Arizona Arizona Revised Statutes
§ 6-941 — Definitions
ARS § 6-941Title 6. Banks and Financial Institutions · Ch. 9. MORTGAGE BROKERS, MORTGAGE BANKERS AND LOAN ORIGINATORS · Art. 2. Mortgage Bankers
Statute text
View on source6-941. Definitions 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 any benefit including points, commissions, bonuses, referral fees, loan origination fees and other similar fees but excluding periodic interest resulting from the application of the note rate of interest to the outstanding principal balance remaining unpaid from time to time. 3. "Generally accepted accounting principles" means United States generally accepted accounting principles issued by the financial accounting standards board or the international financial reporting standards issued by the international accounting standards board. 4. "License" means a license issued under this article. 5. "Licensee" means a person licensed under this article. 6. "Mortgage banker" means a person who is not exempt under section 6-942 and who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage banking loan or a mortgage loan. 7. "Mortgage banking loan" means a loan which is funded exclusively from the mortgage banker's own resources, which is directly or indirectly secured by a mortgage or deed of trust or any lien interest on real estate located in this state and which is created with the consent of the owner of the real property. For the purposes of this paragraph, "own resources" means any of the following:
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