A. In addition to any other fees, applicants shall pay an amount to be determined by the deputy director to the mortgage recovery fund on application for an original loan originator license.

Terms Used In Arizona Laws 6-991.10

  • 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 6-991
  • 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.

B. If, on June 30 of any year, the balance remaining in the mortgage recovery fund is less than $2,000,000, every licensee when renewing a loan originator license during the following license year shall pay, in addition to the license renewal fee, a fee to be determined by the deputy director for deposit in the mortgage recovery fund.

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