6-609. Reporting rates; change in rates; quarterly report of deputy director

290 words·~1 min read·/az/title-6/6-609

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

A. At the time of making its annual report to the deputy director, each licensee shall report the licensee's standard annual percentage rate or range of annual percentage rates in effect at that time on the following types of loans:

1. A $500 unsecured consumer loan, payable in twelve equal monthly installments.

2. A $2,500 consumer loan secured by a motor vehicle, payable in thirty-six equal monthly installments.

3. A $9,000 consumer loan secured in full by real property, payable in one hundred twenty equal monthly installments.

4. A consumer revolving loan with an agreed on credit limit of $3,000.

5. A home equity revolving loan with an agreed on credit limit of $15,000.

B. The amount of each of the consumer loans described in subsection A of this section refers to the amount financed as computed in accordance with the truth in lending act. The licensee shall also report the range of the percentage amount of any prepaid finance charges charged in connection with a home equity revolving loan described in subsection A, paragraph 5 of this section.

C. Within thirty days after effectuating a change in the standard rate of charge for any of the types of loans described in subsection A of this section, the licensee shall report that change to the deputy director.

D. On at least a quarterly basis the deputy director shall compile a report of the standard annual percentage rate or range of annual percentage rates of each licensee for the types of loans described in subsection A of this section. The deputy director shall disseminate this report in a manner deemed appropriate by the deputy director, and the deputy director shall make the report available to the public for inspection and copying.