The proposed bill would update current statutes related to the Department of Insurance and Financial Institutions (DIFI) by changing the licensure year for consumer lenders, escrow agents, and advance fee loan brokers from a fiscal year to a calendar year. Specifically, it would require license renewals to be submitted by December 31 instead of June 30, with expiration dates for several licenses adjusted to January 31. Additionally, the bill would remove references to license continuation dates and allow certain active licensees to defer renewal until December 31, 2025, if their licenses were set to expire by June 30 or September 30, 2025.

Moreover, the bill would grant the DIFI director the discretion to adopt rules regarding money transmitters and other insurance-related requirements, rather than making it mandatory. It would also modify reporting requirements for risk retention groups and eliminate Arizona's opt-out status from uniform standards for long-term care insurance products. Outdated language concerning renewal processes and penalties would be replaced with clearer stipulations about late fees and consequences for failing to renew on time, ultimately aiming to streamline the licensing process and enhance regulatory efficiency.

Statutes affected:
Introduced Version: 6-604, 6-707, 6-815, 6-1203, 6-1305, 20-108.01, 20-211, 20-235, 20-2414, 20-2904, 20-3251, 44-282, 6-126, 20-583, 20-108, 20-210, 20-212, 20-768, 20-711, 20-223, 20-2402, 20-1631, 20-1632, 41-1092, 41-1092.08, 20-2903