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Consumer Lenders

Arizona to Add Consumer Finance, Debt-Related, and Money Transmitter Licenses to NMLS May 1, 2017

Starting May 1, 2017, NMLS will begin receiving new application and transition filings for the following Arizona Department of Financial Institutions licenses. New applicants and existing licensees will be able to submit these records through NMLS.

  • Money Transmitter License
  • Money Transmitter Branch License
  • Consumer Lender License
  • Consumer Lender Branch License
  • Debt Management License
  • Debt Management Branch License


Note: Companies holding these license types 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.  Additionally, for each branch holding these license types, companies are encouraged to complete and submit a Branch Form (MU3). Click here for more information.

This license is required of any person that advertises to make or procure, solicits, or holds themselves out as willing to make or procure or makes or procures a loan of $10,000 or less or a revolving loan of not more than $10,000.

Who is exempt from this License?  Please review A.R.S. §6- 602.

Requirements for License
License Renewal
Forms and Fees
Required Reports
Laws, Rules, Substantive Policy Statements & Regulatory Alerts
Examination

You may submit documents to AzDFI electronically using AzDFI’s encrypted message service.

AzDFI Encrypted Message Service Instructions
AzDFI Encrypted Message Service


Inquiries concerning the preparation and filing of License and renewal applications with the Department should be directed to the Licensing Division at 602-771-2800 or e-mail at licensing@azdfi.gov .  For more detailed contact information, see the “Contact Us” tab.

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Requirements for License

You must submit to AZDFI a complete application package along with the applicable application fee.


License Renewal

The license year for a licensee begins on July 1 and ends on June 30 of each year.

Before June 30 of each year, each licensee may obtain a renewal of a license by filing an application in the form prescribed by the superintendent and paying the fee prescribed in A.R.S. §6-126.

Although current renewal packages are available on our website all year, they may only be submitted during the renewal period. Licensees are responsible to submit their completed renewal package and applicable renewal fee to AzDFI by the statutory date. If your completed renewal package and applicable renewal fee are not received by AzDFI on or before the statutory date, your license will be suspended and/or closed.

 
Forms and Fees

Application Fees and Forms for Consumer Lenders
Arizona Revised Statues §6-126 et seq.

The following nonrefundable fees are payable to AZDFI 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

Branch Office Application
Each branch application shall be accompanied by a nonrefundable fee of five hundred dollars.

$500

License Renewal
Renewal fee is one thousand dollars plus two hundred dollars for each branch

License Year:  July 1 through June 30

Renewal Package Due: May 15 through June 30: Without penalty

$1,000 HO

$200 each branch

Address Change

$50

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”)

 

Officer Change

 

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

$100.00

License Surrender
If you close your office or are no longer in business, return your original license(s) to AZDFI and the Completed License Change Application.

0.00

 
Required Reports

 Consumer Lender Standard Rate of Charge Report (A.R.S. §6-609)

 

 Consumer Lender Annual Report (A.R.S. §6-608)

 

Laws, Rules & Substantive Policy Statements & Regulatory Alerts


Arizona Revised Statutes

Article 1                       General Provisions
6-601              Definitions
6-602             Exemptions
6-603             License; contents of application; fees; nontransferable
6-604             Issuance of license; license year; requirements
6-605             Denial of renewal; suspension; revocation
6-606             Business limited to licensed locations; restrictions
6-607             Books; accounts; records; access
6-608             Annual report of licensee; civil penalty for failure to
6-609             Reporting rates; change in rates; quarterly report of s
6-610            Effect of revocation, suspension or surrender on preexi
6-611             Prohibited acts
6-612            Rules
6-613            Restrictions; voidable loans
6-614             Noncompliance
6-615             Foreign loans; reciprocity
   
Article 2                       Requirements for Consumer Lender Loans
6-631            Disclosures; penalty
6-632             Finance charges
6-633             Computation of finance charges
6-634             Precomputation of consumer loan
6-635             Other allowable fees; annual reporting
6-636             Insurance securing loan; cancellation; notice
6-637            Term; payments
6-638            Other insurance
6-639            Loans from theft or fraud; consumer not responsible; cor

 

Chapter 5   CONSUMER LENDERS


Arizona Administrative Code Title 20

ARTICLE 5. SMALL LOANS

Section
R20-4-503. Adjustments in Precomputed Charges
R20-4-508. Cut-off Date for Computing Refunds upon Early Repayment in Full
R20-4-518. Deferral Fee
R20-4-519. Deferment Statement
R20-4-524. Books, Accounts, and Records
R20-4-533. Reserved
R20-4-534. Insurance
R20-4-535. Reserved

Substantive Policy Statements
ARTICLE 6. CONSUMER LENDERS
SALE OF INSURANCE CL-1
DUAL LICENSES CL-2
ARTICLE 1. GENERAL ADMINISTRATION
APPLICATIONS GE-1
CREDIT REPORTS/ARREST RECORDS  GE-3

 
Regulatory Alerts

Regulatory and Consumer Alert CL/CO-16-01

Examinations 

It is the policy of AZDFI to select the most effective and efficient methods of conducting examinations so that significant risks affecting safety and soundness, as well as substantive statutory compliance, can be identified and, if necessary, appropriate supervisory action taken.  Judgment must be utilized to ensure that necessary procedures are performed and ineffective activities are avoided.

The examination fee in accordance with A.R.S. §6-125 is not more than sixty-five dollars per hour for each examiner.  The assessment late penalty is fifty dollars for each day after the thirty day period the enterprise fails to remit the assessment not to exceed the examination assessment amount.

Pursuant to A.R.S. 6-122(D) examination frequency is at the Superintendent’s discretion but at least one in a five year period.

For questions concerning examination of your company or license, please contact the Financial Enterprise Division at 602-771-2777 or e-mail to financial@azdfi.gov.