Arizona Debt Management License Surety Bonds
Debt Management programs in Arizona are required to be licensed. One of the licensing requirements is to obtain a security, such as an Arizona Department of Financial Institutions Surety Bond for Debt Management.
Arizona's Department of Financial Institutions administers the debt management program and oversees licensing, supervision, and regulations. It also investigates consumer complaints, and directs appropriate remedial action when there are violations.
The Department requires a license for those in debt management, describing the business as "any person that for compensation, engages in whole or in part in the business of receiving money as an agent of a debtor for the purpose of distributing the same to creditors in payment of obligations."
Surety Bond and License Requirements
License applications are submitted through the NMLS (Nationwide Multistate Licensing System & Registry). Application requirements include:
- Fees: There is an $800 non-refundable application fee, plus a license/registration fee that is $250 - $375, depending on the time of year you apply.
- Application / company form (MU1)
- Financial statements showing a net worth of at least $2,500
- Other trade name or DBA that is different from the applicant's legal name
- Resident/Resident Agent
- Primary Contact Employees
- Disclosure Questions with an explanation for every "yes" response
- Control Person Attestation (MU2)
- FBI Criminal Background Check for MU2 Individual
- Debt Management Agreement
- Surety Bond based on the amounts disbursed by the licensee in the previous year:
| Amounts Disbursed | Bond Amount |
|---|---|
| $100,000 - $250,000 | $10,000 |
| $250,000 - $500,000 | $15,000 |
| $500,000 - $1,000,000 | $20,000 |
| More than $1,000,000 | $25,000 |
How Much Does an Arizona Debt Management License Bond Cost?
The premium you pay for an Arizona Debt Management License Surety Bond is dependent on credit and the bond amount required. Our rates start at $100 with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Did You Know?
A debt management license covers debt management, credit counseling, and debt negotiation.
Related Links:
NMLS New Application Checklist for Arizona Debt ManagementMore Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, call us first. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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