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Collection Agencies

Arizona to Add Collection Agency License to NMLS January 2, 2017

Posted 12/23/2016


Starting January 2, 2017, NMLS will begin receiving new application and transition filings for the Arizona Department of Financial Institutions’ Collection Agency License. New applicants and existing licensees will be able to submit these records through NMLS.

Note: Companies holding this license are encouraged to submit a license transition request through NMLS by filing a Company Form (MU1) and an Individual Form (MU2) for each of their control persons by Tuesday, January 31, 2017.  Additionally, for each branch holding a Collection Agency Branch License, companies are encouraged to must complete and submit a Branch Form (MU3). See the AZ Collection Agency License Transition Checklist and, if applicable, the AZ Collection Agency Branch License Transition Checklist for more information.

Managing Your License on NMLS
Each company holding an AzDFI Collection Agency License who wishes to manage their license on NMLS must create a company record in the system, both for the company itself and for each branch holding an AzDFI Collection Agency License. Once the company and branch forms have been completed, they may be submitted electronically through NMLS to the AzDFI starting on January 2nd, 2017.
NMLS is now available for you to create and begin completing your record. Access the State Licensing Requirements Checklists on the AzDFI page of the NMLS Resource Center for information about requirements. The checklists will be available on the NMLS Resource Center by December 23rd, 2016.


How to Access NMLS
Note: If your company already has a record in NMLS, you do not need to do this step.
In order to gain access to NMLS for the first time, you must complete a Company Account Request Form and identify a Primary Account Administratorand a Secondary Account Administrator. This form can be submitted electronically through the NMLS website in the Getting Started section. This form needs to be submitted only once per company, regardless of the number of NMLS participating states in which you are licensed.
Within three days of completing and submitting the Company Account Request Form, the Primary Account Administrator will receive NMLS login information. The Primary Account Administrator for your company will have full rights to access the system, submit information to this agency and other participating state regulators, and set up other company users in the system. Instructions and tutorials on how to access and use the system are also available on the NMLS Resource Center.


Forms to Complete
Once you are able to access NMLS, you will need to submit the following through NMLS to AzDFI by January 2nd, 2017.

You may begin completing these forms prior to January 2nd, 2017, but will not be able to submit them to AzDFI until that date. See the Company (MU1) Form Filing Instructions if you are completing the Company (MU1) Form for the first time.


Note: If you have submitted these forms to another state, then you do not need to re-enter your company or branch records into NMLS. You will only need to identify the appropriate license type in Arizona and complete a few state-specific fields.

 

If you are not currently transitioning to the NMLS system, please click here.


Fees
NMLS will annually charge a processing fee of $100 per company license, and $20 per licensed branch location renewed through the system. There is no processing fee for submitting a new application or transitioning an existing license onto NMLS.
There are no other NMLS processing fees. These processing fees pay for NMLS’ operations, including licensee system access 362 days per year, ability to maintain, renew and run reports on your licenses, and NMLS Call Center support.


NMLS Website
The NMLS Resource Center provides step-by-step instructions on how to access the system, guides on how to complete the forms, each state’s transition plans and requirements, tutorials, current and future participating agencies, system alerts, system processing fees, and general background information. Training opportunities are also available in the News & Events section and from the home page.
If you have any questions, feel free to contact LaTasha Ontiveros or Michelle Castaneda by email at lontiveros@azdfi.gov or mcastaneda@azdfi.gov


NMLS Training
The Arizona Department of Financial Institutions will participate in a NMLS Training Webinar conducted by the State Regulatory Registry LLC for AzDFI collection agency licensees on Thursday, January, 5th, 2017 at 11:00 AM MST.

This training is intended to help AzDFI collection agency licensees transition their existing license(s) on to NMLS. The training will include an overview of the resources available, licensing requirements checklists that should be reviewed, and a demonstration of tasks that must be completed in NMLS. 

Go to https://www.csbstraining.org/lms/ to register for the training. There is no fee to participate.  When registering, enter the subscription code: AZTRANSITION.  This session will be recorded.

Note:  Space is limited to 500 attendees and will be granted on a first come first served basis. If you are unable to attend the live training, you will be able to access the training’s recording.


 

Forms and Fees 

Application Fees and Forms for Collections Agencies
Arizona Revised Statues §6-126 et seq.

The following nonrefundable fees are payable to the department with the filing of the following applications:

Description

Fees

Forms

New Application
Each original application shall be accompanied by a nonrefundable fee of one thousand five hundred dollars.

$1,500.00

Branch Office Application
Each branch application (Arizona locations only) shall be accompanied by a nonrefundable fee of five hundred dollars.

$500.00

License Renewal
Renewal fee $600, each branch (Arizona locations only) $200

License Year: January 1, through December 31

Renewal Package Due: November 15 through January 1: Without Penalty.  January 2 through January 31: With Penalty.

 

$600.00

$200.00 each branch

Address Change

$50.00

Name Change
To change the licensee name on a financial institution or enterprise license, two hundred fifty dollars.

$250.00

Change of Control/Ownership change (“COC”)

$0.00

Active Manager Change

$250.00

Officer Change

$0.00

License Surrender
If you close your office or are no longer in business, return your original license(s) to AZDFI with a letter including the reason for closure.

0.00

Duplicate License
To issue a duplicate or replace a lost enterprise's license, one hundred dollars

$100.00


Required Reports

Fictitious Name Report (AAC R20-4-1520 C)

Due on July 1 and December 31 of each year.