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] .
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:
| 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 |
$500.00 HO |
|
| Address Change | No Fee | |
Name Change |
$250.00 | |
| Change of Control/Ownership change (“COC”) | No Fee | |
| Officer Change | No Fee | |
| License Surrender | No Fee |
|
| License Certificate |
No Fee |
|
Debt Management Company Annual Report (A.A.C. R20-4-603) Due 8/15 annually |
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
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 this license type may 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 this license type, companies must complete and submit a Branch Form (MU3). Click here for more information.
It is important that current licensees have the appropriate transition number available when completing and submitting their Company Form (MU1), so they are not charged a new application fee. The transition number is your 6-7 digit AZ-DFI license number. This is found on the top of your AZ-DIFI license after the letters “DM” or “DM-BR-”.
Company Licenses Description Requirements Checklist
Branch Licenses Description Requirements Checklist
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.