- A. A debt management company shall not operate if it is insolvent. For purposes of this Section “insolvent” has the same meaning as in A.R.S. § 47-1201(23).
- B. To determine compliance with A.R.S. § 6-709(A), a debt management company’s liquid assets include funds held in its trust account. Liquid assets do not include goodwill and other intangible assets. A debt management company’s total liquid assets shall exceed by $2,500.00 the total of all its current business liabilities together with all balances held for debtors as reflected in the company’s subsidiary ledgers.
- C. Except as otherwise provided by this Section, or in a specific ruling by the Director, a debt management company shall use generally accepted accounting principles to compute assets and liabilities.
Historical Note
Adopted effective October 26, 1978 (Supp. 78-5). R20-4-612 recodified from R4-4-612 (Supp. 95-1). Amended by final rulemaking at 8 A.A.R. 2708, effective June 6, 2002 (Supp. 02-2). Amended by final rulemaking at 29 A.A.R. 1945 (September 1, 2023), effective October 2, 2023 (Supp. 23-3).