instructions and procedures manual: means the manual prepared for use as a guide for the conduct of elections by an approved electronic voting system, including, but not limited to, detailed instructions for the performance of each task relating to the collection of ballots and the counting of votes in a manner that will provide maximum security, efficiency and accuracy. See Arizona Laws 16-444
• Insurance producer: means a person that:

  (a) Is required to be licensed to sell, solicit or negotiate insurance. See Arizona Laws 16-901

• Labor organization: means any employee representation organization that exists for the purpose of dealing with employers concerning grievances, labor disputes, wages, rates of pay, hours of employment or other conditions of employment. See Arizona Laws 16-901
• 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
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Nominee: means a candidate who prevails in a primary election for partisan office and includes the nominee's candidate committee. See Arizona Laws 16-901
• Oath: A promise to tell the truth.
• Oath: includes an affirmation or declaration. See Arizona Laws 1-215
• 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.
• percentage: means the percentage by weight. See Arizona Laws 3-262
• Person: means an individual or a candidate, nominee, committee, corporation, limited liability company, labor organization, partnership, trust, association, organization, joint venture, cooperative or unincorporated organization or association. See Arizona Laws 16-901
• Person: includes individual, partnership, association, firm or corporation. See Arizona Laws 3-262
• Personal property: All property that is not real property.
• Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
• Petty offense: A federal misdemeanor punishable by six months or less in prison. ^{Source: U.S. Courts}
• Political action committee: means an entity that is required to register as a political action committee pursuant to section 16-905. See Arizona Laws 16-901
• Political party: means a committee that meets the requirements for recognition as a political party pursuant to chapter 5 of this title. See Arizona Laws 16-901
• Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
• 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}
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Precomputed consumer loan: means a consumer loan that is payable in substantially equal, consecutive monthly installments that are applied to the unpaid balance of the principal and precomputed finance charges combined, subject to provisions for refund or credit in the event of prepayment and for deferral or default charges in the event of deferral or default. See Arizona Laws 6-601
• Primary plant nutrient: means total nitrogen, available phosphate or soluble potash. See Arizona Laws 3-262
• Primary purpose: means an entity's predominant purpose. See Arizona Laws 16-901
• railroad: as used in this article includes any person, firm or corporation operating a railroad. See Arizona Laws 3-1701
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Regularly engaged in the business: means either:

  (a) Advertising to or any other solicitation of a resident of this state that offers a consumer loan and that occurs within this state. See Arizona Laws 6-601

• 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.
• Retention: means the election process by which a superior court judge, appellate court judge or supreme court justice is retained in office as prescribed by article VI, section 38 or 40, Constitution of Arizona. See Arizona Laws 16-901
• Service of process: The service of writs or summonses to the appropriate party.
• 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.
• Social media messages: means forms of communication, including internet sites for social networking or blogging, through which users create a personal profile and participate in online communities to share information, ideas and personal messages. See Arizona Laws 16-901
• Summons: Another word for subpoena used by the criminal justice system.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• 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}
• Truth in lending act: means title I of the consumer credit protection act (15 United States Code §§ 1601 through 1666j), as amended, and the regulations promulgated under that act (Title 12 of the Code of Federal Regulations, Part 226), as amended. See Arizona Laws 6-601
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Vote tabulating equipment: includes apparatus necessary to automatically examine and count votes as designated on ballots and tabulate the results. See Arizona Laws 16-444
• Voting device: means an apparatus that the voter uses to record the voter's votes by marking a paper ballot, which votes are subsequently counted by electronic tabulating equipment. See Arizona Laws 16-444
• Wilfully: means , with respect to conduct or to a circumstance described by a statute defining an offense, that a person is aware or believes that the person's conduct is of that nature or that the circumstance exists. See Arizona Laws 1-215