Arizona Arizona Revised Statutes
§ 6-973 — Licensing commercial mortgage bankers required; qualifications
ARS § 6-973Title 6. Banks and Financial Institutions · Ch. 9. MORTGAGE BROKERS, MORTGAGE BANKERS AND LOAN ORIGINATORS · Art. 3. Commercial Mortgage Bankers
Statute text
View on source6-973. Licensing commercial mortgage bankers required; qualifications 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 article. C. The deputy director shall not grant a commercial 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 the license is granted. The deputy director shall not issue to or renew a commercial mortgage banker's license of an applicant unless the applicant meets all of the requirements prescribed in subsection D of this section. The deputy director shall determine whether the applicant meets the requirements based on the application, and evidence presented at a hearing, if any, or any other evidence that the deputy director may have regarding the applicant's qualifications. D. In order to qualify for a commercial mortgage banker's license or a renewal of such a license an applicant shall: 1. Have at least three years' experience in the commercial mortgage business or equivalent experience in a related business. If the applicant is not a natural person, the responsible individual as prescribed by section 6-976 shall meet this requirement. 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 a current audited financial statement or that of its parent company prepared by an independent certified public accountant according to generally accepted accounting principles including:
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