Arizona § 44-3151 - Licensure required; exclusion; violation; classification
Full text of Arizona Arizona Revised Statutes § 44-3151 — Licensure required; exclusion; violation; classification, with citation guidance and answers to common questions.
§ 44-3151. Licensure required; exclusion; violation; classification
A. A person shall not transact business in this state as an investment adviser or investment adviser representative unless any of the following applies:
1. The person is licensed under this article.
2. The person is a federal covered adviser and has made a notice filing under this article.
3. The person is exempt from licensure.
4. The person is a federal covered adviser and is not subject to the notice filing requirements prescribed in section 44-3153.
B. The licensure requirements of this article do not apply to any federal covered adviser or a person that is excluded from the definition of an investment adviser under section 202(a)(11) of the investment advisers act of 1940.
C. An investment adviser that is required to be licensed shall not employ an investment adviser representative unless the investment adviser representative is licensed under this article. The licensure of an investment adviser representative is not effective during any period of time that the investment adviser representative is not employed by a licensed investment adviser or by a federal covered adviser that has made a notice filing pursuant to section 44-3153, subsection E. A licensed investment adviser shall promptly notify the commission when an investment adviser representative begins or terminates employment with the investment adviser by filing a completed form U-4 or form U-5 or any other form as the director may designate.
D. An investment adviser representative shall not conduct business on behalf of a federal covered adviser unless that investment adviser representative is licensed under this article. A federal covered adviser shall notify the commission if any investment adviser representative begins or terminates employment with that federal covered adviser by filing a completed form U-4, form U-5 or any other form the director designates for that purpose.
E. A person who knowingly violates this section is guilty of a class 1 misdemeanor.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 44-3151
What does Arizona Revised Statutes § 44-3151 cover?
Section 44-3151 ("Licensure required; exclusion; violation; classification") 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 § 44-3151?
A common citation format is "Arizona Revised Statutes § 44-3151" (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 § 44-3151 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.