Arizona § 32-1021 - Original application for license; financial statement; bond; definition

§ 32-1021. Original application for license; financial statement; bond; definition

A. A person desiring to conduct a collection agency shall make an original application to the department on forms prescribed by the deputy director setting forth verified information to assist the deputy director in determining the applicant's ability to meet the requirements of this chapter.

B. An application for an original or a renewal license shall be accompanied by:

1. A financial statement in the form provided in section 32-1022, showing the applicant's assets and liabilities and truly reflecting the applicant's net worth in cash or its equivalent.

2. A bond in the form provided in section 32-1022, computed on a base consisting of the gross annual income of the licensee generated from all business transacted in this state by the licensee during the preceding year, in the minimum amount as follows:

Base                                            Minimum Bond

Not over $250,000                                 $10,000

$250,001 to $500,000                              $15,000

$500,001 to $750,000                              $25,000

$750,001 and over                                 $35,000

C. The deputy director may require from all applicants additional information that the deputy director deems necessary in determining whether the applicant is entitled to the license sought.

D. For the purposes of this section, "all business transacted in this state" includes:

1. The collection of debts from debtors who reside in this state, regardless of where the licensee is located.

2. The collection of debts made from an office in this state, regardless of where the debtor resides.

3. The collection of debts made on behalf of creditors who reside in this state, regardless of where the debtor and the collection agent reside.