A. To establish consistent licensure between this state and other states, the director may do both of the following:

Terms Used In Arizona Laws 6-1208

  • Control: means :

    (a) The power to vote, directly or indirectly, at least twenty-five percent of the outstanding voting shares or voting interests of a licensee or person in control of a licensee. See Arizona Laws 6-1201

  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • NMLS: means the nationwide multistate licensing system and registry that is developed by a conference of state bank supervisors and the American association of residential mortgage regulators and that is owned and operated by a state regulatory registry for the licensing and registration of persons in financial services industries. See Arizona Laws 6-1201
  • Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215

1. Implement all licensing provisions of this article in a manner that is consistent with other states that have adopted laws that are substantively similar to this article or multistate licensing processes.

2. Participate in nationwide protocols for licensing cooperation and coordination among state regulators if the protocols are consistent with this article.

B. The director may establish relationships or contracts with NMLS or other entities designated by NMLS to enable the director to do all of the following:

1. Collect and maintain records.

2. Coordinate multistate licensing processes and supervision processes.

3. Process fees.

4. Facilitate communication between this state and licensees or other persons subject to this article.

C. The director may use NMLS for all aspects of licensure pursuant to this article, including license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing and examinations.

D. The director may use NMLS forms, processes and functionalities pursuant to this article. If NMLS does not provide functionality, forms or processes for a provision of this article, the director may strive to implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting and regulation of licensees that are licensed in multiple jurisdictions.

E. For the purpose of participating in NMLS, the director may waive or modify, in whole or in part, by rule or order, any or all of the requirements and establish new requirements as reasonably necessary to participate in NMLS.