Arizona Revised Statutes § 6-603 License; Contents Of Application; Fees; Nontransferable

6-603. License; contents of application; fees; nontransferable

A. Unless exempt under section 6-602, a person, whether located in this state or in another state, shall not engage in the business of a consumer lender without first being licensed as a consumer lender by the superintendent.

B. This chapter applies to any person who seeks to avoid its application by any device, subterfuge or pretense.

C. Each applicant for a license shall submit an application in writing, under oath and in the form prescribed by the superintendent. The superintendent may require as part of an application any other information that the superintendent deems necessary.

D. At the time of filing an application for a license, an applicant shall pay to the superintendent the fee prescribed in section 6-126.

E. Before June 30 of each year, each licensee may obtain a renewal of a license by filing an application in the form prescribed by the superintendent and paying the fee prescribed in section 6-126.

F. The superintendent may deny a license to a person if the superintendent finds that an applicant:

1. Is insolvent as defined in section 47-1201.

2. Has failed to demonstrate the financial responsibility, experience, character and general fitness to command the confidence of the public and to warrant the belief that the business will be operated lawfully, honestly, fairly and efficiently within the purposes of this chapter.

3. Has failed to pay the license fee.

4. Has failed to have at least twenty-five thousand dollars in assets readily available for use in the conduct of the business of each licensed office and branch office.

G. A consumer lender license is not transferable or assignable, and no person may acquire control of a licensee through stock purchase or other device without the prior written consent of the superintendent. The superintendent may refuse consent if the superintendent finds that any of the grounds for denial of renewal, revocation or suspension of a license prescribed in section 6-605 are applicable to the acquiring person. For purposes of this subsection, " control" means the power to vote more than twenty per cent of the outstanding voting shares of a licensed corporation, limited liability company, partnership, association or trust.

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Last modified: October 13, 2016