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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.

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.
 

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
  • Portal Registration/Application Instructions
  • DFI Application Requirements
  • DFI License Application
  • DFI Surety Bond
     
  • Biographical Statement
  • Money Transmitter Identification Statement
  • Background Check
  • Personal Financial Statement (Sole Proprietor Only)
  • Company Financial Statement
Branch Office Application
Each branch application shall be accompanied by a nonrefundable fee of five hundred dollars.
$500.00
  • Portal Branch Application Instructions
  • DFI Branch License Application
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 Due: September 15 through November 1: Without Penalty.  November 2 through November 30: With Penalty.
$500.00
  • Portal Renewal Application Instructions
  • DFI Renewal Application Requirements
  • DFI License Renewal Application
     
  • Money Transmitter Identification Statement
Address Change $50.00
  • Portal  Service Request Instructions
  • DFI Service Request
Name Change
To change the licensee name on a financial institution or enterprise license, two hundred fifty dollars.
$250.00
  • Portal  Service Request Instructions
  • DFI Service Request Requirements
  • DFI Service Request
  • DFI Surety Bond
Authorized Delegates $25.00
  • Portal Authorized Delegate Instructions
  • DFI Service Request
Change of Control/Ownership change (“COC”) $2,500.00
  • Portal  Service Request Instructions
  • DFI Service Request Requirements
  • DFI Service Request
     
  • Biographical Statement
  • Background Check
Responsible Individual $0.00
  • Portal  Service Request Instructions
  • DFI Service Request Requirements
  • DFI Service Request
     
  • Money Transmitter Identification Statement
  • Biographical Statement
  • Background Check
Officer Change $0.00
  • Portal  Service Request Instructions
  • DFI Service Request
Branch Manager Change
Fee is $250.00 for each branch in which the branch manager is changing.
$250.00
  • Portal  Service Request Instructions
  • DFI Service Request Requirements
  • DFI Service Request
     
  • Money Transmitter Identification Statement
  • Biographical Statement
  • Background Check
License Surrender
 
$0.00
  • Portal  Service Request Instructions
  • DFI Service Request
Duplicate License
To issue a duplicate or replace a lost enterprise's license, one hundred dollars
$100.00
  • Portal  Service Request Instructions
  • DFI Service Request

Required Reports 

Money Transmitter Fiscal Quarterly Report   
  • Portal  Service Request Instructions
  • DFI Service Request
  • Fiscal Quarterly Report Form


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].

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Contact Us
Arizona Department of Financial Institutions
100 N 15th Ave Suite 261
Phoenix, AZ 85007
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Phone: 602-771-2800
Fax: 602-381-1225
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