Notwithstanding any other law, a licensee who funds in the aggregate one hundred fifty or fewer loans in the immediately preceding calendar year may apply at the time of license renewal to the department for a conversion to a mortgage broker license issued pursuant to article 1 of this chapter. The conversion application shall be in a manner prescribed by the deputy director by rule. The approval of the conversion is at the discretion of the deputy director.

Terms Used In Arizona Laws 6-949

  • Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • License: means a license issued under this article. See Arizona Laws 6-941
  • Licensee: means a person licensed under this article. See Arizona Laws 6-941
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.