Arizona Laws 6-991.05. Denial, suspension or revocation of licenses
A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee:
Terms Used In Arizona Laws 6-991.05
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Consumer lender: means a person who is licensed pursuant to chapter 5 of this title. See Arizona Laws 6-991
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Judgment: means either:
(a) A final judgment in a court of competent jurisdiction. See Arizona Laws 6-991
- License: means a license issued under this article. See Arizona Laws 6-991
- 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
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. Has violated any law, rule or order.
2. Has been convicted of or pled guilty or nolo contendere to a misdemeanor if it involved an act of fraud, dishonesty or breach of trust or money laundering at any time preceding the date of application.
3. Has had a final judgment entered against the applicant or licensee in a civil action on grounds of fraud, deceit or misrepresentation and the conduct on which the judgment is based indicates that it would be contrary to the interest of the public to allow the person to be licensed.
4. Has had an administrative agency of this state, the federal government or any other state or territory of the United States enter an order against the applicant or licensee involving fraud, deceit or misrepresentation and the facts relating to the order indicate that it would be contrary to the interest of the public to allow the person to be licensed.
5. Has made a material misstatement or suppressed or withheld information on the application for a license or any document required to be filed with the deputy director.
6. Has had a loan originator license, consumer lender license, mortgage broker license or mortgage banker license revoked or denied in this state or any other state.
B. The deputy director shall deny a license to a person or suspend or revoke a license if the deputy director finds that either of the following applies:
1. The applicant or licensee has been convicted of or pled guilty or nolo contendere to a felony in a domestic, foreign or military court during the seven-year period immediately preceding the date of the application or at any time preceding the date of application if the felony involved an act of fraud, dishonesty or a breach of trust or money laundering.
2. The applicant or licensee does not have the financial responsibility, experience or competence to adequately serve the public or to warrant the belief that the applicant or licensee will act lawfully pursuant to this article.
C. If a licensee or applicant under this article is indicted or informed against for forgery, embezzlement, obtaining money under false pretenses, extortion, criminal conspiracy to defraud or a similar offense and a certified copy of the indictment or information or other proper evidence of the indictment or information is filed with the deputy director, the deputy director may suspend the license or refuse to grant a license to the applicant pending trial on the indictment.