Arizona § 44-1708 - Surety bond; procedures to obtain or establish; claim by action at law; limit of liability
Full text of Arizona Arizona Revised Statutes § 44-1708 — Surety bond; procedures to obtain or establish; claim by action at law; limit of liability, with citation guidance and answers to common questions.
§ 44-1708. Surety bond; procedures to obtain or establish; claim by action at law; limit of liability
A. If a credit services organization is required to obtain a surety bond pursuant to section 44-1703, the following procedures apply:
1. A copy of the bond shall be filed with the corporation commission.
2. The bond required shall be in favor of this state for the benefit of any person who is damaged by any violation of this article. The bond shall also be in favor of any person damaged by the practices.
3. A person claiming against the bond for a violation of this article may maintain an action at law against the credit services organization and against the surety.
B. The surety is liable only for actual damages and not the punitive damages permitted under section 44-1711. The aggregate liability of the surety to all persons damaged by a credit services organization's violation of this article shall in no event exceed the amount of the bond.
C. The bond shall be in an amount equal to five per cent of the total amount of the fees charged buyers by the credit services organization under the contracts entered into between the credit services organization and the buyers during the previous twelve months, but in no case shall the bond be less than five thousand dollars or more than twenty-five thousand dollars. The amount required shall be adjusted once a year, no later than the tenth day of the first month of the credit services organization's fiscal year.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 44-1708
What does Arizona Revised Statutes § 44-1708 cover?
Section 44-1708 ("Surety bond; procedures to obtain or establish; claim by action at law; limit of liability") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 44-1708?
A common citation format is "Arizona Revised Statutes § 44-1708" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 44-1708 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.