Arizona Laws 6-980. Annual renewal; expiration on failure to renew
A. For licenses approved on or before March 31, 2009:
Terms Used In Arizona Laws 6-980
- Commercial mortgage banker: means a person who engages in the following:
(a) Originating commercial mortgage loans. See Arizona Laws 6-971
- 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
- Licensee: means a person who is licensed 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
1. Licenses that are not renewed by March 31, 2009 are suspended, and the licensee shall not act as a commercial mortgage banker until the license is renewed or a new license is issued pursuant to this article.
2. A person may renew a suspended license by making an application for renewal as prescribed by the deputy director.
3. Licenses that are not renewed by April 30, 2009 expire. A license shall not be granted to the holder of an expired license except as provided in this article for issuing an original license.
B. For licenses approved after or renewed on March 31, 2009:
1. If a license is not renewed by December 31, 2009 and by December 31 of each subsequent year, the license is suspended. The licensee shall not act as a commercial mortgage banker until the license is renewed or a new license is issued pursuant to this article.
2. A person may renew a suspended license by applying for renewal as prescribed by the deputy director.
3. Licenses that are not renewed by January 31 expire. A license shall not be granted to the holder of an expired license except as provided in this article for issuing an original license.