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Sales 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.

Sales Finance Company

This License is required of any person who is engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers.  This License is also required of any person whom is engaged, in whole or in part, in the business of creating or holding motor vehicle retail installment contracts exceeding a total aggregate outstanding indebtedness of $50,000.  This License also includes any company commonly known as a title lender that allows consumers to borrow money based on the equity in their automobiles.

 
Company Licenses Description Requirements Checklist
Sales Finance License
This license will become available in NMLS starting July 1st, 2017. This License is required of any person who is engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers. This License is also required of any person whom is engaged, in whole or in part, in the business of creating or holding motor vehicle retail installment contracts, exceeding a total aggregate outstanding indebtedness of $50,000. This License also includes any company commonly known as a title lender that allows consumers to borrow money based on the equity in their automobiles. Please review Sales Finance Companies A.R.S. § Title 44, Chapter 2.1
Branch Licenses Description Requirements Checklist
Sales Finance Branch License This license will become available in NMLS starting July 1st, 2017. This License is required of any person who is engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers. This License is also required of any person whom is engaged, in whole or in part, in the business of creating or holding motor vehicle retail installment contracts, exceeding a total aggregate outstanding indebtedness of $50,000. This License also includes any company commonly known as a title lender that allows consumers to borrow money based on the equity in their automobiles. Please review Sales Finance Companies A.R.S. § Title 44, Chapter 2.1

 

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