A.R.S. § 44-1994: Misrepresentation of effect of registration of dealers or salesmen

Neither the fact that a dealer or salesman is registered under article 9 of this chapter, nor the fact that the registration of the dealer or salesman has not been denied, suspended or revoked shall be deemed a finding by the commission or by the director that the dealer or salesman is of good business reputation, or is not lacking in integrity, or is not insolvent, or that the application for registration of the dealer or salesman, or any financial statement, document or exhibit filed therewith is true or accurate, or does not contain untrue statements of material facts or omit material facts. It is a fraudulent practice and unlawful for a dealer or salesman in connection with any transaction involving the purchase or sale of securities to make a statement or other representation contrary to this section.