Title 6, Banks and Financial Institutions

A. The deputy director, on determining that the applicant is qualified and has paid the fees, shall issue a mortgage broker's license or a commercial mortgage broker's license to the applicant which is evidenced by a continuous certificate. The deputy director shall grant or deny…

A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee: 1. Is insolvent as defined in section 47-1201. 2. Has violated any applicable law, rule or order. 3. Refuses to allow an examination by…

A. Every mortgage broker shall keep and maintain at all times correct and complete records as prescribed by the deputy director that will enable the deputy director to determine whether the licensee is conducting the licensee's business in accordance with this article. A mortgage…

A. Before payment of any money by an investor in connection with a mortgage loan, a licensee shall provide to an investor that is not a financial institution, state or national bank, state or federal savings and loan association, state or federal savings bank, state or federal cr…

A. The deputy director shall establish a testing committee to create, periodically update and establish standards for passing a test for mortgage brokers. The committee shall consist of five members appointed by the deputy director once every two years. Four of the members shall …

A. Except for employment verifications, verifications of mortgages and loans, and deposit or account verifications, a person, in connection with or incidental to the making of any mortgage loan, shall not induce, require or permit any document to be signed by a party to the trans…

A failure to comply with this article does not affect the validity or enforceability of any debt, mortgage, deed of trust or any other lien interest on real estate. A person acquiring a mortgage loan or any interest in a mortgage loan as mortgagee or beneficiary or as an assignee…

Notwithstanding any other law, a mortgage broker who is a member of the Arizona national guard, the United States armed forces reserves or the regular component of the United States armed forces and who is serving on federal active duty when the mortgage broker's license expires …

A. A person who is exempt from licensure pursuant to this article and articles 2 and 3 of this chapter as a federally chartered savings bank that is registered with the nationwide mortgage licensing system and registry may file a written application with the department for a cert…

Notwithstanding section 6-903, a person who holds a mortgage broker license may convert it to a commercial mortgage broker license by applying in a manner prescribed by the deputy director by rule. The approval of the conversion is at the discretion of the deputy director.

In this article, unless the context otherwise requires: 1. "Affiliate" means an entity which directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the entity specified. 2. "Compensation" means anything of value or a…

A. This article does not apply to: 1. A person who does business under any other law of this state, or any other state while regulated by a state agency of such other state, or of the United States, relating to banks, savings banks, trust companies, savings and loan associations,…

A. A person shall not act as a mortgage banker if the person is not licensed under this article. B. The deputy director shall not grant a mortgage banker's license to a person, other than a natural person, who is not registered to do business in this state on the date of applicat…

A. If the deputy director determines that the applicant has met the requirements set forth in section 6-943, subsection C, is qualified and has paid the fees, the deputy director shall issue a mortgage banker's license to the applicant evidenced by a continuous certificate. The l…

A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee: 1. Is insolvent as defined in section 47-1201. 2. Refuses to allow an examination by the deputy director of the licensee's books and af…

A. Every mortgage banker shall keep and maintain at all times correct and complete records clearly reflecting the financial condition of the business as prescribed by the deputy director that will enable the deputy director to determine whether the licensee is conducting the lice…

A. Except for employment verifications and deposit or account verifications, a person in connection with or incidental to the making of any mortgage banking loan or mortgage loan shall not induce, require or permit any document to be signed by a party to the transaction if the do…

A failure to comply with the provisions of this article does not affect the validity or enforceability of any debt or any mortgage, deed of trust or lien interest on real estate. A person acquiring a mortgage banking loan or mortgage loan or any interest in a mortgage banking loa…

Notwithstanding any other law, a licensee who funds in the aggregate one hundred fifty or fewer loans in the immediately preceding calendar year may apply at the time of license renewal to the department for a conversion to a mortgage broker license issued pursuant to article 1 o…

In this article, unless the context otherwise requires: 1. "Affiliate" means an entity that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the specified entity. 2. "Commercial mortgage banker" means a person …

This article does not apply to: 1. Institutional investors. 2. A person who funds a commercial mortgage loan that was originated and processed by a licensee or by an institutional investor and who meets all of the following conditions: (a) Does not maintain a place of business in…

A. A person shall not act as a commercial mortgage banker without a license issued under this article. B. A person who engages in commercial mortgage banking need not be licensed under article 1 or 2 of this chapter or chapter 7 of this title if the person is licensed under this …

A. A person shall apply for a license or for a renewal of a license in writing on the forms, in the manner and accompanied by the information prescribed by the deputy director. The deputy director may require additional information on the experience, background and competency of …

A. Each licensed commercial mortgage banker shall deposit with the deputy director, before doing business as a commercial mortgage banker, a bond executed by the licensee as principal and a surety company authorized to do business in this state as surety. The bond shall be condit…

A. A license entitles the licensee and all officers, directors, members, partners, trustees and employees of the licensee to engage in commercial mortgage banking if one officer, director, member, partner, employee or trustee of the person or an employee of an affiliated entity o…

A. A licensee shall prominently display the commercial mortgage banker license in the office of the commercial mortgage banker. B. A licensee or an employee of the licensee shall not advertise for or solicit commercial mortgage loans in any manner without using the license name, …

A license is not transferable or assignable and control of a licensee may not be acquired through a stock purchase or any other device without the prior written consent of the deputy director. The deputy director shall not give written consent if the deputy director finds that an…

A. Each licensed commercial mortgage banker shall designate and maintain a principal place of business in this state to transact business. The license shall specify the address of the licensee's principal place of business. B. If a licensee wishes to maintain one or more location…

A. For licenses approved on or before March 31, 2009: 1. Licenses that are not renewed by March 31, 2009 are suspended, and the licensee shall not act as a commercial mortgage banker until the license is renewed or a new license is issued pursuant to this article. 2. A person may…

A. For licenses approved on or before March 31, 2009, a licensee may request inactive status for the following license year, and the license shall be placed on inactive status after surrendering the license to the deputy director. B. For licenses approved after or renewed on Marc…

A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee: 1. Is insolvent as defined in section 47-1201. 2. Refuses to allow an examination by the deputy director of the licensee's books and af…

A. A commercial mortgage banker shall keep and maintain at all times correct and complete records as prescribed by the deputy director that will enable the deputy director to determine whether the licensee is complying with this article. A commercial mortgage banker shall make re…

A. Except for employment verifications and deposit or account verifications, a person shall not induce, require or permit any document in connection with making a commercial mortgage loan to be signed by a party to the transaction if the document contains any blank spaces to be f…

A failure to comply with a provision of this article does not affect the validity or enforceability of any debt or any mortgage, deed of trust or lien interest on real estate. A person who acquires a commercial mortgage loan or an interest in a commercial mortgage loan as mortgag…

In this article, unless the context otherwise requires: 1. "Affiliate" means an entity that directly or indirectly, through intermediaries, controls, is controlled by or is under common control with the entity specified. 2. "Clerical or support duties" means duties subsequent to …

This article does not apply to: 1. Registered loan originators. 2. An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence. 3. A person who is a responsible individual as described in section 6-90…

A. A loan originator acting on the loan originator's own behalf shall not accept any monies or documents in connection with an application for a mortgage loan. B. An individual is not entitled to receive compensation in connection with arranging for or negotiating a mortgage loan…

A. A natural person shall not act as a loan originator unless the person is licensed under this article. B. The deputy director shall not grant a loan originator license to a person, other than a natural person. An applicant for an original loan originator's license shall have do…

A. The deputy director, on determining that an applicant is qualified and has paid the required fees, shall issue a loan originator's license to the applicant evidenced by a continuous certificate. The deputy director shall grant or deny a license within one hundred twenty days a…

A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee: 1. Has violated any law, rule or order. 2. Has been convicted of or pled guilty or nolo contendere to a misdemeanor if it involved an a…

A. Each applicant for an original loan originator license, before issuance of the license, shall take and pass an examination that is developed or otherwise deemed acceptable by the nationwide mortgage licensing system and registry established by the secure and fair enforcement f…

A loan originator shall make reasonable efforts to secure a loan that is reasonably advantageous to the borrower considering all of the circumstances, including the interest rates, charges and repayment terms of the loan.

A. The deputy director shall establish and maintain a mortgage recovery fund consisting of the monies received by the deputy director pursuant to this article for the benefit of any person aggrieved by any act, representation, transaction or conduct of a licensed loan originator …

A. In addition to any other fees, applicants shall pay an amount to be determined by the deputy director to the mortgage recovery fund on application for an original loan originator license. B. If, on June 30 of any year, the balance remaining in the mortgage recovery fund is les…

A. An action for a judgment that subsequently results in an order for payment from the mortgage recovery fund shall be started not later than five years after the accrual of the cause of action. B. If an aggrieved person commences an action for a judgment that may result in an or…

A. Within the same time prescribed by section 6-991.11, subsection C for applying for payment from the mortgage recovery fund, an aggrieved party who applies for payment shall serve notice of the claim on the judgment debtor, together with a copy of the application. The notice sh…