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
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].
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 | $300.00 + License Fee (based upon submission date): Jan, Feb, Mar: $300.00 April, May, June: $225.00 July, Aug, Sept: $150.00 Oct: $75.00 Nov, Dec: $375.00 Fees are nonrefundable. |
|
| Branch Office Application |
$300.00 + License Fee (based upon submission date): |
|
|
License Renewal |
$300.00 HO |
|
| License Maintenance |
varies due to request |
|
Premium Finance Company Annual Report (A.R.S. 6-1408) |
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
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 602-771-2777 or e-mail to [email protected].
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
All Premium Finance Companies that have transition to NMLS are encouraged to submit their renewal through NMLS. Please click HERE for Company Renewal instructions.
Company LicensesDescriptionRequirements Checklist
Premium Finance LicenseThis license will become available in NMLS starting July 1st, 2017. 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. § 6-1401
Branch LicensesDescriptionRequirements Checklist
Premium Finance Branch LicenseThis license will become available in NMLS starting July 1st, 2017. 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. § 6-1401
ARS § 41-1030(G) requires most Arizona government agencies to prominently print the provisions of ARS § 41-1030(B), (D), (E) and (F) on all license applications. The following is the language in ARS § 41-1030(B), (D), (E) and (F):
B. An agency shall not base a licensing decision in whole or in part on a licensing requirement or condition that is not specifically authorized by statute, rule or state tribal gaming compact. A general grant of authority in statute does not constitute a basis for imposing a licensing requirement or condition unless a rule is made pursuant to that general grant of authority that specifically authorizes the requirement or condition.
D. This section may be enforced in a private civil action and relief may be awarded against the state. The court may award reasonable attorney fees, damages and all fees associated with the license application to a party that prevails in an action against the state for a violation of this section.
E. A state employee may not intentionally or knowingly violate this section. A violation of this section is cause for disciplinary action or dismissal pursuant to the agency’s adopted personnel policy.
F. This section does not abrogate the immunity provided by section 12-820.01 or 12-820.02.