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].
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 + License Fee (based upon submission date): Jan, Feb, Mar: $250.00 April, May, June: $625.00* July, Aug, Sept: $500.00 Oct, Nov, Dec: $375.00 Fees are nonrefundable. *Fee includes the following year renewal fee. |
|
| Branch Office Application | $250.00 + License Fee (based upon submission date): Jan, Feb, Mar: $100.00 April, May, June: $250.00* July, Aug, Sept: $200.00 Oct, Nov, Dec: $150.00 Fees are nonrefundable. *Fee includes the following year renewal fee. |
|
|
License Renewal License Year: 07/01 - 06/30 |
$500.00 HO $200.00 each branch Fees are nonrefundable. |
|
| Address Change | No Fee | |
| Name Change |
$250.00 | |
| Change of Control/Ownership change (“COC”) |
No Fee |
|
| Officer Change |
No Fee |
|
| License Surrender |
No Fee |
|
| Duplicate License |
No Fee |
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
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].
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 LicensesDescriptionRequirements Checklist
Sales Finance LicenseThis 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 LicensesDescriptionRequirements Checklist
Sales Finance Branch LicenseThis 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
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.