The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
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 upon forms prescribed by the superintendent setting forth verified information to assist the superintendent 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 superintendent may require from all applicants additional information that the superintendent 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.