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Debt Management Companies

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 for compensation, engages in whole or in part in the business of receiving money as an agent of a debtor for the purpose of distributing the same to creditors in payment of obligations.

Who is exempt from this License?  Please review A.R.S. § 6-702

License Requirements
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.

 

 

Requirements for License

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

License Renewal

Before June 15 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.
License year July 1 through June 30
Renewal Package Due: May 15 through June 15: Without penalty

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 Debt Management Companies
Arizona Revised Statues §6-126 et seq. & 6-706

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 eight hundred dollars.

$800.00

Branch Office Application
Each branch application shall be accompanied by a nonrefundable fee of two-hundred and fifty dollars.

$250.00

License Renewal
Renewal fee is five hundred dollars plus two-hundred dollars for each branch.

License Year: July 1 through June 30

Renewal package due: May 15 through June 15: Without Penalty

$500.00
H.O.

$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

Officer Change

$0.00

License Surrender

$0.00

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

$100.00

 

Required Reports

Debt Management Company Annual Report (A.A.C. R20-4-603)

Due 8/15 annually

 

Laws, Rules, Substantive Policy Statements & Regulatory Alerts

Arizona Revised Statutes

Article In General
6-701 Definitions
6-702 Exemptions
6-703 License required
6-704 Application for license; bonds; contract
6-705 Branch offices and agencies
6-706 Fees
6-707 Issuance of license; display; cancellation on termination
6-708 Denial; revocation or suspension of license
6-709 Requirements
6-710 Prohibitions
6-714 Advertising
6-715 Prohibitions
6-716 Fees collected

 

Arizona Administrative Code Title 20

ARTICLE 6. DEBT MANAGEMENT COMPANIES
Section
R20-4-602. Applications
R20-4-607. Budget Analysis
R20-4-611. Advertising
R20-4-612. Solvency and Minimum Liquid Assets

 

Substantive Policy Statements
ARTICLE 1. General Administration

APPLICATIONS GE-1
CREDIT REPORTS/ARREST RECORDS  GE-3

Regulatory Alerts
N/A

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(3) examination frequency is at the superintendent’s discretion but at least once 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.