AZ SB1543

Amends exemptions for certain securities from registration requirements under Arizona securities law, specifically section 44-1843 Arizona Revised Statutes.

Adds exemption for first mortgage bonds issued by individual churches and affiliated religious schools, provided the aggregate outstanding amount does not exceed $25 million per issuer.

Requires that no commission or remuneration of any kind (other than transfer agent fees) may be paid to anyone other than registered dealers or registered salesmen in connection with offering or selling these church bonds.

Clarifies that failure to pay required fees for exempt securities does not result in loss of the exemption.

Applies to bonds issued by churches and their affiliated religious schools meeting specified conditions regarding financing and compensation restrictions.