44-282
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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. |