Arizona Amends Application Fees for Financial Institutions and Enterprises

Arizona Senate Bill 1150 amends Section 6-126 of the Arizona Revised Statutes as they relate to application fees for financial institutions and enterprises regulated by the Arizona Department of Financial Institutions.  Effective on the general effective date of the current session of the state legislature, the non-refundable application fees for the following financial intuitions and enterprises will be reduced as follows:

• Application for a banking permit, decrease from $5,000 to $1,000.
• Organization and establishment of any other financial institutions for which an application or investigation fee is not otherwise provided by law, decrease from $2,500 to $1,000.
• Application for a trust company license, decrease from $5,000 to $1,000.
• Application for a commercial mortgage banker, mortgage banker, escrow agent or consumer lender license, decrease from $1,500 to $1,000.
• Application for a mortgage broker, commercial mortgage broker, sales finance company or debt management company license, decrease from $800 to $500.
• Application for approval to convert from a national bank or federal savings and loan charter to a state chartered institution, decrease from $5,000 to $1,000.
• Application for approval to convert from a federal credit union to a state chartered credit union, decrease from $1,000 to $500.

It does not appear that the bill made any other application fee changes to Section 6-126.