Bill Amendment: AZ SB1316 | 2016 | Fifty-second Legislature 2nd Regular
Bill Title: Consumer lending; regulations; licensure
Status: 2016-04-20 - Senate minority caucus: Do pass [SB1316 Detail]
Download: Arizona-2016-SB1316-CONFERENCE_ADOPTED_AMENDMENT_Conference_Committee.html
Fifty-second Legislature
Second Regular Session
FREE CONFERENCE COMMITTEE AMENDMENTS TO S.B. 1316
(Reference to House engrossed Senate bill)
Page 5, line 44, strike "twenty-four" insert "eighteen"
Page 13, between lines 6 and 7, insert:
"H. A licensee who is charged a fee pursuant to section 6‑1815 may not pass the fee on to a consumer."
Between lines 26 and 27, insert:
"6-1815. Transaction fee; definition
A. Except as provided in subsection B or C of this section, for each transaction that the licensee conducts, the superintendent shall collect a fee from each licensee in an amount to be determined by the superintendent. The superintendent shall deposit, pursuant to sections 35-146 and 35-147, all fees collected pursuant to this section in the community development services fund established by section 41‑115. This subsection applies only if there are at least five persons licensed pursuant to this chapter.
B. The superintendent shall collect not more than ten million dollars pursuant to subsection A of this section.
c. If a licensee does not pay the fee as required by this section, the superintendent may suspend or revoke the licensee's flexible credit lender license."
Page 14, line 31, strike "SEVENTEEN" insert "fifteen"
Line 32, strike "fifteen" insert "thirteen"
Page 15, between lines 33 and 34, insert:
"Sec. 5. Title 41, chapter 1, article 1, Arizona Revised Statutes, is amended by adding section 41‑115, to read:
41-115. Community development services fund; audit; assessment; report; definition
A. The community development services fund is established consisting of monies received pursuant to section 6-1815 and donations. The director shall administer the fund. Not more than ten percent of the monies deposited in the fund annually shall be used for the cost of administering the fund. monies in the fund are continuously appropriated. The director shall use the monies in the fund to provide grants to eligible charities in this state to help provide the following to disadvantaged individuals in this state:
1. Low‑interest or zero‑interest, small‑dollar loans.
2. Emergency monies.
3. Consumer credit counseling.
4. Financial literacy programs.
B. The director shall annually audit the programming policies and the accounting records of any grant recipients described in subsection A of this section.
C. The director shall enter into an agreement with either a certified public accountant as defined in section 32-701 or an attorney to conduct an annual broad-based assessment of the grant recipients described in subsection A of this section. The certified public accountant or attorney shall submit a report of the assessment findings to the director.
D. For the purposes of this section, "director" means the director of the governor's office of youth, faith and family or its successor office."
Renumber to conform
Page 15, line 35, after the fourth comma, insert "and section 41‑115, Arizona Revised Statutes, as added by this act,"; strike "is" insert "are"
Line 41, after "act" insert ", and section 41‑115, Arizona Revised Statutes, as added by this act"
Page 16, line 2, strike "Title 6, chapter 18, Arizona Revised Statutes, as added by"; strike the fourth comma
Amend title to conform
