There are some major changes happening with the Arizona Department of Financial Institutions.
Here’s what you need to know:
1. Arizona has transitioned to NMLS to manage Collection Agency Licenses.
Each company holding an AZDFI Collection Agency License who wishes to manage their license on NMLS must create a company record in the system, both for the company itself and for each branch holding an AZDFI Collection Agency License. NMLS will annually charge a processing fee of $100 per company license, and $20 per licensed branch location renewed through the system. There is no processing fee for submitting a new application or transitioning an existing license onto NMLS.
All forms must be received by January 31, 2017.
NMLS is a secure web-based system created by state regulators to provide efficiencies in the processing of state licenses and to improve supervision of state-regulated industries. Through NMLS, companies maintain a single record which they use to apply for, maintain, renew, and surrender license authorities in one or more states.
View the transition checklist: AZ_Collection_Agency_License-Company-Transition-Checklist.pdf
It’s important that current licensees have the appropriate transition number available when completing and submitting their company form so they are not charged a new application fee.
More information about NMLS can be found on the NMLS Resource Center.
2. A 60-day approval is now required for any ownership changes.
The new Arizona State checklist says an ownership change now requires 60-day prior approval. Be proactive and prepared!
3. Arizona will no longer accept paper documents for changes.
It’s imperative (and mandatory) that you update all forms and transition to NMLS as Arizona will no longer accept any paper documents for changes.
If you have any questions about the recent changes, feel free to call us.