REFERENCE TITLE: small business loans; fee waiver |
State of Arizona Senate Fiftieth Legislature First Regular Session 2011
|
SB 1456 |
|
Introduced by Senators Sinema: Reagan
|
AN ACT
amending title 44, Arizona Revised Statutes, by adding chapter 35; relating to small business loans.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 44, Arizona Revised Statutes, is amended by adding chapter 35, to read:
CHAPTER 35
SMALL BUSINESS LOANS
ARTICLE 1. GENERAL PROVISIONS
44-7801. Waiver of fees; definition
A. Notwithstanding any other law, this state, any political subdivision of this state and any state regulated lender that loans monies to a small business shall waive any fee that it normally charges to the small business as a result of the loan.
B. For the purposes of this section, "small business" means a concern, including its affiliates, that is independently owned and operated, that is not dominant in its field and that employs fewer than one hundred full-time employees.