Section R20-4-602. Applications

A.      An applicant for a debt management company license shall send the Department an application on the form required by the Superintendent. The Department shall order a credit report from a local credit reporting agency disclosing the credit his- tory of the applicant’s principals or managing agents. The Department shall direct the credit reporting agency to send the credit report directly to the Superintendent. The applicant shall pay the cost of obtaining the credit report. A complete applica- tion shall include the credit report required by this Section and all of the following:

1.        The surety bond required by A.R.S. § 6-704(B);

2.        The fidelity bond required by A.R.S. § 6-704(D);

3.        The nonrefundable application fee and original license fee described in A.R.S. § 6-706, and specified in A.R.S. § 6-126(A)(14);

4.        A sample of the contract intended to be used by the appli- cant;

5.        Current financial statements as described in R20-4- 604(A)(5);

6.        A certified copy of the current articles of incorporation, by-laws, partnership agreement or other organizing docu- ments used to form the applicant business entity; and

7.        Statements of personal history, on the form required by the Superintendent, for each of the applicant’s principals, principal officers, trustees, partners, and  managing agents.

B.       A debt management company applying to operate a branch office or use an agency shall send the Department an applica- tion on the form required by the Superintendent.

C.      A debt management company applying to renew a license shall deliver, on or before June 15 of each year, an application to the Department on the form required by the Superintendent. A debt management company shall apply separately to renew the license of each authorized business location. With each application for renewal, a debt management company shall include the renewal fee described in A.R.S. § 6-706 and speci- fied in A.R.S. § 6-126(C)(2).

D.      The Department may require additional information the Super- intendent considers necessary in connection with an applica- tion under this Section.

Historical Note

Adopted effective October 26, 1978 (Supp. 78-5). R20-4- 602 recodified from R4-4-602 (Supp. 95-1). Amended by final rulemaking at 8 A.A.R. 2708, effective June 6, 2002

(Supp. 02-2).

Article 6, consisting of Sections R4-4-601 through R4-4-620, adopted effective October 26, 1978, except that Sections R4-4-603, R4-4-604 and R4-4-607 shall become effective January 1, 1979. R20-4-601 through R20-4-620 recodified from R4-4-601 through R4-4-620 (Supp. 95-1).

Former Article 6 consisting of Section R4-4-601 repealed effective October 26, 1978. R20-4-601 recodified from R4-4-601 (Supp. 95-1).