A. This chapter does not apply to:
1. A person who does business under any other law of this state, or any other state while regulated by a state agency of that other state, or of the United States, relating to banks, savings banks, trust companies, savings and loan associations, profit sharing and pension trusts, credit unions, insurance companies or receiverships if the consumer lender loan transactions are regulated by the other law or are under the jurisdiction of a court.
2. A person who is licensed as a pawnbroker pursuant to title 44, chapter 11, article 3 to the extent that the person's activities are governed by that article.
3. A person who is not regularly engaged in the business of making consumer lender loans.
4. A person who is licensed pursuant to chapter 9 of this title to the extent that the person's activities are governed by that chapter.
B. The requirements of this chapter do not apply to:
1. Closed end loans of more than $10,000.
2. Advances on open end revolving loans that are not secured by the consumer's principal residence with an agreed on credit limit of more than $10,000, regardless of the amount of any advances on these revolving loans.
3. Advances on open end revolving loans that are secured by the consumer's principal residence with an agreed on credit limit of more than $10,000, regardless of the amount of any advances on these revolving loans.
4. Consumer lender loans that are lawfully made to nonresidents of the state in any other state under and in accordance with a regulatory consumer lender law similar in principle to this chapter.
5. Educational loans that are either:
(a) Made, insured or guaranteed pursuant to a program authorized by the United States, this state or any other state.
(b) Made by a nonprofit organization that is exempt from taxation under section 501(c)(3) of the internal revenue code to students who attend postsecondary educational institutions in this state.
C. A consumer loan made pursuant to a consumer lender license is not a secondary motor vehicle finance transaction as defined in section 44-281.
Notes of Decisions
Leonard H. v. Beneficial Arizona, Inc., 977 P.2d 784 (Ariz. 1999).
· cites it 25× “Many of the CLA’s provisions remained unchanged, including A.R.S. § 6-602, the “scope of article,” which is the source of this confusion.”
Rascon v. Transamerica Fin. Corp., 812 P.2d 1019 (Ariz. Ct. App. 1990).
· cites it 26× “In 1956, the legislature recodified this scope provision as A.R.S. § 6-602(A). 3 *203 In 1979, rapidly rising interest rates on a national level caused concern that lenders would stop investing in Arizona and begin seeking higher rates of return elsewhere because Arizona…”
Collins v. State, 803 P.2d 130 (Ariz. Ct. App. 1990).
· cites it 5× “Section 6-603(B) describes the penalty that is to be imposed on a person who is in the business of making consumer loans but who does not obtain the required license: Any contract of loan in the making or collection of which any act has been done which violates subsection A of §…”
Transamerica Fin. Corp. v. Superior Court, 746 P.2d 497 (Ariz. Ct. App. 1988).
· cites it 2× “Under A.R.S. § 6-602(A), a lender must be licensed under the Consumer Loan Act only if it charges interest rates that exceed those allowed by the general usury law.”
SAL Leasing, Inc. v. State Ex Rel. Napolitano, 10 P.3d 1221 (Ariz. Ct. App. 2000).
“¶ 15 “Unless exempt under section 6-602 [inapplicable here], a person shall not engage in the business of a consumer lender without first being licensed as a consumer lender by the superintendent.”
Rozich v. MTC Fin. Inc. (D. Ariz. 2023).
· cites it 9× “§ 6-635 “fails because [§ 6-635] does not apply to the HELOC loan in 4 question pursuant to A.R.S. 6-602(B).” (Id.) 5 Plaintiff responds that “Arizona courts have long held that money is merchandise as 6 defined in A.”
Rozich v. MTC Fin. Inc. (D. Ariz. 2024).
· cites it 2× “” (Doc. 50 at 5.) CIT also argues that “Plaintiff’s 18 claim for violation of A.”
— Ariz. Rev. Stat. § 6-602(A) — 4 cases
Leonard H. v. Beneficial Arizona, Inc., 977 P.2d 784 (Ariz. 1999).
“Many of the CLA’s provisions remained unchanged, including A.R.S. § 6-602, the “scope of article,” which is the source of this confusion.”
Rascon v. Transamerica Fin. Corp., 812 P.2d 1019 (Ariz. Ct. App. 1990).
“In 1956, the legislature recodified this scope provision as A.R.S. § 6-602(A). 3 *203 In 1979, rapidly rising interest rates on a national level caused concern that lenders would stop investing in Arizona and begin seeking higher rates of return elsewhere because Arizona…”
Collins v. State, 803 P.2d 130 (Ariz. Ct. App. 1990).
“Section 6-603(B) describes the penalty that is to be imposed on a person who is in the business of making consumer loans but who does not obtain the required license: Any contract of loan in the making or collection of which any act has been done which violates subsection A of §…”
Transamerica Fin. Corp. v. Superior Court, 746 P.2d 497 (Ariz. Ct. App. 1988).
“Under A.R.S. § 6-602(A), a lender must be licensed under the Consumer Loan Act only if it charges interest rates that exceed those allowed by the general usury law.”
— Ariz. Rev. Stat. § 6-602(B) — 1 case
Rozich v. MTC Fin. Inc. (D. Ariz. 2023).
“§ 6-635 “fails because [§ 6-635] does not apply to the HELOC loan in 4 question pursuant to A.R.S. 6-602(B).” (Id.) 5 Plaintiff responds that “Arizona courts have long held that money is merchandise as 6 defined in A.”
— Ariz. Rev. Stat. § 6-602(B)(1) — 1 case
Rozich v. MTC Fin. Inc. (D. Ariz. 2023).
“§ 6-635 “fails because [§ 6-635] does not apply to the HELOC loan in 4 question pursuant to A.R.S. 6-602(B).” (Id.) 5 Plaintiff responds that “Arizona courts have long held that money is merchandise as 6 defined in A.”
— Ariz. Rev. Stat. § 6-602(B)(3) — 1 case
Rozich v. MTC Fin. Inc. (D. Ariz. 2023).
“§ 6-635 “fails because [§ 6-635] does not apply to the HELOC loan in 4 question pursuant to A.R.S. 6-602(B).” (Id.) 5 Plaintiff responds that “Arizona courts have long held that money is merchandise as 6 defined in A.”
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