Lyon Financial has approved me for a pool loan. However they refuse to follow AZ statute : AZ Rev Stat XXXX. The statute states that the pool contract must have payment provisions outlined in the pool that follow a specific payment schedule. Lyon Financial refuses to follow the payment schedule as required by AZ statute. Lyon Financial states that they do not have to follow the statute because the do no " specialize '' in pool loans. They also state that because the loan is a Unsecured Loan that the state of AZ does not regulate the loan. Lyon Financial is stating that they will not release funds to the pool contractor until pool build is complete. 


XXXX. Swimming pool ; spa ; construction contractsA. In addition to the requirements of section XXXX, a licensed contractor who enters into a contract for the construction or installation of a residential in-ground swimming pool or spa with a purchaser who resides in the residence or who intends to reside in the residence after the completion of the contract shall include at least the following provisions:1. A provision providing the purchaser the opportunity to request standard contractor 's payment and performance bonds in a form approved by the registrar, securing the completion of the work and payment for services and materials. The cost of the payment and performance bond shall be paid by the purchaser of the swimming pool or spa and the contractor shall not charge a surcharge or a service charge. 

2. The following payment provisions : XXXX a ) A down payment payable on the execution of the contract of not more than XXXX XXXX dollars. 

XXXX b ) After the completion of the excavation work on the swimming pool or spa, a payment of not more than thirty per cent of the amount of the original contract price plus any written change orders approved by the purchaser. 

XXXX c ) After the installation of steel, plumbing and pneumatically applied concrete materials or the installation of a prefabricated swimming pool or spa, a payment of not more than thirty per cent of the amount of the original contract price plus any written change orders approved by the purchaser. 

( d ) After the installation of decking materials, a payment of not more than thirty per cent of the amount of the original contract price plus any written change orders approved by the purchaser. 

XXXX e XXXX Before the application of the finishing interior materials or completion of all work on a prefabricated pool or spa, payment of all remaining sums due on the original contract plus any written change orders approved by the purchaser. 
