Arizona Arizona Revised Statutes
§ 6-903 — Licensing of mortgage brokers required; qualifications; application; bond; fees; renewal
ARS § 6-903Title 6. Banks and Financial Institutions · Ch. 9. MORTGAGE BROKERS, MORTGAGE BANKERS AND LOAN ORIGINATORS · Art. 1. Mortgage Brokers
Statute text
View on source6-903. Licensing of mortgage brokers required; qualifications; application; bond; fees; renewal 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 loans shall obtain a mortgage broker license. B. The deputy director shall not grant a mortgage broker's license or a commercial mortgage broker's license to a person, other than a natural person, that is not registered to do business in this state on the date of granting the license. C. An applicant for an original mortgage broker's license shall: 1. Have not less than three years' experience as a mortgage broker or loan originator or equivalent lending experience in a related business during the five years immediately preceding the time of application. 2. Have satisfactorily completed a course of study approved by the deputy director during the three years immediately preceding the time of application. 3. Have passed a mortgage broker's test pursuant to section 6-908. D. An applicant for an original commercial mortgage broker's license shall: 1. Have not less than three years' experience in the commercial mortgage broker business or equivalent lending experience in a related business during the five years immediately preceding the time of application. 2. Have made in the past or intend to make or negotiate or offer to make or negotiate commercial mortgage loans. 3. Provide the deputy director with the following:
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