reglab/housing_qa huggingface dataset:
AZ Rev Stat § 6-941 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-941 - Definitions

6-941.  Definitions In this article,  unless the context otherwise requires: 1. " Affiliate"  means an entity which directly or indirectly,  through one or more intermediaries,  controls,  is controlled by or is under common control with the entity specified. 2. " Compensation"  means anything of value or any benefit including points,  commissions,  bonuses,  referral fees,  loan origination fees and other similar fees but excluding periodic interest resulting from the application of the note rate of interest to the outstanding principal balance remaining unpaid from time to time. 3. " License"  means a license issued under this article. 4. " Licensee"  means a person licensed under this article. 5. " Mortgage banker"  means a person who is not exempt under section 6-942 and who for compensation or in the expectation of compensation either directly or indirectly makes,  negotiates or offers to make or negotiate a mortgage banking loan or a mortgage loan. 6. " Mortgage banking loan"  means a loan which is funded exclusively from the mortgage banker's own resources,  which is directly or indirectly secured by a mortgage or deed of trust or any lien interest on real estate located in this state and which is created with the consent of the owner of the real property. For the purposes of this paragraph,  " own resources"  means any of the following: (a) Cash,  corporate capital,  warehouse credit lines at commercial banks,  savings banks or savings and loan associations or other sources that are liability items on the mortgage banker's financial statements for which its assets are pledged. (b) Correspondent contracts between the mortgage banker and a bank,  savings bank,  trust company,  savings and loan association,  credit union,  profit sharing or pension trust,  consumer lender or insurance company. (c) The mortgage banker's affiliates' cash,  corporate capital,  warehouse credit lines at commercial banks or other sources that are liability items on the affiliates' financial statements for which the affiliates' assets are pledged. 7. " Mortgage banking loan closing"  means the day by which all documents relating to the mortgage banking loan or mortgage loan have been executed and recorded and all monies have been accounted for. 8. " Mortgage loan"  means any loan,  other than a mortgage banking loan,  secured by a mortgage or deed of trust or any lien interest on real estate located in this state and created with the consent of the owner of the real estate.
AZ Rev Stat § 6-948 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-948 - Noncompliance not to affect validity of loan

6-948.  Noncompliance not to affect validity of loan A failure to comply with the provisions of this article does not affect the validity or enforceability of any debt or any mortgage,  deed of trust or lien interest on real estate. A person acquiring a mortgage banking loan or mortgage loan or any interest in a mortgage banking loan or mortgage loan as mortgagee or beneficiary or as an assignee,  holder or transferee or as a pledgee or the holder of a security interest is not required to ascertain whether this article has been complied with.
AZ Rev Stat § 6-949 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-949 - Conversion to mortgage broker license

6-949.  Conversion to mortgage broker license Notwithstanding any other law,  a licensee who funds in the aggregate one hundred fifty or fewer loans in the immediately preceding calendar year may apply at the time of license renewal to the department for a conversion to a mortgage broker license issued pursuant to article 1 of this chapter. The conversion application shall be in a manner prescribed by the deputy director by rule. The approval of the conversion is at the discretion of the deputy director.
AZ Rev Stat § 6-972 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-972 - Exemptions

6-972.  Exemptions This article does not apply to: 1. Institutional investors. 2. A person who funds a commercial mortgage loan that was originated and processed by a licensee or by an institutional investor and who meets all of the following conditions: (a) Does not maintain a place of business in this state in connection with funding commercial mortgage loans. (b) Does not directly or indirectly solicit borrowers in this state for the purpose of making commercial mortgage loans. (c) Does not participate in negotiating commercial mortgage loans. For purposes of this subdivision,  " negotiating commercial mortgage loans"  does not include setting the terms under which a person may buy or make a commercial mortgage loan originated by a licensee,  a mortgage banker or a mortgage broker licensed pursuant to article 1 or 2 of this chapter,  or an institutional investor. 3. A person who as a seller of commercial property receives one or more mortgages or deeds of trust as security for a purchase money obligation. 4. A person who is licensed to practice law in this state but is not actively and principally engaged in the business of negotiating commercial mortgage loans,  if this person renders services in the course of his practice as an attorney at law. 5. A person who receives a mortgage or deed of trust on commercial property as security for an obligation payable on an installment or deferred payment basis and arising out of materials furnished or services rendered in improving that commercial property or any lien created without the consent of the owner of commercial property. 6. A person who is licensed pursuant to article 1 or 2 of this chapter. 7. An agency of any state or of the United States. 8. A nonprofit federally tax exempt corporation certified by the United States small business administration,  organized to promote economic development in this state and whose primary activity consists of providing financing for business expansion. 9. A bank,  savings bank,  trust company,  savings and loan association,  profit sharing trust,  pension trust,  credit union,  insurance company,  consumer lender or receivership if it is regulated by this state,  another state,  the United States or a court with respect to its commercial mortgage business.
AZ Rev Stat § 6-973 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-973 - Licensing commercial mortgage bankers required; qualifications

6-973.  Licensing commercial mortgage bankers required;  qualifications A. A person shall not act as a commercial mortgage banker without a license issued under this article. B. A person who engages in commercial mortgage banking need not be licensed under article 1 or 2 of this chapter or chapter 7 of this title if the person is licensed under this article. C. The deputy director shall not grant a commercial mortgage banker's license to a person,  other than a natural person,  who is not registered to do business in this state on the date the license is granted. The deputy director shall not issue to or renew a commercial mortgage banker's license of an applicant unless the applicant meets all of the requirements prescribed in subsection D of this section. The deputy director shall determine whether the applicant meets the requirements based on the application,  and evidence presented at a hearing,  if any,  or any other evidence that the deputy director may have regarding the applicant's qualifications. D. In order to qualify for a commercial mortgage banker's license or a renewal of such a license an applicant shall: 1. Have at least three years' experience in the commercial mortgage business or equivalent experience in a related business. If the applicant is not a natural person,  the responsible individual as prescribed by section 6-976 shall meet this requirement. 2. Have made in the past or intend to make or negotiate or offer to make or negotiate commercial mortgage loans. 3. Provide the deputy director with a current audited financial statement or that of its parent company prepared by an independent certified public accountant according to generally accepted accounting principles including: (a) The certified public accountant's opinion as to the fairness of the presentation according to generally accepted accounting principles. (b) A balance sheet prepared within the immediately preceding six months and certified by the licensee. The deputy director may require a more recent balance sheet. (c) If the applicant has begun operations,  a statement of operations and retained earnings and a statement of changes in financial position. (d) Notes to the financial statement if applicable. 4. Have and maintain at all times a net worth of at least $100, 000. E. Notwithstanding subsection D,  paragraph 3 of this section,  licensees and applicants whose own resources are derived exclusively from correspondent contracts with institutional investors shall provide the deputy director with a current financial statement or that of its parent company prepared according to generally accepted accounting principles including: 1. A balance sheet prepared within the immediately preceding six months and certified by the licensee. The deputy director may require a more recent balance sheet. 2. If the applicant has begun operations,  a statement of operations and retained earnings and a statement of changes in financial position. 3. Notes to the financial statement if applicable.
AZ Rev Stat § 6-974 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-974 - Application for license; issuance or denial; fees

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,  honesty,  truthfulness,  integrity 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 honesty,  truthfulness,  integrity and competency of any officer,  director,  shareholder,  member,  partner,  trustee,  employee or other interested party of the firm,  association or corporation. 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.
AZ Rev Stat § 6-976 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-976 - Responsible individual; employees

6-976.  Responsible individual;  employees A. A license entitles the licensee and all officers,  directors,  members,  partners,  trustees and employees of the licensee to engage in commercial mortgage banking if one officer,  director,  member,  partner,  employee or trustee of the person is designated in the license as the individual responsible for the licensee under this article. If the natural person is not a resident of this state,  an employee of the licensee shall be designated in the license as the individual responsible for the licensee under this article. For purposes of this subsection " employee"  does not include an independent contractor. B. A responsible individual shall be a resident of this state,  shall be active in managing the activities of the licensee governed by this article and shall meet the qualifications prescribed by section 6-973,  subsection D,  paragraph 1 for a licensee. A licensee shall notify the deputy director that its responsible individual will cease to be active in managing the activities of the licensee within ten days of learning of that fact. Within ninety days after the notification is received by the deputy director the licensee shall replace the responsible individual with a qualified replacement and notify the deputy director. If the license is not placed under active management of a qualified responsible individual and if notice is not given to the deputy director within the ninety-day period,  the license of the licensee expires. C. A licensee shall not employ any person unless the licensee: 1. Conducts a reasonable investigation of the background,  honesty,  truthfulness,  integrity and competency of the employee before hiring. 2. Keeps a record of the investigation for at least two years after termination. D. The licensee is liable for any damages caused by any employee while acting as an employee of the licensee.
AZ Rev Stat § 6-977 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-977 - Displaying and using license number

6-977.  Displaying and using license number A. A licensee shall prominently display the commercial mortgage banker license in the office of the commercial mortgage banker. B. A licensee or an employee of the licensee shall not advertise for or solicit commercial mortgage loans in any manner without using the name and license number as issued on the commercial mortgage banker's principal place of business license,  except that a licensee may employ or refer to the commonly used name and any trademarks or service marks of any affiliate. If a license is issued in the name of a natural person,  nothing in the advertising or solicitation may imply that the license is in the name of another person or entity. For the purposes of this subsection,  " advertise"  does not include business cards,  radio and television advertising directed at national or regional markets and promotional items unless those items contain rates or terms on which a commercial mortgage loan may be obtained.
AZ Rev Stat § 6-978 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-978 - Consent of deputy director for transferring, assigning or acquiring control of licensee; definition

6-978.  Consent of deputy director for transferring,  assigning or acquiring control of licensee;  definition A license is not transferable or assignable and control of a licensee may not be acquired through a stock purchase or any other device without the prior written consent of the deputy director. The deputy director shall not give written consent if the deputy director finds that any of the grounds for denial,  revocation or suspension of a license as set forth in section 6-982 apply to the acquiring person. For the purpose of this section,  " control"  means the power to vote more than twenty percent of the outstanding voting shares of a licensed corporation,  partnership,  association or trust.
AZ Rev Stat § 6-979 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-979 - Principal place of business; branch office license; change of address

6-979.  Principal place of business;  branch office license;  change of address A. Each licensed commercial mortgage banker shall designate and maintain a principal place of business in this state to transact business. The license shall specify the address of the licensee's principal place of business. B. If a licensee wishes to maintain one or more locations in addition to a principal place of business,  the licensee shall first obtain a branch office license from the deputy director and designate a person for each branch office to oversee the operations of that office. C. If the deputy director determines that the licensee is qualified,  the deputy director shall issue a branch office license indicating the address of the branch office. The licensee shall conspicuously display the branch office license in the branch office. D. If the address of the principal place of business or of any branch office is changed,  the licensee shall immediately notify the deputy director of the change and the deputy director shall endorse the change of address on the license.
AZ Rev Stat § 6-980 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-980 - Annual renewal; expiration on failure to renew

6-980.  Annual renewal;  expiration on failure to renew A. For licenses approved on or before March 31,  2009: 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.
AZ Rev Stat § 6-981 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-981 - Inactive status

6-981.  Inactive status A. For licenses approved on or before March 31,  2009,  a licensee may request inactive status for the following license year,  and the license shall be placed on inactive status after surrendering the license to the deputy director. B. For licenses approved after or renewed on March 31,  2009,  a licensee may request inactive status on or before December 31 of each year for the following license year,  and the license shall be placed on inactive status after surrendering the license to the deputy director. C. During inactive status,  an inactive licensee is not required to maintain a bond and shall not act as a commercial mortgage banker. D. A licensee may not be on inactive status for more than two consecutive years or for more than four years in any ten-year period. The license is deemed expired on violation of any of the limitations of this subsection. E. An inactive licensee may return to active status notwithstanding section 6-973,  subsection D by making a written request to the deputy director for reactivation. The licensee shall also provide the deputy director with proof that the licensee meets all of the other requirements for acting as a commercial mortgage banker,  including required bond coverage or the deposit of a cash alternative.
AZ Rev Stat § 6-982 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-982 - Denial, suspension or revocation of licenses

6-982.  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: 1. Is insolvent as defined in section 47-1201. 2. Has shown that the licensee or any person acting under the license is not a person of honesty,  truthfulness and good character. 3. Refuses to allow an examination by the deputy director of the licensee's books and affairs or refuses or fails,  within a reasonable time,  to furnish any information or make any report that may be required by the deputy director. 4. Has been convicted in any state of a felony or any crime of breach of trust or dishonesty. 5. Has had a final judgment entered against the 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 or to control or manage a licensee. 6. Has had an order entered against the licensee involving fraud,  deceit or misrepresentation by any administrative agency of this state,  the federal government or any other state or territory of the United States and that 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 or to control or manage a licensee. 7. Has violated any applicable law,  rule or order. B. If a person to whom a license is issued or who has applied for a license 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 or offenses,  and a certified copy of the indictment or information is filed with the deputy director,  the deputy director may suspend the license issued to the licensee or deny a license to an applicant pending trial on the indictment or information. C. If a licensee is other than a natural person,  it is sufficient cause to suspend or revoke the license if an officer,  director,  member,  partner,  trustee or employee,  while acting in the course of the commercial mortgage banker business,  or a person entitled to vote more than twenty percent of the outstanding voting shares of the licensed corporation,  partnership,  association or trust has acted or failed to act in the same manner as would be cause to suspend or revoke a license of the party as an individual. If a licensee is a natural person,  it is sufficient cause to suspend or revoke the license if an employee of the person,  while acting as an employee,  has acted or failed to act in the course of the commercial mortgage banker business of the licensee in the same manner as would be cause to suspend or revoke a license of the party as an owner.
AZ Rev Stat § 6-985 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-985 - Noncompliance not to affect validity of loan

6-985.  Noncompliance not to affect validity of loan A failure to comply with a provision of this article does not affect the validity or enforceability of any debt or any mortgage,  deed of trust or lien interest on real estate. A person who acquires a commercial mortgage loan or an interest in a commercial mortgage loan as mortgagee or beneficiary,  as an assignee,  holder or transferee or as a pledgee or the holder of a security interest is not required to ascertain compliance with this article.