A. An applicant for a license:

Terms Used In Arizona Laws 6-1254

  • License: means a license issued pursuant to this chapter. See Arizona Laws 6-1251
  • Licensee: means a corporation, company, firm, partnership, association or natural person that is licensed by the superintendent to engage in the business of providing deferred presentment services pursuant to this chapter. See Arizona Laws 6-1251
  • Partner: means a person who either:

    (a) Is authorized by law or a partnership agreement to participate in the management of the business of the partnership. See Arizona Laws 6-1251

  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215

1. Shall be a citizen of the United States.

2. Shall be a person of honesty, truthfulness and good moral character.

3. Shall not have been convicted of a crime that involves moral turpitude.

4. Shall not have defaulted on payment of money collected or received for another person.

5. Shall not have been a former licensee pursuant to this chapter whose license was suspended or revoked and not subsequently reinstated.

B. If the applicant is a person other than a natural person, the qualifications required by subsection A are also required of any executive officer, director or partner of the firm, partnership or association.

C. To qualify for a license an applicant shall have:

1. A minimum net worth in cash or cash equivalents, determined in accordance with generally accepted accounting principles, of at least fifty thousand dollars.

2. The financial responsibility, character and experience to warrant a belief that the business is operated lawfully, honestly, fairly and efficiently.