This License is required for any company who sells or issues payment instruments, receives money for transmission, exchanges payment instruments, or receives money for obligors for the purpose of paying bills, invoices, or accounts.
Who is exempt from this License? Please review A.R.S. § 6-1202.
Application Fees and Forms for Money Transmitters
Arizona Revised Statutes §6-126 et seq.
The following nonrefundable fees are payable to the department with the filing of the following applications.
$1,500.00 + License Fee (based upon submission date):
Jan, Feb, Mar: $500.00
|Branch Office Application
||$25.00 + License Fee (based upon submission date):
Jan, Feb, Mar: $25.00
April, May, June: $18.75
July, Aug, Sept: $12.50
Nov, Dec: $31.25*
Fees are nonrefundable.
*Fee includes the following year renewal fee.
License Year: 01/01 - 12/31
$25.00 each branch and/or authorized delegate (up to $2,500)
Fees are nonrefundable.$500.00
||varies due to request|
|Authorized Delegates||$25.00 each authorized delegate (up to $4,500)|
AD and UAAR – Ongoing maintenance
Each MT licensee shall submit a quarterly report of ADs via the NMLS UAAR within forty-five days after the end of the calendar quarter.
The Department will review the submitted reports and for each new authorized delegate that has been added an invoice will be created through NMLS pursuant to ARS § 6-126(A)(23).
Report of Condition
Each MT licensee shall submit a Report of Condition within forty-five days after the end of the calendar quarter.
The report of condition shall include:
1. A consolidated financial statement, including a balance sheet and income and expense statements at the licensee level.
2. Nationwide and state-specific money transmission transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission.
3. A permissible investments report.
4. Fourth quarter reporting only - Transaction destination country reporting for money received for transmission.
This document must be uploaded using the NMLS Money Services Business call report. Information on the process can be found at https://mortgage.nationwidelicensingsystem.org/slr/common/Pages/MoneyServicesBusinessesCallReport.aspx For help submitting contact NMLS directly at toll free (855) 665-7123. Additional questions or information regarding this posting can be directed to [email protected].
Within ninety days after the end of each Money Transmitter licensee’s fiscal year each Money Transmitter licensee shall file with the Director an audited financial statement of the licensee for the fiscal year prepared in accordance with United States generally accepted accounting principles. The audited financial statements shall be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the Director. The audited financial statements shall include or be accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant.
Upload directly in NMLS in the Financial Statement Summary section of the MU1. For help uploading documents, contact NMLS directly at toll free (855) 665-7123. Additional questions or information regarding this posting can be directed to [email protected].
A licensee shall file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following:
- The filing of a petition by or against the licensee under the United States bankruptcy code (11 United States Code sections 101 through 112) for bankruptcy or reorganization.
- The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization or the making of a general assignment for the benefit of its creditors.
- The commencement of a proceeding to revoke or suspend the licensee's license in a state or country in which the licensee engages in business or is licensed.
A licensee shall file a report with the director within three business days after the licensee has reason to know of the occurrence of either of the following:
- A felony charge or conviction of the licensee or of a key individual or person in control of the licensee.
- A felony charge or conviction of an authorized delegate.
Licensees and authorized delegates shall file all reports required by federal currency reporting, recordkeeping and suspicious activity reporting requirements as set forth in the bank secrecy act (P.L. 91-508; 84 Stat. 1114) and other federal and state laws relating to money laundering. The timely filing of a complete and accurate report required under this section with the appropriate federal agency is deemed compliance with the requirements of this section.
Arizona Revised Statutes
Chapter 12 TRANSMITTERS OF MONEY
Article 1 Money Transmission
6-1203 Implementation; fees
6-1204 Examinations; investigations; records
6-1205 Multistate supervision
6-1206 Relationship to federal law
6-1207 Licensure; prohibition; applicability
6-1208 Consistent licensure
6-1209 Application for licensure
6-1210 Information requirements for certain individuals
6-1211 License issuance
6-1212 License renewal
6-1213 License maintenance
6-1214 Acquisition of control
6-1215 Notice and information requirements for a change of key individuals
6-1216 Report of condition
6-1217 Audited financial statements; certificate of opinion
6-1218 Authorized delegate reporting
6-1220 Bank secrecy act reports
6-1222 Relationship between licensees and authorized delegates
6-1223 Unauthorized activities
6-1224 Timely transmission
6-1225 Refunds; exceptions
6-1226 Receipts; requirements; exceptions; definition
6-1227 Net worth requirements; exemption
6-1228 Surety bond
6-1229 Maintenance of permissible investments
6-1230 Types of permissible investments
6-1231 License suspension and revocation
6-1232 Authorized delegate suspension and revocation
6-1233 Cease and desist order
Article 2 Money Laundering
6-1242 Reports to the attorney general; investigation; violation; classification
Arizona Administrative Code Title 20
Substantive Policy Statements
ARTICLE 1. General Administration
CREDIT REPORTS/ARREST RECORDS GE-3
Regulatory Bulletin MT-17-01
Regulatory Bulletin MT-12-01
Regulatory Alert MT-09-01
Regulatory Alert MT-08-01
Regulatory Alert MT-03-01
Regulatory Alert MT-03-02
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].
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.