6-605. Denial of renewal; suspension; revocation

232 words·~1 min read·/az/title-6/6-605

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The deputy director may deny renewal of a license or suspend or revoke a license if the deputy director finds that a licensee:

1. Is insolvent as defined in section 47-1201.

2. Has failed to pay the annual renewal fees.

3. Has failed to file an annual report when due or within any extension of time granted by the deputy director for good cause.

4. Has failed to have or maintain at least $25,000 in assets used or readily available for use in conducting the business of each licensed office and branch office.

5. Either knowingly or without the exercise of due care to prevent a violation, has violated any provision of this title or any rule or order adopted or made pursuant to this title.

6. Has failed to operate the business of making consumer lender loans for a continuous period of twelve months or more, except that the deputy director, on good cause shown, may extend the time for operating that business for a single fixed period of not more than twelve months.

B. The deputy director may also deny renewal of a license or suspend or revoke a license if the deputy director finds that any fact or condition exists that, if it had existed at the time of the original application for the license, would have clearly warranted the deputy director to refuse to issue the license.