On May 10, the Arizona governor signed into law SB 1463, a bill that makes various changes to the Arizona Department of Insurance and Financial Institutions (DIFI). Among other things, SB 1463 (i) eliminates certain application fees for financial institutions, enterprises, money transmitters, and collection agencies; (ii) establishes nonrefundable fees for advance fee loan brokers and for premium finance company branch offices; (iii) revises the annual assessment and renewal fee structure for enterprises, consumer lenders, premium finance companies, advance fee loan brokers, and collection agencies; (iv) clarifies that licensee name change fees for financial institution and enterprise licensees do not apply to loan originators and appraiser licensees; (v) allows the Deputy Director to engage a contractor for mortgage broker license testing; (vi) stipulates that the Uniform Standards of Professional Appraisal Practice are the standards in Arizona, unless the Deputy Director objects; (vii) requires licensee applicants to pass a written examination under the supervision of DIFI; (viii) requires mortgage brokers, mortgage bankers, or commercial mortgage bankers who are licensed as exempt persons to deposit a surety bond with the Deputy Director in order to do business; (ix) defines the phrase “federally regulated appraisal management company”; (x) modifies the definitions of “consumer loan” and “control”; and (xi) stipulates that a consumer loan made pursuant to a consumer lender license is not a secondary motor vehicle finance transaction. SB 1462 goes into effect 90 days after the Arizona legislature adjourns and will be retroactive to July 1, 2020.
This content originally appeared in Buckley’s Infobytes blog, a collection of news and alerts covering the financial services industry. To read more or have the Infobytes weekly newsletter delivered to your inbox, please visit infobytesblog.com.