44-1797.10. Receipt of payment or monies; delivery or availability of goods; time; refund; trust account; deposits and withdrawals
383 words·~2 min read·
/az/title-44/44-1797-10A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Each contract for discount buying services shall provide that if any goods ordered by the buyer from the seller are not delivered to the buyer or available for pickup by the buyer at a location within his county of residence within one hundred twenty days from the date the buyer placed an order for such goods, any monies paid by the buyer for such goods in advance of delivery shall, on the buyer's request, be fully refunded unless a predetermined delivery date has been furnished to the buyer in writing at the time he ordered such goods and the goods are delivered to the buyer or are available for pickup by that date or if the buyer has waived his right to a refund in writing.
B. Before receiving monies for an order of goods or services from any buyer, the discount buying organization shall establish a trust account at a federally insured bank, savings and loan association or credit union for the deposit of the monies. The discount buying organization shall deposit into the account all monies received from buyers for orders of goods or services regardless of how the monies are styled, including down payment, partial payment, payment in full, freight charge or any other terms.
If the total cost of goods or services ordered by a buyer on any one day does not exceed fifty dollars, including taxes, freight charges, delivery charges, markup and all other charges collected by the discount buying organization, the monies received from the buyer need not be deposited in the trust account.
C. The trust account required by this section shall be created and maintained for the benefit of buyers who order goods or services from or through the discount buying organization. The discount buying organization shall not in any manner encumber the corpus of the account and shall not withdraw monies deposited in the account on behalf of a buyer except:
1. In partial or full payment to the discount buying organization's source for the goods or services ordered by the buyer.
2. To make a refund to the buyer. After the withdrawal of monies from a buyer's deposit pursuant to this subsection, only that portion of the remainder of the deposit which represents compensation to the discount buying organization may be withdrawn.