Arizona Laws 6-974. Application for license; issuance or denial; fees
A. A person shall apply for a license or for a renewal of a license in writing on the forms, in the manner and accompanied by the information prescribed by the deputy director. The deputy director may require additional information on the experience, background and competency of the applicant and any responsible individual designated by the applicant. If the applicant is a person other than a natural person, the deputy director may require this information as to the competency of any officer, director, shareholder, member, partner, trustee, employee or other interested party of the firm, association or corporation.
Terms Used In Arizona Laws 6-974
- 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.
- 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 6-971
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
- Trustee: A person or institution holding and administering property in trust.
- Writing: includes printing. See Arizona Laws 1-215
B. The deputy director, on determining that the applicant is qualified, shall issue a commercial mortgage banker’s license to the applicant that is evidenced by a continuous certificate. The deputy director shall grant or deny a license within one hundred twenty days after receiving the completed application. An applicant who has been denied a license may not reapply for a license before one year after the date of the previous application.
C. The nonrefundable application fee and annual renewal fee are as prescribed by the deputy director. Application fees and annual renewal fees shall be based on the cost to the department to process the application and regulate licensees. The nonrefundable application fee shall accompany each application for an original license only. The deputy director shall deposit, pursuant to sections 35-146 and 35-147, the monies in the state general fund.