HB 2054
Initials PB Page 1 House Engrossed
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-seventh Legislature
First Regular Session
House: COM DP 10-0-0-0
HB 2054: DIFI; financial enterprises; insurance; compact
Sponsor: Representative Livingston, LD 28
House Engrossed
Overview
Makes various revisions to statutes relating to the Department of Insurance and Financial
institutions (DIFI) licensure requirements and director responsibilities.
History
Established in 2020 with the consolidation of the Department of Financial Institutions, the
Department of Insurance and the Automobile Theft Authority, DIFI is a multifaceted agency
that regulates the insurance industry, financial institutions and enterprises as well as the
distribution of Arizona Automobile Theft Authority Fund monies to combat auto theft.
DIFI regulates such industries through licensure of financial and insurance professionals
such as collection agencies, mortgage bankers and brokers, insurers and insurance
producers, registering and certifying state-chartered banks and credit unions and conducting
scheduled examinations and investigating complaints of licensed professionals and
businesses.
DIFI is also responsible for analyzing the methods of combating the problem of vehicle theft
and promoting successful methods of reducing the number of vehicle thefts in Arizona.
Provisions
1. Modifies the consumer lender license year from a fiscal year to a calendar year. (Sec. 1)
2. Requires a consumer lender licensee to apply for renewal by December 31 rather than
June 30 of each year. (Sec. 1)
3. Changes the consumer lender license expiration date from July 31 to January 31. (Sec. 1)
4. Changes the debt management company license expiration and renewal date from June
30 to December 31. (Sec. 2)
5. Requires an escrow agent licensee to apply for renewal by December 31 rather than
September 30. (Sec. 3)
6. Changes the escrow agent license expiration date from October 31 to January 31. (Sec. 3)
7. Requires a registered advance fee loan broker to apply for renewal by December 31 rather
than June 30 of each year. (Sec. 5)
8. Stipulates the advance fee loan broker registration is suspended if not received by
December 31 rather than June 30. (Sec. 5)
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9. Changes the advance fee loan broker registration expiration date from July 31 to January
31. (Sec. 5)
10. Requires a sales finance company licensee to apply for renewal by December 31 rather
than the continuation date of each year. (Sec. 12)
11. Removes references of the license continuation date. (Sec. 12)
12. Allows, rather than requires, the director of DIFI to adopt rules:
a) to implement statutes governing money transmitters; (Sec. 4)
b) to enforce requirements relating to extended warranty insurers' deposits; (Sec. 6)
c) relating to the requirement for an insurer to possess and maintain any required
additional free surplus; (Sec. 7) and
d) which require certain insurers to report loss and expense experience and other data.
(Sec. 8)
13. Modifies the information that must be reported by DIFI relating to risk retention groups.
(Sec. 9)
14. Removes the specification stating that Arizona opts out of all uniform standards involving
long-term care insurance products relating to the interstate insurance product regulation
compact. (Sec. 11)
15. Specifies certain licensees who hold an active license do not have to renew such license
until December 31, 2025. (Sec. 13)
16. Applies license renewal requirements retroactive to January 1, 2025. (Sec. 13)
17. Makes technical and conforming changes. (Sec. 9, 10)