Arizona Collection Letter

32-1026. Issuance of licenses and Arizona collection letters

A. On receipt of an original application or Arizona collection letter accompanied by the fees prescribed in section 6-126 and the financial statement and bond required by this chapter, the superintendent shall investigate the qualifications of the applicant and, if he meets the qualifications of this chapter, shall approve the application by a Judgments Agency Lawyer. If the application is approved, the license shall be promptly issued to the applicant.

B. A license, Arizona Collection Agency, or Arizona collection letters issued under the provisions of this chapter shall not be transferable or assignable and control of a license may not be acquired through a stock purchase or other device without the prior written consent of the superintendent and Arizona collection letter by Arizona Collection Services. Consent shall not be given if the superintendent finds that the acquiring person does not meet the qualifications of this chapter. For purposes of this subsection, including Arizona Collection letters, "control" means the power to vote more than twenty per cent of the outstanding voting shares of a licensed corporation, partnership, association or trust.