ARIZONA HOUSE OF REPRESENTATIVES

Fifty-seventh Legislature

First Regular Session

House: COM DP 10-0-0-0

HB 2210: DIFI; continuation

Sponsor: Representative Livingston, LD 28

Caucus & COW

Overview

Continues the Arizona Department of Insurance and Financial Insurance (DIFI) for eight years.

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.

The House Commerce Committee of Reference (COR) held a public meeting on Tuesday, January 14, 2025, to review the Auditor General's Performance Audit and Sunset Review Report and consider DIFI's responses to the statutorily outlined sunset factors. The COR recommended that DIFI be continued with revisions. DIFI is statutorily set to terminate on July 1, 2025, unless legislation is enacted for its continuation (A.R.S. § 41-3025.02).

Provisions

1. Continues, retroactive to July 1, 2025, DIFI until July 1, 2033. (Sec. 1, 2, 4)

2. Repeals, subject to voter approval, DIFI on January 1, 2034. (Sec. 2)

3. Includes a purpose statement. (Sec. 3)

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