Money Transmitters - DFI
Money Transmitters
This License is required for any company who sells or issues payment instruments, receives money for transmission, exchanges payment instruments, or receives money for obligors for the purpose of paying bills, invoices, or accounts.
Who is exempt from this License? Please review A.R.S. § 6-1203.
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 [email protected]. 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
A licensee shall pay a renewal fee as prescribed in A.R.S. §6-126 on or before November 1 of each year. The renewal fee shall be accompanied by a renewal application in the form prescribed by the superintendent. A license for which no renewal fee and application have been received by November 1 shall be suspended. A licensee may renew a suspended license no later than December 1 of the year of expiration by paying the renewal fee plus one hundred dollars for each day the renewal fee and application were not received by the superintendent. A license expires on December 1 of each year, unless earlier renewed, surrendered or revoked. A license shall not be granted to the holder of an expired license or to an incorporator, director or officer of the holder of an expired license except on compliance with the requirements provided in this article for an original license.
Forms and Fees
|
Application Fees and Forms for Money Transmitters Arizona Revised Statutes §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. |
$1500.00 |
|
| Branch Office Application Each branch application shall be accompanied by a nonrefundable fee of five hundred dollars. |
$500.00 | |
| Authorized Delegate Application (Arizona locations only) Each authorized delegate application shall be accompanied by a nonrefundable fee of twenty-five dollars | $25.00 | |
| License Renewal Renewal fee is five hundred dollars plus twenty-five dollars for each branch and authorized delegate. License Year: November 1 through October 31 Renewal Package Due: September 15 through November 1: Without Penalty. November 2 through November 30: With Penalty. |
$500.00 | |
| Address Change | $50.00 | |
| Name Change To change the licensee name on a financial institution or enterprise license, two hundred fifty dollars. |
$250.00 | |
| Authorized Delegate Change | $0.00 | |
| Change of Control/Ownership change (“COC”) | $2,500.00 | |
| Responsible Individual | $0.00 | |
| Officer Change | $0.00 | |
| Branch Manager Change Fee is $250.00 for each branch in which the branch manager is changing. |
$250.00 | |
| License Surrender If you close your office or are no longer in business, return your original license(s) to AZDFI along with the completed License Change Application. |
$0.00 | |
| Duplicate License To issue a duplicate or replace a lost enterprise's license, one hundred dollars |
$100.00 | |
| Required Reports | ||
| Money Transmitter Fiscal Quarter Report | ||
| Money Transmitter Authorized Delegate submission | ||
Laws, Rules & Substantive Policy Statements & Regulatory Alerts
Arizona Revised Statutes
Chapter 12 TRANSMITTERS OF MONEY
Article 1 Licenses and Regulation
6-1201 Definitions
6-1202 License required
6-1203 Exemptions
6-1204 Application for license; fees
6-1205 Bond required; conditions; notice; cancellation; substitution
6-1205.01 Net worth requirements
6-1206 Issuance of license; renewal
6-1207 Principal and branch offices; notices
6-1208 Authorized delegates of licensee; reports
6-1209 Cease and desist orders; examinations
6-1210 Suspension or revocation of licenses
6-1211 Reports
6-1212 Permissible investments
6-1213 Records
6-1214 Liability of licensees
6-1215 Notice of source of instrument; transaction records
6-1216 Acquisition of control
6-1217 Appointment of superintendent as agent for service of process; forwarding of process; consent to jurisdiction
6-1218 Prohibited transactions
Article 2 Money Laundering
6-1241 Reports to the attorney general; investigation; violation; classification
6-1242 Investigations
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
Regulatory Bulletin MT-17-01
Regulatory Bulletin MT-12-01
Regulatory Alert MT-09-01
Regulatory Alert MT-08-01
Regulatory Alert MT-03-01
Regulatory Alert MT-03-02
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
For questions concerning examination of your company or license, please contact the Financial Enterprise Division at 602-771-2800 or e-mail to [email protected].
