Category: Arizona

07
Dec

Start an Arizona Car Title Loan Business

Posted by / Arizona, Tactics

Revolutionizing Car Title Loans: Embrace the Future with Technology-Driven Lending!

Attention car title loan lenders and entrepreneurs!

Welcome to the future of car title loans – where convenience meets technology!

Gone are the days of consumers having to drive to a car title storefront lender, wait in line, and have their vehicle inspected in person.

Car title loan borrower’s time is valuable, so we’ve embraced today’s technology to make the process as simple and efficient as possible.

With just their smartphone, they can apply for a loan with you.

You’ll send your applicant a link to your user-friendly app (white-labeled for your car title loan business) or your loan management platform (again, white-labeled with your branding).

In this app, your title loan applicant can create a quick, 3-minute video of their collateral: their car, truck, plane, boat, or motorcycle.

This video is your virtual inspection!

Your client simply walks around their vehicle, capturing its condition and features. It’s easy, fast, and can be done from the comfort of their home or wherever their vehicle is parked.

But that’s not all!

You can also offer them the option to simply take photos of their vehicle, along with its title and registration.

Then, they can email, text, or upload these photos directly to you through the app. This flexibility ensures they can complete the process without hassle, regardless of their schedule or technical know-how.

More importantly, you can operate your car title loan business from anywhere in the world!

Know, too, that vehicle title loans are legal in many, many states, including Arizona!

Thank you, Elon Musk, via Starlink and the Internet!

As a car title loan lender, you aim to make your customer’s loan experience seamless and stress-free.

With these innovative solutions, you bring the title loan service to them, making it more accessible and convenient than ever before.

Start your car title loan business today with our help and experience the new age of car title lending! 🚗💨📱✨

4-WAYS I CAN HELP YOU

How to Open a Title Loan Business
01
Apr

Arizona Car Title Loans: CONSUMER LENDER LOANS FINTECH

Posted by / Arizona

Title loan companies are still specifically included in this new Arizona Fintech Consumer Loan law.

These lenders are the successors to payday loans, who lend small sums of money at relatively high interest rates using the customer’s vehicle as collateral.

Title loans are specifically included in this new bill.

Arizona:

ARIZONA CHAPTER 55
35 REGULATORY SANDBOX PROGRAM
36 ARTICLE 1. GENERAL PROVISIONS

IN THIS CHAPTER, UNLESS THE CONTEXT OTHERWISE REQUIRES:
“APPLICABLE AGENCY” MEANS A DEPARTMENT OR AGENCY OF THIS STATE ESTABLISHED BY LAW TO REGULATE CERTAIN TYPES OF BUSINESS ACTIVITY IN THIS STATE AND PERSONS ENGAGED IN SUCH BUSINESS, INCLUDING THE ISSUANCE OF LICENSES OR OTHER TYPES OF AUTHORIZATION, THAT THE ATTORNEY GENERAL DETERMINES WOULD REGULATE A SANDBOX PARTICIPANT IF THE PERSON WAS NOT A REGULATORY SANDBOX PARTICIPANT.

“INNOVATION” MEANS THE USE OR INCORPORATION OF NEW OR EMERGING  TECHNOLOGY OR THE REIMAGINATION OF USES FOR EXISTING TECHNOLOGY TO ADDRESS A PROBLEM, PROVIDE A BENEFIT OR OTHERWISE OFFER A PRODUCT, SERVICE, BUSINESS MODEL OR DELIVERY MECHANISM THAT IS NOT KNOWN BY THE ATTORNEY GENERAL TO HAVE A COMPARABLE WIDESPREAD OFFERING IN THIS STATE.

“INNOVATIVE FINANCIAL PRODUCT OR SERVICE” MEANS A FINANCIAL PRODUCT OR SERVICE THAT INCLUDES AN INNOVATION.

“REGULATORY SANDBOX” MEANS THE PROGRAM ESTABLISHED BY THIS CHAPTER THAT ALLOWS A PERSON TO TEMPORARILY TEST INNOVATIVE FINANCIAL PRODUCTS OR SERVICES ON A LIMITED BASIS WITHOUT OTHERWISE BEING LICENSED OR AUTHORIZED TO ACT UNDER THE LAWS OF THIS STATE.

“SANDBOX PARTICIPANT” MEANS A PERSON WHOSE APPLICATION TO PARTICIPATE IN THE REGULATORY SANDBOX IS APPROVED PURSUANT TO THIS CHAPTER.

“TEST” MEANS TO PROVIDE PRODUCTS AND SERVICES AS ALLOWED BY THIS CHAPTER.

Program purpose:

THE ATTORNEY GENERAL SHALL ESTABLISH A REGULATORY SANDBOX PROGRAM IN CONSULTATION WITH APPLICABLE AGENCIES OF THIS STATE TO ENABLE A PERSON TO  OBTAIN LIMITED ACCESS TO THE MARKET IN THIS STATE TO TEST INNOVATIVE FINANCIAL PRODUCTS OR SERVICES WITHOUT OBTAINING A LICENSE OR OTHER  AUTHORIZATION THAT OTHERWISE MIGHT BE REQUIRED.

Application process and requirements; fee
ANY PERSON MAY APPLY TO ENTER THE REGULATORY SANDBOX TO TEST AN 34 INNOVATION. THE ATTORNEY GENERAL MUST ACCEPT AND REVIEW EACH APPLICATION FOR ENTRY INTO THE REGULATORY SANDBOX ON A ROLLING BASIS.

AN APPLICATION MUST DEMONSTRATE THAT AN APPLICANT BOTH:
1. IS AN ENTITY OR INDIVIDUAL THAT IS SUBJECT TO THE JURISDICTION OF THE ATTORNEY GENERAL THROUGH INCORPORATION, RESIDENCY, PRESENCE AGREEMENT OR OTHERWISE.

2. HAS ESTABLISHED A LOCATION, WHETHER PHYSICAL OR VIRTUAL, THAT IS ADEQUATELY ACCESSIBLE TO THE ATTORNEY GENERAL, FROM WHICH TESTING WILL BE 43 DEVELOPED AND PERFORMED AND WHERE ALL REQUIRED RECORDS, DOCUMENTS AND DATA 44 WILL BE MAINTAINED.

3 PERSONS THAT ALREADY POSSESS A LICENSE OR OTHER AUTHORIZATION UNDER STATE LAWS THAT REGULATE A FINANCIAL PRODUCT OR SERVICE MUST FILE AN 3 APPLICATION WITH THE ATTORNEY GENERAL TO TEST INNOVATIVE FINANCIAL PRODUCTS OR SERVICES WITHIN THE REGULATORY SANDBOX.

FOR A SANDBOX PARTICIPANT TESTING CONSUMER LENDER LOANS AS DEFINED IN SECTION, AN INDIVIDUAL CONSUMER LENDER LOAN MAY BE  ISSUED FOR UP TO FIFTEEN THOUSAND DOLLARS, EXCEPT THAT AGGREGATE LOANS PER CONSUMER MAY NOT EXCEED FIFTY THOUSAND DOLLARS. ALL CONSUMER LENDER LOANS ISSUED IN THE REGULATORY SANDBOX, INCLUDING LOANS IN EXCESS OF TEN THOUSAND DOLLARS, ARE SUBJECT TO ALL OF THE FOLLOWING:

Arizona Fintech Legislation 2018
Jer Ayles

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