Arizona Collection Lawyers

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

A. A person desiring to conduct a collection agency by Arizona Collection Lawyers 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 given to Arizona Collection Lawyers 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:

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 by Arizona Collection Lawyers or an experienced Arizona Collections Attorney, 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 Arizona Collection Agency or Arizona Collection Lawyers reside.