AZ SB1427

Establishes new licensing requirements for adjustable loan lenders in Arizona through a new chapter 18 in Title 6, requiring persons making adjustable loans to obtain a license from the superintendent.

Defines adjustable loans as unsecured open-end credit plans of up to $3,000 with no fixed maturity, subject to prepayment without penalty, with interest rates capped at 36 percent annually.

Requires adjustable loan lenders to maintain at least $25,000 in assets per licensed office, file annual reports, and comply with Truth in Lending Act disclosure requirements in English and Spanish.

Prohibits licensees from charging rates exceeding federal military lending limits to active duty service members and their dependents, and from allowing consumers to hold multiple adjustable loan plans simultaneously.

Establishes examination fees and licensing fees for adjustable loan lenders, with initial application fees and annual renewal fees set by the superintendent.