Arizona Laws 6-991.01. Exemptions
This article does not apply to:
Terms Used In Arizona Laws 6-991.01
- Clerical or support duties: means duties subsequent to the receipt of a residential mortgage loan application, including both of the following:
(a) The receipt, collection, distribution and analysis of information common for the processing or underwriting of a residential mortgage loan. See Arizona Laws 6-991
- 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
- Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
- Immediate family member: means a spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild or stepsibling whether related by adoption or blood. See Arizona Laws 6-991
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Licensee: means a person licensed under this article. See Arizona Laws 6-991
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage banker: means a person who is licensed pursuant to article 2 of this chapter. See Arizona Laws 6-991
- Mortgage broker: means a person who is licensed pursuant to article 1 of this chapter. See Arizona Laws 6-991
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- residential mortgage loan: means a loan for personal family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling, as defined in the truth in lending act (15 United States Code § 1602(v)), or residential real estate on which a dwelling is constructed or intended to be constructed. See Arizona Laws 6-991
- Residential mortgage loan servicer: means any person who does either of the following:
(a) On behalf of the noteholder, collects or receives payments, including payments of principal, interest, escrow monies and other monies due, on obligations due and owing to the noteholder pursuant to a residential mortgage loan. See Arizona Laws 6-991
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
- Writing: includes printing. See Arizona Laws 1-215
1. Registered loan originators.
2. An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s residence.
3. A person who is a responsible individual as described in section 6-903, 6-943 or 6-973 and who does not act as a loan originator pursuant to article 1, 2 or 3 of this chapter.
4. An employee of a commercial mortgage banker licensed pursuant to article 3 of this chapter.
5. An employee of a person licensed pursuant to this chapter if the licensee affirms in writing to the deputy director that the licensee will not originate or negotiate a mortgage loan that has security in the form of a residential dwelling of one to four units.
6. A person who, as seller of real property, receives one or more mortgages or deeds of trust as security for a purchase money obligation.
7. A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a lender, a mortgage broker or any other loan originator or by any agent of the lender, mortgage broker or other loan originator.
8. An individual who offers to negotiate terms of a residential mortgage loan with or on behalf of the individual’s immediate family member and who does not otherwise engage in the business of a loan originator.
9. A manufactured home retailer and its employees if performing only clerical or support duties in connection with the sale or lease of a manufactured home and the manufactured home retailer and its employees receive no compensation or other gain from a mortgage banker or a mortgage broker for the performance of the clerical or support duties.
10. An individual who is employed by a residential mortgage loan servicer if the individual is involved solely in loss mitigation efforts, unless the United States department of housing and urban development determines that the secure and fair enforcement for mortgage licensing act of 2008 (P.L. 110-289; 122 Stat. 2810; 12 United States Code §§ 5101 through 5116) requires the individual to be licensed as a mortgage loan originator. For the purposes of this paragraph, "loss mitigation efforts" means a residential mortgage loan borrower is in default or default is reasonably foreseeable and an individual works with the borrower on behalf of the residential mortgage loan servicer to modify either temporarily or permanently the obligation or to otherwise mitigate loss on an existing residential mortgage loan.
11. An employee or the person who is the responsible individual of a financial institution who is licensed pursuant to article 1, 2 or 3 of this chapter if the responsible individual certifies in writing to the deputy director that the employee or the responsible individual, or both the employee and the responsible individual, will only originate commercial mortgage loans as defined in section 6-901.