AZDFI.gov Arizona Department of Financial Institutions Official Website Arizona Department of Financial Institutions
AZ.gov Arizona's Official Web Site

Premium Finance Companies

Arizona Adds Consumer Finance & Debt-Related Licenses to NMLS July 1, 2017

NMLS is now receiving new application and transition filings for the following Arizona Department of Financial Institutions licenses. New applicants and existing licensees are now able to submit these records through NMLS.

  • Advance Fee Loan Broker License
  • Escrow Agent License
  • Premium Finance License
  • Sales Finance 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 who engages in the business of financing insurance premiums, enters into premiums, enters into premium finance agreements, or otherwise acquires premium finance agreements.

Who is exempt from this License?  Please review A.R.S. § 6-1403

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

Prior to December 31, each licensee may obtain a renewal of a license or branch office permit by payment of the fee prescribed in A.R.S. §6-126
License Year: January 1 thru December 31
Renewal Period: November 15 thru December 31: 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 Premium Finance Companies
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

$0.00

Branch Office Application

$0.00

License Renewal: License renewal fee is three hundred dollars plus an additional three hundred for each branch.

License Year: January 1 thru December 31
Renewal Period: November 15 thru December 31: Without Penalty

$300.00
HO

 

$300.00 for 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

Premium Finance Company Annual Report (A.R.S. 6-1408)
Due on or before February 1, annually

 

 

Laws, Rules, Substantive Policy Statements & Regulatory Alerts


Arizona Revised Statutes

Article 1 General Provisions
6-1401 Definitions
6-1402 Licensure required; contents of application; fees; nontransferable; branch office permit
6-1403 Exemptions
6-1404 Denial, suspension or revocation of licenses and branch office permits
6-1405 Issuance of license or branch office permit; license year; requirements
6-1406 Books and records of premium finance company; access to records
6-1407 Removal of place of business
6-1408 Annual report of licensee; civil penalty for failure to file
6-1409 Effect of revocation, suspension or surrender on preexisting contracts; impairment of contracts
6-1410 Form of premium finance agreement; notice
6-1411 Disclosure requirements
6-1412 Limitation on interest and other charges
6-1413 Other charges allowed
6-1414 Splitting of premium finance agreement prohibited
6-1415 Cancellation of insurance contract upon default
6-1416 Return premiums
6-1417 Servicing of premium finance agreements
6-1418 Exemption from any filing requirements
6-1419 Rules

 

Arizona Administrative Code Title 20
N/A

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(B)(6) examination frequency is at least once in every three year period and more frequently if the superintendent considers it necessary.

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.