Sales Finance Companies
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 [email protected].  

License Renewal Information

You must renew your sales finance company license(s) by or before June 30. The company will be required to pay a $25-per-day late renewal penalty for each sales finance company license not renewed by June 30. Any sales finance company license not renewed by July 31 will expire on August 1. Arizona law does not provide any exception (A.R.S § 44-282.F).

Company Renewal via eLicense: $500

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

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 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:

Application Fees and Forms for Sales Finance 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 - 06/30: Without Penalty
07/01 - 07/30: With Penalty ($25/day)

$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
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].

Sales Finance 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.

Sales Finance Company

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.

Company LicensesDescriptionRequirements Checklist

Sales Finance LicenseThis license will become available in NMLS starting July 1st, 2017. 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. Please review Sales Finance Companies A.R.S. § Title 44, Chapter 2.1

Branch LicensesDescriptionRequirements Checklist

Sales Finance Branch LicenseThis license will become available in NMLS starting July 1st, 2017. 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. Please review Sales Finance Companies A.R.S. § Title 44, Chapter 2.1

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.

Sales Finance Companies - DFI