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 l[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 | $800.00 |
|
| Branch Office Application | $250.00 | |
| License Renewal | $500.00 $200.00 for each branch |
|
| Address Change | $50.00 | |
| Name Change To change the licensee name on a financial institution or enterprise license, two hundred fifty dollars. |
$250.00 | |
| Change of Control/Ownership change (“COC”) |
$0.00 |
|
| Officer Change |
$0.00 |
|
| License Surrender |
$0.00 |
|
| Duplicate License To issue a duplicate or replace a lost enterprise's license, one hundred dollars. |
$100.00 |
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].
