Arizona Laws 6-972. Exemptions
This article does not apply to:
Terms Used In Arizona Laws 6-972
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- Commercial property: means real estate that is located in this state and that is not used for a one to four family residence. See Arizona Laws 6-971
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Institutional investor: means a person who in the regular course of business makes commercial mortgage loans of more than two hundred fifty thousand dollars that are funded exclusively from the institutional investor's own resources. See Arizona Laws 6-971
- Investor: means a person who directly or indirectly provides monies to a commercial mortgage banker that are, or are intended to be, used to make a loan, and any person who purchases a loan, or any interest in a loan, from a commercial mortgage banker or in a transaction that has been directly or indirectly arranged or negotiated by a commercial mortgage banker. See Arizona Laws 6-971
- Licensee: means a person who is licensed under this article. See Arizona Laws 6-971
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. Institutional investors.
2. A person who funds a commercial mortgage loan that was originated and processed by a licensee or by an institutional investor and who meets all of the following conditions:
(a) Does not maintain a place of business in this state in connection with funding commercial mortgage loans.
(b) Does not directly or indirectly solicit borrowers in this state for the purpose of making commercial mortgage loans.
(c) Does not participate in negotiating commercial mortgage loans. For purposes of this subdivision, "negotiating commercial mortgage loans" does not include setting the terms under which a person may buy or make a commercial mortgage loan originated by a licensee, a mortgage banker or a mortgage broker licensed pursuant to article 1 or 2 of this chapter, or an institutional investor.
3. A person who as a seller of commercial property receives one or more mortgages or deeds of trust as security for a purchase money obligation.
4. A person who is licensed to practice law in this state but is not actively and principally engaged in the business of negotiating commercial mortgage loans, if this person renders services in the course of his practice as an attorney at law.
5. A person who receives a mortgage or deed of trust on commercial property as security for an obligation payable on an installment or deferred payment basis and arising out of materials furnished or services rendered in improving that commercial property or any lien created without the consent of the owner of commercial property.
6. A person who is licensed pursuant to article 1 or 2 of this chapter.
7. An agency of any state or of the United States.
8. A nonprofit federally tax exempt corporation certified by the United States small business administration, organized to promote economic development in this state and whose primary activity consists of providing financing for business expansion.
9. A bank, savings bank, trust company, savings and loan association, profit sharing trust, pension trust, credit union, insurance company, consumer lender or receivership if it is regulated by this state, another state, the United States or a court with respect to its commercial mortgage business.