• Per Arizona Statutes, your credit report must indicate you have been financially responsible.  DIFI does not use minimum credit scores.   If your credit report shows derogatory credit, including bankruptcy, foreclosure, judgments, or tax liens, you will need to provide an explanation and address how you have been financially responsible.   Provide any documents you feel are needed to support your explanation.  A recent bankruptcy does not necessarily indicate you have not been financially responsible.  Your total credit history will be reviewed.  Once these items have been reviewed, you may be asked to provide further information or documentation to support that you have been financially responsible. 

  • Go to the DIFI home page, click on “Financial Enterprises”, click on ”Money Transmitters”  and under “Forms and Fees” find the change you want to make.  The license change instructions and application will be on the right hand side of that page.  Follow the instructions, print, complete and return all appropriate forms, documents and fees to DIFI.

  • DIFI shall make a final decision on a COMPLETED application within 120 days.    Once DIFI has reviewed your application, you will be contacted via e-mail.  See Arizona Administrative Code R20-4-107 licensing time frames.

  • Submit a copy of the NCUA forms that the applicant files with the National Credit Union Administration; plus any additional information that DIFI may require under State law.  Please refer to Arizona Revised Statutes §§6-501 through 6-595 and the Arizona Administrative Code R20-4-401 for Arizona Law.  You can contact us  at 602-771-2800 or email [email protected] for specific questions on Arizona statutes and rules.

  • Arizona Statutes prohibit use of the terms “bank” “credit union” or “trust” in a business name unless the business holds a bank, credit union or trust permit issued by  DIFI or another state or federal regulator.  Exceptions may be granted when the business does not hold itself out to be a bank, credit union, trust company or savings and loan association.

    See the instructions and application on the Financial Institutions Division webpage to request permission for use of the name; include the name of the business and the type of business you plan on conducting in Arizona.  See the following Arizona Revised Statutes for reference: §6-391,§ 10-401(3), and §10-1506(A)(3). 

  • DIFI shall make a final decision on a COMPLETED application within 60 days.    Once DIFI has reviewed your application, you will be contacted via e-mail.  See Arizona Administrative Code R20-4-107 licensing time frames.

  • Go to the AZDFI home page, click on “Financial Enterprises”, click on ”Debt Management Companies”  and under “Forms and Fees” find the change you want to make.  The license change instructions and application will be on the right hand side of that page.  Follow the instructions, print, complete and return all appropriate forms, documents and fees to AZDFI.

  • Go to the AZDFI home page, click on “Financial Enterprises”, click on  ”Collection Agencies”  and under “Forms and Fees” find the change you want to make.  The license change instructions and application will be on the right hand side of that page.  Follow the instructions, print, complete and return all appropriate forms, documents and fees to AZDFI.

  • AZDFI shall make a final decision on a COMPLETED application within 120 days.    Once AZDFI has reviewed your application, you will be contacted via e-mail.  See Arizona Administrative Code R20-4-107 licensing time frames.

  • Once your application has been reviewed, you will get notices from NMLS to go to your account/records which you must review for any deficiencies and comply with the requirements made by AZDFI.

  • Please refer to the applicable Amendment Checklist for guidelines on making changes.  (The Amendment Checklists are for those who already hold a license, they are not to be used while still in the application process.)  All changes should be reflected on NMLS.  The Amendment Checklist must be printed, completed and submitted to AZDFI along with applicable documents and fees.  The Amendment Checklist is found on the NMLS website under Arizona Requirements page.  Here are additional links for your convenience: Quick Guides page, Review Status page and Amending Forms page. 

  • AZDFI shall make a final decision on a COMPLETED application within 120 days.    Once AZDFI has reviewed your application, you will be contacted via e-mail.  See Arizona Administrative Code R20-4-107 licensing time frames.

  • Go to the AZDFI home page, click on “Financial Enterprises”, click on ”Consumer Lenders”  and under “Forms and Fees” find the change you want to make.  The license change instructions and application will be on the right hand side of that page.  Follow the instructions, print, complete and return all appropriate forms, documents and fees to AZDFI.

  • AZDFI shall make a final decision on a COMPLETED application within 45 days.    Once AZDFI has reviewed your application, you will be contacted via e-mail.   See Arizona Administrative Code R20-4-107 licensing time frames.

  • Arizona Statutes prohibit use of the terms “bank” “credit union” or “trust” in a business name unless the business holds a bank, credit union or trust permit issued by AZDFI or another state or national regulator.  Exceptions may be granted when the business does not hold itself out to be a bank, credit union, trust company or savings and loan association.
    See the instructions and application on the Financial Institutions Division webpage to request permission for use of the name; include the name of the business and the type of business you plan on conducting in Arizona.  See the following Arizona Revised Statutes for reference: §6-391,§ 10-401(3), and §10-1506(A)(3)

  • Establishing a new state-chartered member bank will require obtaining preliminary approval from AZDFI and the Federal Reserve Board of San Francisco (“FRB-SF”) as well as issuance of deposit insurance from the Federal Deposit Insurance Corporation (“FDIC”).  The best place to start is to call the Financial Institution Division of AZDFI and see if a meeting with the Superintendent should be set.  More information on obtaining  new bank organization approval and the applicable forms and fees can be found at www.azdfi.gov by clicking on Financial Institutions; Banks and the Forms and Fees page.

  • The law allowing payday loans in Arizona expired on June 30, 2010.  DIFI no longer licenses payday lenders.   Consumer Loans with annual interest rates over 36% (plus authorized fees) became illegal on July 1, 2010.  If you see a sign advertising payday loans, please contact the Arizona Attorney General’s Office at (866)-879-5219 or [email protected]   Please visit the Arizona Attorney General’s website for Payday Loans Frequently Asked Questions for more information about payday loans in Arizona.

  • The law requiring DIFI to regulate Motor Vehicle Dealers expired on August 6, 2016. You may refer to SB1358 and HB2535. If you have a complaint or inquiry about a Motor Vehicle Dealer, please visit ADOT’s website at https://azdot.gov/mvd/ContactMVD.

  • Go to the AZDFI home page, click on “Financial Enterprises”, click on ”Advance Fee Loan Broker” and under “Forms and Fees” find the change you want to make.  The license change instructions and application will be on the right hand side of that page.  Follow the instructions, print, complete and return all appropriate forms, documents and fees to AZDFI.

  • AZDFI shall make a final decision on a COMPLETED application within 60 days.    Once AZDFI has reviewed your application, you will be contacted via e-mail.  See Arizona Administrative Code R20-4-107 licensing time frames.

  • No, if you call 602-771-2800, DIFI can check their database for you to see if your lender/lien holder may have changed their name, merged with another company or have since gone out-of-business.   DIFI may be able to give you updated contact information to call the company for a lien release.  If the debt was paid off over seven years ago, the company may not have the records, or if the company is out-of-business or cannot be located for a lien release, please contact the Arizona Department of Transportation, Motor Vehicle Division Title and Registration Section for instructions and requirements for obtaining a bonded title.

  • In accordance with Arizona Revised Statutes §44-291, a retail installment contract that is a secondary motor vehicle finance transaction is subject to the following maximum finance rates on a secondary motor vehicle finance contract in the original principal amount of:
    Five hundred dollars or less, a monthly finance rate of seventeen percent.
    More than five hundred dollars but not more than two thousand five hundred dollars, a monthly finance rate of fifteen percent.
    More than two thousand five hundred dollars but not more than five thousand dollars, a monthly finance rate of thirteen percent.
    More than five thousand dollars, a monthly finance rate of ten percent.

  • You would calculate the annual secondary motor vehicle finance rate by multiplying the monthly secondary motor vehicle finance rate by twelve.  For example, if you borrowed more then $500, your monthly finance rate would be 17% and your APR would be 204% (17% times 12).

  • At this time, there are no associations in Arizona that have applied for and have been issued a permit to transact business as a state-chartered Savings and Loan Association.

  • By law, you can get a free credit report annually from each credit reporting agency, Experian, Equifax and TransUnion.  This free credit report is offered by the Federal Trade Commission (FTC) at annualcreditreport.com.  If you do not have a computer, you can also get your free report by calling the FTC at 1-877-322-8228 or filling out the Annual Credit Report Form and mailing it to the address as instructed on the FTC’s website.
    Do not get the FTC’s offer confused with offers you see on TV ads, e-mail offers or Internet searches as these ads could end up charging you hidden fees, annual membership fees, or sell you other services that may be difficult to get out of.  You can file a complaint with the FTC if you paid for what you thought was your free annual credit report.

  • Tell the credit reporting company, in writing, what information you think is inaccurate.  Include copies, not originals of documents that support your position.  Clearly identify each item in your report that you dispute.  You can do this on each company’s website at Experian.com, Transunion.com and Equifax.com.  For more detailed information and an example letter for disputing credit report errors, see the Federal Trade Commission’s FTC Facts for Consumers.

  • No, DIFI does not maintain customer information, such as contracts, records, payment histories, etc.

  • The removal of PMI is based on your loan investor’s conditions that are subject to change.  Early removal of PMI may be subject to certain conditions that you must meet; such as payment history, time frame of your loan, value, etc.  In order to determine if you meet the requirements of early termination of you PMI, contact you loan servicer/lender to discuss the guideline of removing your PMI.

  • MIP is mortgage insurance required for Federal Housing Administration (FHA) insured loans.  When closing on a home using an FHA loan, all debtors are subjected to an upfront charge of the MIP in a percentage amount of the sales price of the home.  An additional insurance premium is calculated into the monthly payment on an FHA loan and is calculated based on a percentage amount of the annual premium charged at closing.  This monthly fee is held in an escrow account with the Department of Housing and Urban Development (HUD) in the debtor’s name.  For more information on MIP requirements, you can visit the HUD website.  You may also check their website under “does HUD owe you a refund” to see if you may be eligible for a refund on your MIP if you had an FHA-insured mortgage.

  • A Truth in Lending (TIL) statement can help you decide if a loan is right for you.  But making sense of the document is not easy.  A TIL disclosure statement is one of the more important documents in the mortgage process.  It is designed to help borrowers understand their borrowing costs in their entirety.  Federal law requires that lenders provide a (TIL) document to all loan applicants within three business days of receiving a loan application, disclosing all costs associated with making and closing the loan.  Some of the things you will find on a TIL are the annual percentage rate (APR), the finance charge, the amount financed, the total of payments, payment schedule and other disclosures.

  • DIFI regulates loans secured by a mortgage or deed of trust or any lien interest on real estate located in Arizona.  DIFI suggests that if you have a complaint regarding a loan modification on a property not located in Arizona to contact the regulatory agency in the state where the property is located.

  • Unless there is a three-day right of rescission written expressly into the contract, there is no three-day right of rescission or “cooling-off” period under Arizona law.  For more information on your rights pertaining to car purchases, please refer to Arizona Attorney General’s website at https://www.azag.gov/consumer/auto.

  • No, if you choose NOT to sign a second contract, you will need to follow the terms of the first contract in returning the vehicle you purchased and assume any obligations you agreed to in returning the vehicle, for instance, non-refundable deposit, any and all mileage, damage to the vehicle, etc.

  • Yes

  • For performance issues, the Arizona Attorney General’s Office may be of assistance.  Please call 602-542-5763, 520-628-6504, or visit www.azag.gov for an on-line complaint form.

  • You can check DIFI's website under Look up a Licensee or you can check the National Mortgage Licensing System and Registry (NMLS ) by clicking on their consumer access page.

  • A Money Transmitter is a money services business that performs a number of services.   A Money Transmitter may sell or issue payment instruments (e.g., checks, drafts, money orders, traveler’s checks whether or not the instrument is negotiable).  A Money Transmitter could also be a money services business that engages in the business of receiving money for transmission or transmitting money by any and all means, including but not limited to payment instrument, wire, facsimile or electronic transfer.  Using a Money Transmitter, customers may send and receive money within the United States or to locations abroad.  A customer can send money by visiting any participating outlet, filling out a money transfer form and paying for the transaction.  The customer receiving the transaction does not usually have to pay a fee.  DIFI regulates Money Transmitters under A.R.S. Title 6, Chapter 12, Article 1 and 2. §§6-1201-6-1242.

  • Under the Federal Truth in Lending Act, 15 U.S.C. § 1635 and Regulation Z, 12 C.F.R. 226.15, borrowers who refinance a loan on their primary residence with a lender other than their current lender can cancel the deal at no cost to themselves within 3 days of closing.  This "right of rescission" is designed to give borrowers an opportunity to think it over and, if they decide the deal is not really in their best interest, to back out and retrieve any monies they have paid out.   DIFI enforces this right though the mortgage broker and banker statutes Arizona Revised Statutes §§ 6-906(D) and 6-946(E).

  • You need to review the contract terms addressing dispute resolution.  If there is a dispute, the escrow company may be required to hold funds until the matter is arbitrated or there is an order entered by a court of law

  • A policy provided by private mortgage insurers to protect lenders against loss if a borrower defaults. Most lenders require PMI for loans with loan-to-value (LTV) percentages in excess of 80%. This allows the borrower to make a smaller down payment of as low as 3%, instead of about 20%, and usually requires an initial premium payment and possibly an additional monthly fee depending on the loan's structure.

  • No, DIFI only regulates Arizona state-chartered credit unions.

  • Yes, the regulator is located in the state that issues their permit.  To see a list of out-of-state state chartered credit unions and more information about who regulates credit unions see the Other Regulator Referral List.

  • The main difference is whether the permit to do business as a credit union was granted by the state government or the federal government.  Whenever a new credit union is established, the organizers apply for either a state or national (federal) credit union charter.  Both types of credit unions offer NCUA insured deposits and both are regulated in much the same manner.  The important difference for credit union members and other consumers is where they should go for regulatory assistance.  Because Arizona state-chartered credit unions are the only credit unions supervised by DIFI , concerns and complaints received about federal credit unions or out-of-state chartered credit unions must be forwarded to the appropriate regulator.  A list of all credit unions chartered as Arizona state chartered credit unions can be found at Look up a Licensee on DIFI ’s website.  A list of state and federal agencies that govern credit unions located in Arizona but not chartered as an Arizona state chartered credit union is included in the Other Regulator Referral List.

  •  Credit unions cannot do business in Arizona unless their accounts are insured by the National Credit Union Administration (NCUA).  Accounts are insured up to $250,000.  All of the Arizona state chartered credit unions regulated by DIFI and listed on this website at Look up a licensee are federally insured.  You can access the NCUA’s  website under find a credit union to determine if your credit union is regulated and insured.  

  • Companies engaged in debt negotiations, debt arbitration, debt settlement or credit settlement do not receive money or evidence thereof from consumers for purposes of managing their debt.  These companies simply negotiate with creditors in an attempt to have creditors agree to accept a reduced balance from debtors as payment in full satisfaction of their debts. 

    A Debt Management company is a person that for compensation engages in the business of receiving money, or evidences thereof, in this state or from a resident of this state as agent of a debtor for the purpose of distributing the same to his creditors in payment or partial payment of his obligations.  A Debt Management Company provides many services that may include debt settlement negotiations, including lowering of interest rate or the principal amount.  Unlike debt settlement companies, debt management companies also assist consumers with saving money and/or managing money.  One example of debt management is when a consumer pays the company a monthly payment and the company distributes the payment among the  consumer’s creditors.   DIFI regulates debt management companies under A.R.S. §§ 6-701 through 6-716.

  • The Federal Deposit Insurance Corporation (FDIC) provides detailed information on an institution-level basis in their Institution Directory.  This includes comprehensive financial and demographic data for every FDIC-insured institution, including the most recent quarterly financial statements, with performance and condition ratios. Call Reports, which include reports from 2001 to the present for individual banks and savings associations are available for viewing and downloading.  Taxonomies for bank Call Reports are also available.

  • No, DIFI regulates collection agencies in accordance with the Arizona Revised Statutes and the Arizona Administrative Code, which in some instances afford consumers greater protection than the FDCPA.  The FDCPA is regulated by the Federal Trade Commission.

  •  Yes.  There are no statutes or rules that require a collection agency to accept payments.

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