Debt Management Companies - DFI
Debt Management Companies - DFI
Debt Management Companies

This License is required of any person, that for compensation, engages in whole or in part in the business of receiving money as an agent of a debtor for the purpose of distributing the same to creditors in payment of obligations.

Who is exempt from this License?  Please review A.R.S. § 6-702

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.

License Renewal Information

You must renew your debt management company license(s) by or before June 15. Any debt management company license not renewed by June 15 will expire June 30. Arizona law does not provide any exception (A.R.S § 6-707.C).

Company Renewal via eLicense: $500

Branch Renewal via Postal Mail/Check: $200 (per branch - see instructions below)

Annual Report should be uploaded via an eLicense Service Request.

Instructions:

Open the LICENSE RENEWAL REPORT (click here) and carefully follow the instructions on page 1.  

If possible, use the Google Chrome web browser when renewing your license(s) on the eLicense portal (https://elicense.az.gov/ARDC_HomePage).  Other web browsers may cause problems.  

Processing Time: Please allow up to three weeks for your license renewal(s) to be processed.  Check your license record to make sure that licenses that you wish to continue have been renewed.

Sign up for the Department mailing lists to receive notification of bulletins, press releases and more. https://difi.az.gov/mailing-lists

https://www.facebook.com/ArizonaDIFI/

https://twitter.com/arizonadifi

https://www.linkedin.com/company/arizonadifi/

Forms and Fees

Application Fees and Forms for Debt Management Companies
Arizona Revised Statues §6-126 et seq. & 6-706

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

Application Fees and Forms for Debt Management Companies
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
Renewal Due: 05/01 - 06/15

$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
Required Reports
Required Reports

Debt Management Company Annual Report (A.A.C. R20-4-603)

Due 8/15 annually

 
Laws, Rules, Substantive Policy Statements & Regulatory Alerts

Arizona Revised Statutes

Article     In General

6-701            Definitions

6-702          Exemptions

6-703          License required

6-704         Application for license; bonds; contract

6-705          Branch offices and agencies

6-706          Fees

6-707          Issuance of license; display; cancellation on termination

6-708          Denial; revocation or suspension of license

6-709         Requirements

6-710         Prohibitions

6-714         Advertising

6-715          Prohibitions

6-716           Fees collected

 

Arizona Administrative Code Title 20

ARTICLE 6. DEBT MANAGEMENT COMPANIES
Section
R20-4-602. Applications
R20-4-607. Budget Analysis
R20-4-611. Advertising
R20-4-612. Solvency and Minimum Liquid Assets

 

Substantive Policy Statements 
ARTICLE 1. General Administration

APPLICATIONS GE-1 
CREDIT REPORTS/ARREST RECORDS  APPLICATIONS 

Regulatory Alerts 
N/A

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 602-771-2777 or e-mail to [email protected].

Debt Management Companies - NMLS

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, that for compensation, engages in whole or in part in the business of receiving money as an agent of a debtor for the purpose of distributing the same to creditors in payment of obligations.

Who is exempt from this License?  Please review A.R.S. § 6-702

Company LicensesDescriptionRequirements Checklist

Debt Management LicenseThis license will become available in NMLS starting May 1st, 2017. This License is required of any person that for compensation, engages in whole or in part in the business of receiving money as an agent of a debtor for the purpose of distributing the same to creditors in payment of obligations. Who is exempt from this License? Please review A.R.S. § 6-702 (More Details)

Branch LicensesDescriptionRequirements Checklist

Debt Management Branch LicenseThis license will become available in NMLS starting May 1st, 2017. This License is required of any person that for compensation, engages in whole or in part in the business of receiving money as an agent of a debtor for the purpose of distributing the same to creditors in payment of obligations. Who is exempt from this License? Please review A.R.S. § 6-702 (More Details)

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.

Debt Management Companies - DFI