Title 6 — Banks and Financial Institutions
17 chapters · 553 sections in this title.
A.R.S. § 6-901 Definitions
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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. "Commercial mortgage broker" means a person…
A.R.S. § 6-902 Exemptions
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A. This article does not apply to: 1. A person who does business under any other law of this state, or law of any other state while regulated by a state agency of such other state or the United States, relating to banks, savings banks, trust companies, savings and loan associatio…
A.R.S. § 6-902.01 Exemption; responsible individual; fees; revocation; rules
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1. Is a natural person. 2. Meets all of the requirements pursuant to this article. 3. Receives notification from the parent company that the parent company was granted a certificate of exemption by the director. B. The parent company must apply on behalf of the entity and submit …
A.R.S. § 6-903 Licensing of mortgage brokers required; qualifications; application; bond; fees; renewal
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A. A person shall not act as a mortgage broker if the person is not licensed under this article. A person who brokers only commercial mortgage loans shall obtain either a mortgage broker license or a commercial mortgage broker license. A person who brokers residential mortgage lo…
A.R.S. § 6-904 Issuance of license; renewal; inactive status; branch office license; application; fee
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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.R.S. § 6-905 Denial, suspension or revocation of licenses
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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.R.S. § 6-906 Required accounting practices and records; escrow of monies; disclosure
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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.R.S. § 6-907 Required disclosure to investors
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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.R.S. § 6-908 Testing committee; testing of applicants; approval by deputy director; definition
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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.R.S. § 6-909 Prohibited acts
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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.R.S. § 6-910 Noncompliance not to affect validity of loan
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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…
A.R.S. § 6-911 Active military duty; compensation
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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.R.S. § 6-912 Certificate of exemption
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1. Registering with the department except that the registration shall not affect the exempt status of the applicant. 2. Sponsoring one or more mortgage loan originators. 3. Fulfilling any reporting requirements. 4. Reasonably supervising the activities of a mortgage loan originat…
A.R.S. § 6-913 Conversion to commercial mortgage broker license
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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.
A.R.S. § 6-941 Definitions
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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.R.S. § 6-942 Exemptions
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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.R.S. § 6-943 Licensing of mortgage bankers required; qualifications; application; bond; fees; renewal
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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.R.S. § 6-944 Issuance of license; renewal; branch office license; application; fee
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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.R.S. § 6-945 Denial, suspension or revocation of licenses
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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.R.S. § 6-946 Required accounting practices and records; refundable deposits; periodic impoundment payments; disclosure
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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.R.S. § 6-947 Prohibited acts
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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.R.S. § 6-948 Noncompliance not to affect validity of loan
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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…
A.R.S. § 6-949 Conversion to mortgage broker license
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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…
A.R.S. § 6-971 Definitions
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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 …
A.R.S. § 6-972 Exemptions
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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.R.S. § 6-973 Licensing commercial mortgage bankers required; qualifications
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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.R.S. § 6-974 Application for license; issuance or denial; fees
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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.R.S. § 6-975 Bond or other security
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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.R.S. § 6-976 Responsible individual; employees
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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.R.S. § 6-977 Displaying and using license number
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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.R.S. § 6-978 Consent of deputy director for transferring, assigning or acquiring control of licensee; definition
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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.R.S. § 6-979 Principal place of business; branch office license; change of address
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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.R.S. § 6-980 Annual renewal; expiration on failure to renew
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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.R.S. § 6-981 Inactive status
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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.R.S. § 6-982 Denial, suspension or revocation of licenses
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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.R.S. § 6-983 Required accounting practices and records; escrow of monies; disclosure
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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.R.S. § 6-984 Prohibited acts
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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.R.S. § 6-985 Noncompliance not to affect validity of loan
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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…
A.R.S. § 6-991 Definitions
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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 …
A.R.S. § 6-991.01 Exemptions
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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.R.S. § 6-991.02 Prohibited acts
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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.R.S. § 6-991.03 Licensing; renewal; qualifications; application; fees
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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.R.S. § 6-991.04 Issuance of license; notice from employing mortgage broker, mortgage banker or consumer lender or registered exempt person; renewal; inactive status; address change; fee
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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.R.S. § 6-991.05 Denial, suspension or revocation of licenses
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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.R.S. § 6-991.07 Examination; fee; definition
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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.R.S. § 6-991.08 Reasonable efforts to secure advantageous loan for borrower
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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.R.S. § 6-991.09 Mortgage recovery fund; liability limits
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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.R.S. § 6-991.10 Payments to the mortgage recovery fund
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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.R.S. § 6-991.11 Statute of limitations; service of summons; application for payment; insufficient monies; definition
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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.R.S. § 6-991.12 Notice of claim to judgment debtor; response
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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…