This bill proposes several updates to the Arizona Revised Statutes concerning consumer lenders. Key changes include increasing the maximum amount for consumer loans from $10,000 to $50,000 and for consumer revolving loans from $10,000 to $30,000. Additionally, the bill removes the definition of "home equity revolving loan" and modifies the language around finance charges, allowing for more flexibility in how these charges are calculated. The bill also introduces new provisions regarding the display of notices in licensed offices and the requirement for periodic statements for consumer revolving loans.

Furthermore, the bill establishes that any contracts or addendums entered into after December 31, 2026, will be subject to the new regulations. It clarifies that the updated statutes will take effect on the same date, ensuring that all consumer lender loans issued in the regulatory sandbox, which can exceed the previous limits, will adhere to the new guidelines. Overall, these changes aim to modernize the consumer lending framework and enhance consumer protections.

Statutes affected:
Introduced Version: 6-601, 6-602, 6-606, 6-609, 6-613, 6-631, 6-632, 6-633, 6-635, 6-636, 6-637, 41-5605, 44-281, 6-117, 6-137, 6-634, 33-813, 33-812, 20-103, 44-6852, 33-707, 47-9513