44-282. Licensing of sales finance companies
and dealers required; penalty
A. No person shall engage in the business of a sales finance company in this state
without a license therefor as provided in this article. No dealer shall engage in
business in this state without a license issued by the administrator. No dealer shall
sell or transfer any contract to a person in Arizona not licensed under the terms of this
chapter.
B. The application for a license shall be in writing, under oath and in the form
prescribed by the administrator. The application shall contain the name of the applicant,
the date of incorporation if incorporated, the address where the business is or is to be
conducted and similar information as to any branch office of the applicant, the name and
resident address of the owners or partners or, if a corporation or association, of the
directors, trustees and principal officers, and such other pertinent information the
administrator may require.
C. The license fee for a sales finance company for each fiscal year or part thereof
is the fee prescribed in section 6-126. The license fee for each dealer is the fee
prescribed in section 6-126 for each fiscal year or part thereof. The fiscal year shall
be July 1 through June 30. License fees shall be due and payable on or before each July
1. A penalty of twenty-five dollars per day shall be assessed against any licensee for
each day after July 1 that his renewal application and fee are not received by the
department. Licenses not renewed by September 15 are automatically cancelled.
D. A license shall be obtained for each separate place of business at or from which
a licensee transacts business. Each license shall specify the location of the office or
branch and must be conspicuously displayed there. In case such location is changed, the
administrator shall endorse the change of location on the license on the payment of the
fee prescribed in section 6-126, subsection A, paragraph 26.
E. Upon the filing of the application and the payment of the required fee the
administrator shall issue a license to the applicant to engage in the business of a sales
finance company or dealer under and in accordance with the provisions of this article.
All licenses issued under this article shall remain in full force and effect until
surrendered, revoked, suspended or canceled by failure to renew under the provisions of
this article. No licensee shall transact any business provided for by this article under
any other name.
F. A license is not transferable or assignable and control of a licensee may not be
acquired through a stock purchase or any other device without the prior written consent
of the administrator. Written consent shall not be given if the administrator finds that
any of the grounds for denial, revocation or suspension of a license as set forth in
section 44-283 are applicable to the acquiring person. For the purposes of this
subsection, "control" means the power to vote more than twenty per cent of the
outstanding voting shares of a licensed corporation, partnership, association or trust.
G. A person doing business under the laws of this state or the United States as a
bank, savings bank, savings and loan association or credit union is exempt from the
licensing requirements of this section but shall comply with all other requirements of
this chapter, except that affiliates of banks, savings banks, savings and loan
associations or credit unions shall comply with this section. For the purposes of this
subsection "affiliate" means an entity which directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with the entity
specified.
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