Attention :

The Arizona Department of Financial Institutions is proud to announce our new E-Licensing System .  Our Department will no longer accept paper applications.  To see the requirements for each license type, please click our Industry link above.  All Mortgage Companies and Loan Originators must continue to use the Nationwide Multistate Licensing System.  Due to the transition to our new system, please expect a delay of up to 45 days for license approval.   

Laws, Rules & Substantive Policy Statement

Chapter 9   MORTGAGE BROKERS, MORTGAGE BANKERS, COMMERICAL MORTGAGE BANKERS AND LOAN ORIGINATORS

Article 1                      Mortgage Brokers

6-901                           Definitions

6-902                           Exemptions

6-903                           Licensing of mortgage brokers required; qualifications; application; bond; fees; renewal

6-904                           Issuance of license; renewal; inactive status; branch office license; application; fee

6-905                           Denial, suspension or revocation of licenses

6-906                           Required accounting practices and records; escrow of monies; disclosure

6-907                           Required disclosure to investors

6-908                           Testing committee; testing of applicants; approval by superintendent; definition

6-909                           Prohibited acts

6-910                           Noncompliance not to affect validity of loan

6-911                           Active military duty; compensation

6-912                           Certificate of exemption

6-913                           Conversion to commercial mortgage broker license

Article 2                      Mortgage Bankers

6-941                           Definitions

6-942                           Exemptions

6-943                           Licensing of mortgage bankers required; qualifications; application; bond; fees; renewal

6-944                           Issuance of license; renewal; branch office license; application; fee

6-945                           Denial, suspension or revocation of licenses

6-946                           Required accounting practices and records; refundable deposits; periodic impoundment payments; disclosure

6-947                           Prohibited acts

6-948                           Noncompliance not to affect validity of loan

6-949                           Conversion to mortgage broker license

Article 3                      Commercial Mortgage Bankers

6-971                           Definitions

6-972                           Exemptions

6-973                           Licensing commercial mortgage bankers required; qualifications

6-974                           Application for license; issuance or denial; fees

6-975                           Bond or other security

6-976                           Responsible individual; employees

6-977                           Displaying and using license number

6-978                           Consent of superintendent for transferring, assigning or acquiring control of licensee; definition

6-979                           Principal place of business; branch office license; change of address

6-980                           Annual renewal; expiration on failure to renew

6-981                           Inactive status

6-982                           Denial, suspension or revocation of licenses

6-983                           Required accounting practices and records; escrow of monies; disclosure

6-984                           Prohibited acts

6-985                           Noncompliance not to affect validity of loan

Article 4                      Loan Originators

6-991                           Definitions

6-991.01                      Exemptions

6-991.02                      Prohibited acts

6-991.03                      Licensing; renewal; qualifications; application; fees

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; fees

6-991.05                      Denial, suspension or revocation of licenses

6-991.07                      Examination; fee; definition

6-991.08                      Reasonable efforts to secure advantageous loan for borrower

6-991.09                      Mortgage recovery fund; liability limits

6-991.10                      Payments to the mortgage recovery fund

6-991.11                      Statute of limitations; service of summons; application for payment; insufficient monies; definition

6-991.12                      Notice of claim to judgment debtor; response

6-991.13                      Correction of deficiencies in the application

6-991.14                      Investigation and discovery

6-991.15                      Final decision and order on claim; notice

6-991.16                      Claimant's right to appeal denial of claim; service of notice of appeal; response; failure to file response

6-991.17                      Superintendent's standing in court

6-991.18                      Subrogation of rights; collection

6-991.19                      Waiver of rights

6-991.20                      Effect of article on disciplinary action

6-991.21                      Financial services fund; use of fund

6-991.22                      Noncompliance not to affect validity of loan