Sales Finance Companies - DFI

Sales Finance Companies

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.

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 Sales Finance Companies
Arizona Revised Statues §6-126 et seq. & 44-282

The following nonrefundable fees are payable to the department with the filing of the following applications:

Description	Fees	Forms
New Application	$500.00	Portal Registration/Application Instructions DFI Application Requirements DFI License Application   Biographical Statement Background Check Personal Financial Statement (Sole Proprietor Only) Company Financial Statement
Branch Office Application	$250.00	Portal Branch Application Instructions DFI Branch License Application
License Renewal	$500.00 $200.00 for each branch	DFI Renewal Application Requirements DFI Renewal Application   Biographical Statement Background Check Personal Financial Statement (Sole Proprietor Only) Company Financial 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
Change of Control/Ownership change (“COC”)	$0.00	Portal  Service Request Instructions DFI Service Request Requirements DFI Service Request   Biographical Statement Background Check
Officer Change	$0.00	Portal  Service Request Instructions DFI Service Request
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

 

Laws, Rules, Substantive Policy Statements & Regulatory Alerts

Arizona Revised Statutes

Article 1     In General

44-281          Definitions

44-282          Licensing of sales finance companies required; penalty

44-283          Denial, suspension or revocation of licenses

44-286          Requirements and prohibitions as to retail installment contracts

44-287          Contents of contract

44-288          Insurance provisions of contract

44-289          Delinquent contract; recovery; transfer fees; blank spaces in contract

44-290          Amount of payments; waiver of remedies

44-291          Computation of interest; prepayment rebate; additional charges; secondary motor vehicle finance transaction; definitions

44-293         Motor vehicle; refinancing retail installment contract

44-294         Records

44-295         Penalties

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 Alert SF-13-01

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].